Miami-based artificial intelligence firm Premonition Analytics has agreed to a data-sharing partnership with the New York University School of Law that has the potential to significantly increase the school’s research capacity. Under the agreement, NYU Law faculty and students will be allowed access free of charge to Premonition’s proprietary legal database and support from the firm’s analysts. Through this partnership with one of the nation’s most prestigious law schools, Premonition is offering additional evidence of its growing profile in the legal research field.
“We’re committed to providing our scholars with the most cutting-edge research tools available, and I’m grateful to Premonition for sharing their unique database with us,” says Trevor Morrison, NYU Law’s dean.
Premonition boasts the world’s largest database of court records, including traditionally underreported cases at the United States circuit court and county court levels, and its sophisticated artificial intelligence tool allows users to parse the data with tremendous speed and precision. “The Premonition system can ‘read’ and analyze over 50,000 documents per second,” says Premonition CIO and Co-Founder Toby Unwin. “It enables users to ask questions that have never been possible before.”
The applications for researchers are virtually limitless. Premonition itself has already conducted numerous geographic- and industry-specific studies, some of which have provocatively undermined conventional legal wisdom. “Gaining access to this kind of macro-level perspective on data completely changed the way we’ve come to understand advertising, sociology, health, even pro sports,” says Guy Kurlandski, Premonition CEO and Co-Founder. “By applying this model to court data, we’ve been able to not only quantify basic questions about attorney performance, but to begin to understand the broader ramifications of court decisions, such as how litigation affects a company’s stock. I have no doubt the elite legal minds at the New York University School of Law will find applications for the data we haven’t even considered, and I couldn’t be more excited.”
NYU Law’s initial research with Premonition is expected to focus on the effects of different rules of civil procedure on the cost, duration, and outcome of cases. Previous analyses of civil rules have been hampered by gaps in available data, requiring conclusions to be drawn based upon relatively small sample sizes. AI-assisted analysis will allow for studies that are more comprehensive and definitive, contributing to the company’s stated goal of bringing transparency to the legal realm.
Over the past several months, Premonition has issued its findings on litigation in the automotive and banking industries, with similar releases expected in a number of other sectors. These surveys represent some of the first comprehensive overviews of caseload and win rates ever to be made public. The company anticipates that its technology will continue to see wider use in the private sector and in academic research through philanthropic partnerships with institutions like NYU Law. In 2015 the firm raised a $100 million USD seed valuation.
Premonition is enthusiastic and excited to be able to help the school and its student body with their research.
Source: International Business Times