No business is immune to personal injury claims. You could be running a small office downtown, or you could have your offices setup in the highly expensive business district, or you could be a builder with many under-construction sites, you could be slapped with a personal injury case by anyone working in your workspace or visiting them.
Florida has been ranked among the top states that are business-friendly and create numerous employment opportunities. While the feasible working conditions and environment may reduce the number of actual personal injury claims, they cannot really put an end to fraud personal injury claims. The good news is that your legal team can determine the actual value of a personal injury claim using big data analysis.
Data analysis and law firms
Big data has had a significant impact on the corporate world. Businesses across all industries are now trying to leverage their profitability using data analytics. Legal firms are no exception. A number of law firms across the country are trying to reach out to their clients and also manage their spending better with the help of data analysis. However, data analysis is not just restricted to the business area of the legal firms. Law firms are also using big data for better case evaluation, and to offer a more suitable solution to their clients.
Determining personal injury claim value with big data analysis
Personal injury claims can cost a business heavily. That is why it is important to determine the actual cost of the personal injury claim based on the liability of the plaintiff and the damages he or she suffered.
Now a business can deal with such a claim in two ways – go to trial or settle it with the plaintiff. But how do they determine which is a better option? They do it with the help of data analysis. More and more number of law firms like Silverthorne Attorneys, which specialize in personal injury cases, is now depending on data analysis to offer better solutions to their clients. In a sense, law firms are starting to use data as rigorously as insurance companies for better predictions and to become better advocates.
Settlement or trial?
Predictive data analysis enables lawyers to calculate the approximate amount their clients have to shell out in a personal injury claim. The evidence in the case and the available facts will allow the lawyers to determine only the probable liability, which the jury ultimately decides. The value of the damages, however, can be determined more accurately using big data analysis.
When it comes to damages, juries usually look at different factors like the medical expenses, loss of income and also the pain and suffering that the plaintiff has experienced. The third component is more objective and not easy to determine. Even juries find it hard to come up with a reasonable figure for this. Usually, jury members go with their instincts about the pain and suffering that a plaintiff has been put through and come up with a figure they believe is best.
Lawyers on the other hand, need not rely only on their gut instinct. This is where they should use data analysis to-
- Look at past cases where similar claims have been made
- The average cost of treatment for the injury that the plaintiff has suffered
- Loss of income
- The impact the injury might have on the plaintiff’s life
Data analysis, combined with the lawyer’s experience in dealing with such cases can help in determining an estimate and offering a settlement based on that. The liability factor should also be considered to come up with a possible amount that the jury may award. In the end, having a fair idea about the kind of money that their clients may have to cough up after a trial will enable legal professionals to come up with a reasonable settlement figure.