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Legalist funds your court case if its algorithm says you can win

(ENTREPRENEUR NEWS) Legalist has an algorithm that has analyzed 10 million court cases to make a strong estimate of the likely outcomes of court cases.

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Most small businesses don’t want to risk it

Lawsuits are expensive. In fact, so expensive, that many small businesses would rather avoid them, sacrificing justice they deserve rather than risk draining their bank accounts. After all, the possibility of walking out of the courtroom with nothing but a hefty bill is frightening. Court cases are a chancy gamble. Enter Legalist.

Let Legalist roll the dice

Eva Shang, cofounder of a new startup called Legalist, has an algorithm that she thinks can determine the odds of that gamble.

Legalist’s algorithm has analyzed 10 million court cases, and uses that information to make a strong estimate of the likely outcomes of court cases.

The tech startup uses this information to decide whether or not to fund court cases. It’s called third-party litigation funding. The practice has recently come into the spotlight after it was revealed that Peter Thiel, Silicon Valley billionaire and PayPal founder, was secretly bankrolling Hulk Hogan’s lawsuit against the website Gawker.

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Shang, who is a Thiel Fellow and received a $100,000 investment from Thiel’s foundation, nonetheless wants to shy away from the stereotype of an ambulance chaser. While it is speculated that Thiel was moved to fund Hogan’s lawsuit by a personal vendetta against Gawker, who outed Thiel as gay in 2007, Shang insists that Legalist will be strictly business.

They foot the bill

So far, they are focusing on business tort cases. They aren’t pursuing personal injury claims. In fact, they aren’t pursuing new cases at all, but instead, are letting businesses already embroiled in lawsuits to come to them.

Legalist expects to invest between $50,000 and $500,000 in court cases with a potential claim of $1 million or more, claiming up to 50 percent of the settlement. These are non-recourse investments, meaning that if the lawsuit is lost, Legalist has to swallow the bill.

Waiting to rake in the moolah

These are high-stakes bets, and right now Shang and her cofounder are using personal assets to fund the company. However, they are confident that their “data-backed” algorithm can accurately predict winning court cases, so they expect to eventually rake in large returns.

Besides paying for legal fees, funds from Legalist can also be used for operational costs to keep businesses afloat while they’re in court. For small businesses, this could be a great way to level the playing field, making litigation possible despite its enormous costs, with far less risk to your company.

#Legalist

Ellen Vessels, a Staff Writer at The American Genius, is respected for their wide range of work, with a focus on generational marketing and business trends. Ellen is also a performance artist when not writing, and has a passion for sustainability, social justice, and the arts.

Business Entrepreneur

Employers, rules to keep safe from COVID changed again

(BUSINESS ENTREPRENEUR) COVID-19 “close contact” definition has changed, and it affects employers and employees. Here’s what we know (for now).

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Masked people in meeting, but employers may find it hard to keep safe

If you are an employer, this information is a must know! Recently, the Centers for Disease Control has redefined the term of being in “close contact” with someone who has tested positive for COVID-19. This new definition is one that will affect all group settings. The workplace is one of them.

Previously, a “close contact” individual was someone who was within six-feet during a 15-minute period of a person who tested positive for the virus. Now, “close contact” still requires the “within six-feet distance” scenario but broadens the 15 minute window criteria.

The new definition states that someone doesn’t need to have 15 consecutive minutes of interaction with a person who is confirmed to have COVID-19. A cumulative total of 15 minutes or more over a 24-hour period can also consider someone as in “close contact”. And, everyone who is in close contact will still need to be tested for the virus and quarantine themselves.

This change goes hand in hand with a recent study published by the CDC’s Morbidity and Mortality Weekly Report. The study details that a facility employee at a male correctional facility in Vermont tested positive for COVID-19. The confirmed case was reported to the Vermont Department of Health (VDH) on August 11, 2020.

The correctional officer came in contact with 6 inmates who had arrived from an out-of-state correctional facility on July 28. All the inmates were kept in a quarantine unit and tested for SARS-CoV-2 on that day. On July 29, all their tests came back positive. As a result, the Vermont Department of Corrections (VDOC) and VDH conducted a contact tracing investigation.

During the correctional officer’s eight-hour shift, video surveillance footage showed he only had brief encounters with the inmates. Although they weren’t consecutive, the officer interacted with the inmates for about 17 minutes total. During all encounters, the officer wore a microfiber cloth mask, gown, and goggles. The inmates didn’t always wear a mask. Also, the officer didn’t have any other exposure to people with COVID-19 out of work and hadn’t traveled.

On August 4, the officer started showing COVID-19 symptoms. On August 5, he got tested, and a positive result returned on August 11. Data shows that one of the inmates transmitted the virus to the officer.

So, what does this all mean? The previous and current definition isn’t quite yet set in stone. There is so much more to learn about the virus.

The new “close contact” definition is much broader so people who didn’t fall in this category before, probably do now. If employees are in the office, it is inevitable that they will have some sort of interaction. And, even if coworkers only have a 5-minute long meeting, three 5-minute meetings will still count if there is a case of COVID-19 exposure.

Employees should be informed of these changes to better trace any unfortunate virus cases. And, employers with less than 500 employees who fall under the Families First Coronavirus Response Act (FFCRA or Act) will need to “provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19”.

