Sunday, December 4, 2016

Thomson Reuters Releases a Predictive App Analyzing Litigation for Traders--- Not for Legal Market?

I have recently been  musing on the powerful predictive insights that could be generated by  combining legal and business event data and mapping historic correlations between litigation and financial data. It is a terrible thing to be blessed with ideas and but lack the technical skills for execution.
 
Imagine my surprise when I came across a press release from Thomson Reuters describing  a new "app" they were making available to their financial services customers. The app uses  legal data from Court Wire to not only alert traders to lawsuits against companaties they follow, but the app provides historical data on market and business events following similar litigation in the past.

 The Legal market has been using  Thomson Reuters Court Wire and competitor products to track litigation for more than a decade. Recently Thomson Reuters offered customers of their Eikon financial services product a new Court Wire app. The Court Wire application offers traders special features which are unavailable in the legal market. Court Wire app provides users with  customizable, timely alerts and search criteria, visual movement of real-time and historical price changes, summaries of complex legal cases, and, utilizing Eikon charting and reporting tools, the ability to create interactive visualizations and competitive analysis. These features are all designed to provide traders with a streamlined and efficient workflow.

Here is the most interesting feature. According to the press release, "The app provides automatic alerts in a trader’s stock portfolio when a lawsuit has been filed against a corporation and charts historical data to show how the stock prices of other companies and industries have reacted in similar circumstances. This analysis empowers financial professionals to make quick, informed investments."

What is baffling to me is that this is not simultaneously being offered in the legal market where there is an insatiable appetite  for insights which can provide a business advantage. Is it not obvious that lawyers are also interested in predicting business as well as legal risks?

This is the total  no-brainer. When will the similar insights be offered to the legal market. Could not TR's alignment with IBM Watson be used to drive deep correlations and insights between litigation in a while I do to you but events.

I asked if Thomson Legal could comment on the CourtWire app and find out if they planned to release a similar app to their legal customers.

  Leann Blanchfield, vice President, product development provided this response: "I can't speak to what we have in the pipeline, but I can speak to the integration of content that has been happening across Thomson Reuters to bring relevant data to customers from products serving professionals in other markets. A recent example is the integration of certain business data from Eikon — part of our Financial & Risk business — into our business development solutions, including Monitor Suite and Business Development Premier.

This work is made possible by Open PermID, which Thomson Reuters has been using company-wide to improve internal data federation. The Thomson Reuters Permanent Identifier is a machine readable, 64 bit number used to create a unique reference — which will never change over time — to a piece of information. The PermID helps us, as well as our customers and partners, handle data management challenges, eliminate mapping inconsistencies, reduce operational risk, and streamline end-to-end workflow processes across various platforms. As we discussed with you in January at our Innovation Summit, we are also making a subset or of our PermIDs available to anyone through an open license. 

The integration of Court Wire on the Eikon platform and Eikon data in our biz dev products is driven by the same spirit that drove the creation of Practice Point, a product launched this year that puts Westlaw and forms content into a Practical Law-inspired, task-oriented solution."

This answer does not suggest that there will be a CourtWire/Eikon app offered to the legal market any time soon, or at least they are not ready to say.. but let me be the first to say I think the legal market would also welcome an app which provided insights into the correlations and consequences of ligitation on business entities and industries following similar litigation.

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