City law firm HFW has agreed a £25m portfolio litigation funding facility with Augusta Ventures, while also unveiling a development partnership with litigation analytics start-up Solomonic.
Following the lead of Pinsent Masons earlier this month, which struck a similar deal with Augusta, the arrangement offers HFW’s clients access to funding at “competitive rates”, assessed by a joint committee of Augusta and HFW partners, the pair said in a statement.
Clients can also access to up to £30,000 to secure evidence in support of their applications, where necessary.
Brian Perrott, a litigation and innovation partner at HFW – formerly known as Holman Fenwick & Willan – said: “This deal provides improved accessibility to dispute resolution funding for our clients. For the funding of disputes with Augusta, we have agreed preferential terms that will save our clients time, money and mean they pay nothing if their claim fails.”
The partnership with Solomonic gives HFW lawyers access it system, which uses detailed court data to make predictions, improve outcomes and assist with research.
In return, HFW will help develop the platform, and expand Solomonic into new fields and jurisdictions.
Noel Campbell, head of HFW Litigation, said: “Combining Solomonic’s data with our experience and expertise as litigators will allow us to be more efficient and effective as lawyers, and ultimately enable our clients to make more informed, commercial decisions about resolving their disputes.”
Solomonic co-founder Gideon Cohen described HFW as “the ideal firm” to help develop the system.
“It is not just HFW’s enviable litigation volume and record of success; the firm’s significant global reach, with leading practices in key disputes jurisdictions around the world, will also be invaluable in helping us expand our offering internationally.”
With 350 people in its global disputes team, HFW said it has one of the largest and more active disputes practices in the market, citing data from The Lawyer which said HFW was the most active firm in the Commercial Court between 2015 and 2018.