The fund gives clients “the ability to pursue recourse through litigation and arbitration on a risk-free basis,” DLA Piper says
DLA Piper has teamed up with LSE-listed disputes funder Litigation Capital Management (LCM) and Aldersgate Funding Limited in a non-exclusive arrangement to give the firm’s clients access to a £150m (approximately $300m) fund for large-scale litigations and arbitrations.
Through the offering, DLA Piper clients have “the ability to pursue recourse through litigation and arbitration on a risk-free basis, opening up opportunities that may have previously been unavailable to them,” said Auckland-based litigation partner Alicia Murray. The available fund is “a significant increase on current fund sizes,” the firm said.
Former DLA Piper corporate partner Jim Holding is set to lead the newly established Aldersgate Funding. Meanwhile, retired ex-global co-chair of the litigation and regulatory practice, Stephen Sly, will chair the funder’s investment committee.
Co-head of DLA Piper’s global litigation and regulatory practice Jean-Pierre Douglas Henry and co-head of UK litigation and arbitration Jamie Curle first headed up the portfolio funding initiative that eventually resulted in the formation of Aldersgate Funding. DLA Piper said that they will “continue to lead DLA Piper’s engagement in this area and for this offering in particular.”
Aldersgate Funding has been “structured to provide DLA Piper clients ‘best-in-class’ funding terms, fast decision-making and enhanced due diligence that will allow actions to be pursued without any financial downside to claimants,” the firm said. With the funds from Aldersgate Funding and LCM, DLA Piper can “provide the firm's clients with non-recourse finance for 100% of the costs of bringing a claim and additionally the ability to ‘source in’ adverse cost cover and security for costs as necessary.”
“With the benefit of our valuable collaboration with LCM, Aldersgate Funding provides a streamlined and efficient service that provides corporates with efficient access to capital, providing increased financial freedom within their businesses, an ability that is especially relevant against the current backdrop of global economic uncertainty,” Murray said.
DLA Piper plans to provide the funding service to clients as part of Law&, its enhanced legal offering.
“We are working at pace to develop a stream of bold and innovative products and services as part of our enhanced legal offering Law& that will allow clients to seize opportunities,” said NZ country managing partner Martin Wiseman. “As part of this mission, our collaboration with Aldersgate Funding and LCM gives clients access to capital to fund claims with a speed, ease and at a quantum hitherto unheard of and represents a sea change in the traditional approach to litigation funding.”
LCM executive vice-chairman Nick Rowles-Davies said that its collaboration with DLA Piper and Aldersgate Funding shows the maturing of the litigation funding industry.
“We are delighted to be working with DLA Piper and Aldersgate Funding on this facility which not only demonstrates that LCM collaborates with the most forward-thinking law firms globally, but also the maturing of the industry where clients now demand sophisticated disputes finance solutions that move beyond the traditional templated funding model,” he said.
