Precision is not good for legal risk management
Here is a hard pill to swallow: precision is not always possible or even desirable.
Precision is overrated and misleading
Here is a hard pill to swallow: precision is not always possible or even desirable.
Why is that?
In the case of legal risk, legal professionals cannot (and probably will not) precisely quantify the probability of a legal matter’s outcome. Unfortunately, that drives most legal professionals to reject any effort to measure the legal risk.
Precision is also not desirable when it comes to legal risk because precision can convey a false sense of accuracy.
At the beginning of the risk management process it is useful to develop our plan in broad strokes and then refine it over time based on data and experience.