Litigation funder reports strong half year results… Dentons makes senior hire from Clifford Chance…
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UK legal and professional services firm Gordon Dadds has opened its first international office, in Asia.
The Hong Kong location makes strategic sense for the firm with China having been an important market for the firm for many years. It plans to build a strong business in the Chinese market and further its ambitions outside China.
“Our growth internationally is evidence of our ambitious plans as both a law firm and listed group and we hope will contribute to our continued success,” said Adrian Biles, Managing Partner of Gordon Dadds LLP and CEO of Gordon Dadds Group. “We have a very experienced team in Hong Kong and we hope to attract more talented lawyers to the firm.”
The resident partner in Hong Kong is Dr Alan Ma who was the founder of UK-Hong Kong law firm Maxwell Alves Solicitors.
The firm has a strong technology platform and back office operation and acquires law firms of all sizes which become part of the Gordon Dadds brand or simply make use of its tech and back office operations.
Litigation funder reports strong half year results
Interim results from legal funder Burford Capital show a strong rise in income.
Income in the first half of 2018 rose 17% compared to a year earlier to U$205 million. Profit after tax was also up 17% to $166 million.
Cash generation was up 66% to $299 million and total assets gained 37% to $1.6 billion.
The demand for legal finance in the market has meant Burford made a record-setting amount of new legal finance commitments, reaching $540 million in the first six months of 2018. That’s a 10% rise from H1 2017 and a 107% increase from H1 2016.
Burford launched in Singapore in October 2017 with a focus on the Asia Pacific market.
In Australia, the firm says in its report that it has not been very active in the market historically, despite the country being a “particularly litigious market.”
It says that it is not currently ready to put someone on the ground in Australia or to try to manage a market position remotely.
The firm says that since inception, 75% of law firms for which Burford financed a single case later returned with additional opportunities, 40% of which have been for portfolio deals.
Dentons makes senior hire from Clifford Chance
Dentons has expanded its capital markets team with a senior hire in Moscow.
Tamer Amara was head of the capital debt markets and derivatives practice at Clifford Chance, where he had been for almost 20 years. He joins Dentons with his team including a senior associate specializing in debt and equity capital markets, mergers and acquisitions, and derivatives.
