How the Plaintiff Bar is changing the Game ?
Traditional Billboards to Tech-Driven Strategy
We all see the billboards every day, lining highways across the country. Plaintiff attorneys are spending money hand over fist, investing in outreach to file more lawsuits, for bigger and bigger dollar amounts. Litigation financing is a multi- billion-dollar industry, accelerating the trend of increasing indemnities and legal spend.
AI-Driven Litigation for Maximum Impact
But in 2024 there is a new tool lurking on the horizon. The strategy is changing, and it’s not just billboards anymore. The plaintiff bar is investing in technology, AI, using data from contributory databases to take their effectiveness to the next level. A slew of new technology companies, funded by the Silicon Valley VC giants, are equipping plaintiff attorneys like never before. They are throwing gasoline on an already blazing fire.
These new technologies are helping the plaintiff bar to:
Identify and select cases where they have an advantage, targeting the most favorable venues and judges.
Tailor case strategies to specific insurance carriers, and even individual adjusters.
Create effective, evidence-based, demand packages at the push of a button to maximize settlement values.
Increase the percentage of policy limit settlements dramatically. Earmark which cases to invest billions of dollars from third party litigation funders.
Defense Industry's Response
The time for our industry to respond is now. The insurance defense industry must arm themselves with data and technology that illuminates the way to a winning negotiation. By anchoring a negotiation in the best alternative to a negotiated agreement (BATNA), and by quantifying plaintiff attorney performance and venue risk, defense teams can level the playing field.
Leveling the Playing Field
If we don’t get aggressive about fighting back, we will find ourselves on our back foot: one step behind a plaintiff bar that is getting more and more sophisticated every day. We can’t let the other side have the upper hand in negotiations.
Find out more about our Analyzer product here.
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