Solomonic’s Post

Fancy some weekend reading? Solomonic data features in latest Financial Times report to highlight the sheer scale of lawsuits entering the High Court system (not even accounting for those still ongoing), with a combined total of at least £83bn filed since the beginning of last year. This year and last have seen several hefty claims in the High Courts. This includes the $16bn claim against The Republic of Argentina. The next closest is the £1.2bn claim against KPMG LLP and a $750m claim filed by Standard Chartered Bank. The professional services and financial services sectors face the biggest burden, though the TMT and insurance sector are also defending substantial claims. Read the full article on the FT here: https://lnkd.in/ezxNtDas #SolomonicInsights #CommercialLitigation #LawFirms

Solomonic is delighted to announce its partnership with leading international law firm Trowers & Hamlins to equip its 145-strong disputes team with invaluable High Court insights. Nicholas Levy, Partner and Co-Head of Dispute Resolution at Trowers & Hamlins, said, “Our clients face an increasingly complex legal landscape and staying abreast of litigation trends is more important than ever. The UK remains a forum of choice for resolving disputes, including for many of our international clients, and our partnership with Solomonic gives us access to litigation insights that will enhance our ability to protect our clients' interests and provide them with the best possible outcomes.” Read the full press release here: https://lnkd.in/eH7PcYB9 #LawFirms #LegalNews #LegalTech

With knowledge work and in particular the legal profession squarely in the sights of those working on GenAI based software applications, the quality and accuracy of the technology has been in the spotlight. One Solomonic customer, Everlaw, a leading eDiscovery software provider, has recently set out to shed light on recent developments in GenAI-powered tools, especially in the context of their performance versus a human counterpart. Findings from their report, focused around their e-disclosure platform, reveal that generative AI can perform comparably to human legal professionals -- or even better in certain cases. The results are promising and pose key challenges for legal professionals around how current processes will have to change, open new opportunities for quicker review and of course open up questions related to fees and pricing. A precis of this report can be found here: https://lnkd.in/eNBcHn_p To see the full report, including a detailed breakdown of performance, see here: https://lnkd.in/eSGniPgu #AI #GenAI #LegalTech

Solomonic’s top insolvency law firm ranking highlights that the firms leading the charge are those that specialise in insolvency or have strong specialist teams. The Insolvency and Companies List continues to be busy, reflecting the broader economic challenges at play. Freeths lead and continue to dominate, already on track to surpass their 2023 volumes, with 194 actions recorded in H1 2024 compared to 365 for all of 2023. Specialist firms Pannone Corporate LLP and Coltman Warner Cranston also maintain their top positions in second and third, demonstrating similar impressive growth. Irwin Mitchell remains a powerhouse with a strong insolvency team, securing fourth place. Notably, they also rank in the top 15 for overall claim volumes outside of insolvency. Ward Hadaway have shot up the rankings with a rise in activity, up from 129 actions in 2023 to 90 in the first half of 2024. JMW Solicitors LLP show impressive growth, already surpassing their 2023 numbers with 85 actions so far, compared to 75 last year. TLT LLP has also experienced a similar uptick in insolvency activity. Pinsent Masons, Hill Dickinson LLP and gunnercooke all increased their rankings and at the half year mark look set to exceed their activity for 2023. Silverback Commercial Law Services Limited, Lester Aldridge, Wilkes, Bermans and HCR Law all maintained a strong footing in insolvency cases. Explore the full report for deeper insights into law firms, sub-court trends, the most closely followed cases in Solomonic and more. Download it here: https://lnkd.in/gq8ZXQqT #SolomonicInsights #InsolvencyLaw #RestructuringLaw