- Speeding up cost recovery 5x-10x
- Providing transparency and data insights to parties, lawyers, and insurers
- Enabling costing innovation and predictability
Dispute growth areas 2020-22
On average, civil and commercial litigation in common law jurisdictions takes 12 to 18 months to complete – longer in many civil law jurisdictions. Despite civil justice reforms around the world in the last 10 to 20 years, the costs and length of litigation have not improved – and in many areas the costs have increased substantially. The onset of COVID-19 and economic downturn would only increase the burden on the court system.
- SME late payments: Vendor-suppliers
- Consumer disputes: Especially retail, travel industries
- Employment / labor law disputes
Lord Woolf, UK (2019)
The charging model has held firmly to hourly billing, which has contributed to increasing costs. Predictability of procedural flows and forecasting of costs to better incentivize settlement and strategic responses are key to greater litigation costs control.
Features of our legaltech
NLP and AI-powered solution to directly address 3 underlying pain points
- Timekeeping inaccuracies and incompleteness; high frictions in the process
- Bottom line impacted by sub-par utilization and cost recovery
- No or weak cost prediction and benchmarking; worsens client experience and bloats insurance premiums