Mid-Tier Firm Strikes Latest Legaltech Deal
The move follows Simmons & Simmons' acquisition of legal tech firm, Wavelength.
July 24, 2019 at 04:34 AM
2 minute read
HFW has entered into a "development partnership" with a litigation analytics startup, Solomonic, which uses court data with the aim of improving predictions, case research and outcomes.
Under the terms of the partnership, HFW lawyers will be able to access the Solomonic system. In return, HFW will provide legal advice and business assistance for its platform and data analysis.
The announcement was the second legaltech deal this week. Yesterday (July 23), Simmons & Simmons announced that it had acquired Cambridge-based legal engineering firm Wavelength, which uses data science to create solutions that will help the firm work through large-scale projects, such as the replacement for the Libor benchmark and a GDPR exercise, more efficiently.
The Wavelength team will be headed up by the company's co-founders Peter Lee, who worked at Bird & Bird for four years from 2008, and Drew Winlaw. The 27-strong Wavelength team will be based in offices in London and Cambridge under the Simmons brand.
Simmons managing partner Jeremy Hoyland told Legal Week that Wavelength will be pitching to clients alongside the firm as part of the tie-up.
In addition, Clyde & Co has brought in machine-learning firm Neural Vision Technologies (NVT) to assist with automating the search and retrieval of records and documents through its search platform, NVT VISTA.
Last week, HFW agreed a £25 million funding facility with litigation funder, Augusta Ventures. Under the terms of the arrangement, HFW's clients will receive competitive rates, assessed by a joint committee of Augusta and HFW Partners, who will identify cases that may qualify for such funding.
Augusta will fund the entire cost of pursuing a claim on a "non-recourse" basis – meaning the client pays nothing if the claim fails. Augusta struck a similar deal with Pinsent Masons last month, also valued at £25 million.
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