Litigation funder LCM announces strong interim results…

Litigation funder LCM announces strong interim results
Litigation financing firm LCM has announced its interim financial results for the six months ended 31 December 2019.

Gross revenue totalled A$24.1m, more than doubling the $11.7m for the same period of 2018. Gross profit also more than doubled, from $5.7m to $12.2m.

Among the highlights for the firm, strategic alliances with international law firms has delivered material opportunities and corporate portfolio applications.

Since the end of the period covered by the results, the firm has announced the first close of US$150 million LCM Global Alternative Returns Fund which transitions it to an alternate asset manager specialising in investments relating to the global disputes market.

“With the first close of LCM’s US$150 million fund we are well placed to significantly increase the portfolio of investments under management, enabling LCM to expand its business in all of the geographies in which we operate,” Patrick Moloney, CEO of LCM. “The launch of the fund in parallel with direct balance sheet investments signals the transition of the business into a global alternate asset manager.”

Linklaters extends remote working firmwide
Lawyers and others working for Linklaters have been increasingly working from home across Asia Pacific for several weeks, but this has now been extended.

The global firm says that more of its European and US have moved to a remote working arrangement and those based in its London office are entirely remote-working with the exception of a small team maintaining essential client services.

As with many other firms of all sizes, the firm has also cut business travel to only that deemed essential, as well with moving to virtual meetings wherever possible.

Lawyers slam UK courts for ‘business as usual’ claim
The decision to keep most courts in the UK open despite the COVID-19 spread has brought derision from lawyers and other court workers.

While many jurisdictions have closed the doors to the public and cancelled new jury trials, the UK has insisted that its courts are still operating and those who are not required to self-isolate should attend as usual.

The Law Society Gazette reports that the lord chief justice, Lord Burnett of Maldon, has said that, while it is not possible for any jurisdiction to remain unaffected, “it is of vital importance that the administration of justice does not grind to a halt.”

However, he noted that the situation is developing, including emergency laws to allow remote hearings via technology where possible.