Global law firm Clyde & Co’s merger with UK and Ireland law firm BLM has gone live today with the combined firm now known as Clyde & Co. It has global revenues of over £700m per annum, a headcount of over 5,000, with offices in over 60 cities worldwide including 14 in the UK.
BLM’s teams have become part of Clyde & Co’s market-leading global insurance practice, with the majority joining its casualty insurance practice. Other sizable groups have joined Clyde & Co’s professional liability, healthcare and business advisory teams.
The newly expanded and market-leading casualty practice, which has over 800 legal professionals working across casualty business lines has today relaunched and rebranded its online casualty innovation platform as Clyde & Co Newton.
Originally launched in November last year, Clyde & Co Newton is one of the first visible outputs from the merged firm and promises to offer casualty clients innovative, technology-based solutions.
As the biggest legal provider to the UK casualty market following the merger, with the largest data set, Clyde & Co Newton combines the firm’s casualty insurance legal expertise with claims automation and artificial intelligence, factors that are central to the firm’s strategy for delivering the lowest overall indemnity spend for casualty clients. The platform has the ability to ‘read’ 99% of all documents required for claims evaluation and can automatically produce valuations for 89% of employers’ liability and public liability claims.
Chris Murray, Partner at Clyde & Co, said: “The merger is our response to insurers’ changing needs. By combining our businesses, we have created a new foundation for casualty claims built on scale, expertise and an innovative vision for the use of technology.
“Becoming the largest player in UK casualty gives us the largest data set in the sector and the ability to invest in the technology that fully unlocks its potential and Clyde & Co Newton is our banner for this technology and innovation.”
Matthew Harrington, a Partner at Clyde & Co and BLM’s former Senior Partner, said: “The merger has created the biggest casualty practice in the UK and will allow clients to benefit from our expert teams across the UK and Ireland, while benefitting from Clyde & Co’s unparalleled international presence too. Size matters as clients are increasingly looking for end-to-end support from trusted suppliers across business lines and geographies as they seek partners to support their growth and drive to improve margins in what is an ever-competitive sector. We are delighted that our clients will now be able to benefit from all the merged firm as to offer.”
The expanded Clyde & Co Newton platform now offers tools across the following categories:
- Automation and robotics – combining machine learning with AI to automate routine claims processes
- Calculation tools – a range of calculation tools to ensure quick and accurate claims handling
- Data extraction and analytics – deep-dive analytics to enhance processes and decision-making
- Collaboration – making the claims experience easier for insurers and policyholders
- Indemnity spend saving and cost reduction – products to help insurers drive down indemnity spend
- Claims decision support – assistance for claims handlers to make better decisions
Clyde & Co Newton incorporates a wide range of innovation product types including an AI costs assessor, a loss of earnings and pensions calculator, a recoveries assistant, and an accommodation claim calculator. Further products are also in the pipeline for delivery across the remainder of 2022 and 2023.
Clyde & Co’s casualty practice provides insurers with support across catastrophic injury, disease, employers’ and public liability, abuse & neglect, fraud, motor claims, and property damage and recovery, supplemented by a costs team, forensic accountants, investigators, other specialists, and an in-house safety health and environmental regulatory team, enabling the firm to provide full coverage across civil and criminal matters.
For further information please contact:
Tim Wells, Global Communications Manager
Telephone number: +44 20 7876 4451