This week, we continue our interview with Dan Rabinowitz of Pre/Dicta regarding his experiences building out a new AI-driven legal data analytics tool. In the previous discussion, we explored the foundational aspects of Pre/Dicta. Now we delve into its specific value propositions and future trajectory. You can access the first part of the interview here.
Q: For litigation funders and contingent risk insurance providers, what advantages do you see Pre/Dicta offering?
Dan Rabinowitz: Our litigation predictions and forecasts rely upon objective metrics using scientifically sound methodologies. This is a significant departure from the traditional approach of attorneys and funders that rely on intuition and experience to quantify litigation outcomes. Thus, our tool, is more akin to an actuarial table than legal research. At its core, our platform is a risk assessment tool. Since the inception of litigation finance in the U.S. markets over a decade ago, litigation funders have long desired an objective methodology to assess procedural risk that departs from a reliance on a particular underwriter’s experience and instinct. Pre/Dicta provides exactly that for the procedural risk and duration of a case. Further, as the industry has evolved, law firm portfolio funding has become commonplace, and a robust secondary market has emerged.
In both settings, the quantification of risk across a complex portfolio is even more challenging and can be influenced by subjective factors. Pre/Dicta provides for an objective gut check—a tool through which the dispositive motion outcomes can be easily anticipated and factored into a financier’s financial projections, allowing for more accurate pricing, better modeling, and ultimately, higher returns.
The emergence of contingent risk insurance has only amplified the need for data-informed risk assessment. Insurers are adept at actuarial assessments but have greater limitations in their pricing structures. Pre/Dicta meets this need precisely. Additionally, the size, scope, and nature of many contingent risk insurance opportunities necessitates partnership with litigation funders for the payment of premiums and for liquidity purposes. We anticipate Pre/Dicta’s case assessments becoming a cornerstone tool that contingent risk brokers can utilize to expedite due diligence and increase the likelihood of a matter being approved by their insurance partners and by investors.
Q: How will Pre/Dicta evolve over time as you continue to sign up leading firms like Quinn Emanuel to the service?
Dan Rabinowitz: AI and machine learning are transformative not just because of their immediate impact but also for their myriad applications. The same concept applies to our predictive models; the capabilities are nearly endless. Our product development challenge lies in determining which outputs are most useful to our clients and allow for the largest impacts on case outcomes.
We are ecstatic to be working with firms like Quinn Emanuel. These firms are not only customers of Pre/Dicta, but they’re partners whose feedback and suggestions serve to increase the innovative nature of our technology. The adaptable nature of our platform allows us to be extremely responsive to requests for additional forecasts or permutations of existing data. For instance, we recently had a client request new functionality that would forecast affirmative summary judgment motions, and we are already in the process of deploying that request across our user interface.
We have so far seen that the nation’s most forward-thinking and sophisticated firms are those that recognize immediate value in Pre/Dicta. We anticipate that we’ll see further rapid adoption among this cohort of firms and that the capabilities of our platform will improve with corresponding speed and sophistication.
It is encouraging to consider the future enhancements that are bound to develop as Pre/Dicta increases its market penetration. Dan’s commitment to making Pre/Dicta more useful for litigators by listening to customer feedback is a promising sign for the tool’s future in the legal tech landscape.
For more details about Dan Rabinowitz and Pre/Dicta, please visit the full article on Above the Law.