President Don Philbin's talk on accurately projecting the negotiation process well received at ReInvent Law London conference
SAN ANTONIO, Aug. 14, 2013 /PRNewswire/ — Picture It Settled® President Don Philbin recently presented "Moneyball for Negotiation" at ReInvent Law London, a conference devoted to law, technology, innovation, and entrepreneurship in the legal services industry.
The ReInvent Law Laboratory at Michigan State University College of Law, funded by the Kauffman Foundation, is a think tank that produces conferences around the world, including Silicon Valley, New York, London, and Dubai.
Picture It Settled® submitted a talk about human predictability and projecting the negotiation process. The video of that winning talk became available earlier this week.
In the presentation, Philbin describes how Picture It Settled® recently predicted the outcome of an intellectual property dispute within 3.5% after just two rounds – and those predictions improved with additional offer data (17 total rounds). These probabilistic projections look like "hurricane tracks" coming from each side to form a zone of potential agreement in the overlapping areas. The predictions become actionable intelligence when parties calibrate their concession strategies by dragging the target settlement dot to an advantageous, but still probable outcome. Using negotiating plans informed by settlement data, parties can work toward settlement by making offers intended to induce cooperative reciprocation.
By constantly inputting offer data and updating realistic settlement targets in the game-like interface, users are able to increase their settlement rates and improve their monetary outcomes using a data-informed negotiation strategy. Picture It Settled® doesn't replace well-honed intuition; it puts a scope on the human controlled gun. It gives the expert another tool to improve her game.
Picture It Settled® is Moneyball for negotiation. The behavioral software has learned negotiating patterns from parties to thousands of litigated cases in a wide variety of jurisdictions and claim types. Attorney-Mediator Don Philbin, J.D., M.B.A., LL.M., is an AV-rated attorney-mediator, adjunct professor of law, curator of www.ADRtoolbox.com, and president of Picture It Settled®.
Donald R. Philbin, Jr., J.D., M.B.A., LL.M.
Dispute Resolution Expert, Adjunct Law Professor,
and President, Picture It Settled, LLC