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Business Entrepreneur

Streamline your collaboration and lighten your workload with Lyght

(BUSINESS ENTREPRENEUR) Ventive is releasing a new collaboration tool that basically combines all your collaboration tools into one.

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Text "A vision brought to Lyght" on a bright background with lightbulb and people in collaboration.

Ventive is a custom software development agency based in Boise, Idaho. Launched in 2014, the startup combines design and engineering to build digital products that will help businesses grow. The company has worked with big names like Aston Martin, Cisco (Broadsoft), HP, Simplot, and Coleman Homes. It has even made the Inc. 5000 List for 3 years in a row. And, as with any business, it faces the same hurdles all small and big companies face: Finding the right tool to help take an idea and turn it into a reality.

In a blog post, Ventive Product Manager Jeff Wheadon wrote that the company has used a variety of tools like JIRA, Toggl, Trello, and Slack to streamline and collaborate on projects. Soon they realized there was not a single tool solution that could help them “go above and beyond for their clients”. So, Ventive decided it was “time to shine a new Lyght on team collaboration” by creating their own tool.

Lyght is an all-inclusive team collaboration tool that removes wasted time used to switch between different communication and management applications. It is designed to Make Work Simple. Make Work Flow.

In the tool, you can create a story for any project you want to build. These stories are designed for a smooth workflow, and you can collaborate with your team in each one. Conversation threads are visible in every story in real-time so everything is organized together. Tasks can be assigned by due dates and time budgets. You can even allocate a certain number of hours to a specific project so you can “determine bottlenecks in your team”.

You can also review the team’s time logs to gain insights on performance. A personalized dashboard lets you see recent activity and time spent across projects. Boards easily display the current state of each assignment. And, Backlogs let you organize and prioritize stories from your custom workflow.

Although Lyght started as an internal management tool for Ventive, the company isn’t just keeping the software for itself.

“After doing some additional market research, we found that there are many other companies across different industries looking for a similar tool that is lightweight and easy to use, yet robust enough to work with their own business processes,” wrote Jeff.

Since its creation, Lyght has gone through 3 iterations. Currently, the company is offering a private beta to entrepreneurs and teams. It plans on implementing the feedback it receives so the tool can “change and flow with the needs of the industry.” According to a Facebook post, Ventive is preparing for a public release of the software later this year.

Lyght brings together task management, collaboration, chat, and time tracking into a single solution. And, if you’d like to give it a try, you can schedule a demo on the company’s website.

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Business Entrepreneur

How to effectively share negative thoughts with your business partner

(BUSINESS ENTREPRENEUR) You and your business partner(s) are in a close relationship, and just like a marriage, negative emotions may play a role in the relationship.

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You and your business partner are in a relationship. Your business was born when you shared a common vision of the future and became giddy from the prospect of all you could do together that you couldn’t do alone. Now, you spend much of the day doing things together in collaboration. The stakes are high; there are obstacles to overcome, decisions to make together, deadlines to meet, and all the stresses of running a business.

It’s no wonder a business partnership can often be just as complicated and emotional as a romantic relationship. If you are struggling with your business partner, you might find helpful advice in resources originally targeted towards troubled couples.

Relationship expert Dr. Jeffrey Bernstein has explored how to share “toxic thoughts” with your partner. In a linked article, Bernstein describes toxic thoughts as distortions of the truth that cause us to overemphasize the negative attributes of our partner.

Some examples of toxic thoughts include blaming your partner for larger problems that aren’t really their fault, inaccurately assuming your partners intentions, or resenting your partner for not intuiting your needs, even if you haven’t expressed them. The defining characteristic of these toxic thoughts is that, although they may be based in the truth, they are generally exaggerations of reality, reflecting our own stresses and insecurities.

Just as much as in a love relationship, these toxic thoughts could easily strain a business partnership. If you find yourself having toxic thoughts about your business partner, you will need to decide whether to hold your tongue, or have a potentially difficult conversation. Even when we remain quiet about our frustrations, they are easily felt in the awkward atmosphere of interpersonal tension and passive aggressive slights that results.

Dr. Bernstein points out that being honest about your toxic thoughts with your partner can help increase understanding and intimacy. It also gives your partner a chance to share their toxic thoughts with you, so you’d better be ready to take what you dish out. It might be hard to talk about our frustrations with each other so candidly, but it might also be the most straightforward way to resolve them.

Then again, Bernstein points out, some people prefer to work through their toxic thoughts alone. By his own definition, toxic thoughts are unfair exaggerations of and assumptions about our partner’s behavior. If you find yourself jumping to conclusions, assuming the worst, or blaming your partner for imagined catastrophes, perhaps you’d better take a few minutes to calm down and consider whether or not it’s worth picking a fight about. Then again, if you’re self-aware enough to realize that you are exaggerating the truth, you can probably also tease out the real roots of any tension you’ve been experiencing with your business partner.

If you are going to get personal, shoulder your own emotional baggage and try to approach your partner with equal parts honesty and diplomacy. Avoid insults, stay optimistic, and focus on solutions. State your own feelings and ask questions, rather than airing your assumptions about their intentions or behaviors. Keep your toxic thoughts to yourself, and work towards adjusting the behaviors that are making you feel negatively towards each other. Your business might depend on it.

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