Guest Ben Gideon on Helping Trial Lawyers Assess Risk Better [Ep138]

Join Ben Gideon as he explores the complex world of risk assessment in trial law. Despite their bold reputations, trial lawyers often lean towards risk-averse strategies, favoring settlements over trials. Ben reflects on his recent trial loss to analyze cognitive biases in decision-making and emphasizes the importance of embracing risk to secure significant verdicts. Drawing parallels between trial law and high-stakes poker, Ben discusses how both fields rely on probabilistic thinking and expected value calculations. He shares strategies for managing risk across multiple cases, similar to a poker player handling various hands, and highlights the differing risk levels faced by lawyers and their clients. In this episode, you will hear: Insights from Ben Gideon on risk assessment in trial law Exploration of trial lawyers' risk-averse tendencies and the impact of cognitive biases Parallels between trial law and poker strategies for managing risk Importance of data-driven approaches and probabilistic thinking in legal decision-making Balancing client emotions and cognitive biases during negotiations and mediations Psychological and emotional factors influencing legal cases and client decision-making Follow and Review: We'd love for you to follow us if you haven't yet. Click that purple '+' in the top right corner of your Apple Podcasts app. We'd love it even more if you could drop a review or 5-star rating over on Apple Podcasts. Simply select "Ratings and Reviews" and "Write a Review" then a quick line with your favorite part of the episode. It only takes a second and it helps spread the word about the podcast. Supporting Resources: Guest Ben Gideon of Gideon Asen Email: [email protected] Website: https://www.gideonasen.com/our-team/benjamin-gideon/ Podcast: https://www.elawvate.fm/ Books referenced in the episode: On Edge: The Are of Risking Everything by Nate Silver  Thinking, Fast and Slow by Daniel Kahneman Join the Trial Lawyer Prep Newsletter for a monthly email with resources, tips and helpful guidance for your next trial:  www.larricklawfirm.com/connect Episode Credits If you like this podcast and are thinking of creating your own, consider talking to my producer, Emerald City Productions. They helped me grow and produce the podcast you are listening to right now. Find out more at https://emeraldcitypro.com Let them know I sent you.