DLA PIPER AND LCM COLLABORATE WITH NEW THIRD-PARTY FUNDER FOR DLA PIPER CLIENTS
Fund will offer DLA Piper clients access to GBP150m to fund large-scale litigation and arbitration – a significant increase on current fund sizes
Enhanced due diligence and streamlined processes will significantly reduce approval times/enhance approval processes
Offer provides DLA Piper clients with the ability to pursue recourse through litigation and arbitration on a risk-free basis
DLA Piper has entered into a non-exclusive arrangement with publicly listed disputes financier Litigation Capital Management (LCM), and a newly formed litigation funder, Aldersgate Funding Limited to offer clients of DLA Piper access to £150m for funding large-scale litigation and arbitration. This will be offered on a financial risk-free (non-recourse) basis with a streamlined approval process embedded within the offering.
Intended to be available in all applicable international jurisdictions, 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. With access to funding secured from LCM and Aldersgate Funding, DLA Piper will be able to 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.
LCM, which is listed on the London Stock Exchange’s AIM market, has a proven and successful track-record spanning more than two decades of providing bespoke financing solutions, including corporate portfolios, to clients in various industry sectors across Europe, the Middle East, Africa, and Asia-Pacific.
This funding offering opens up the opportunity to DLA Piper clients to pursue claims that would have otherwise been untenable due to capital constraints.
Aldersgate Funding will be led by former DLA Piper Corporate partner Jim Holding. Jean-Pierre Douglas Henry and Jamie Curle (DLA Piper Co-Heads of Global Litigation & Regulatory and UK Litigation & Arbitration respectively) have spearheaded the portfolio funding initiative which has ultimately led to the creation of Aldersgate Funding. They will continue to lead DLA Piper’s engagement in this area and for this offering in particular. Former Global Co-Chair of Litigation & Regulatory at DLA Piper, Stephen Sly, has retired from the Firm and will also serve as Chairman of the Investment Committee of Aldersgate Funding, bringing decades of disputes experience to the table.
DLA Piper will be offering this funding service as part of its enhanced legal offering named Law&.
Speaking on the collaboration, Kirsty Simpson, a Partner in DLA Piper’s South Africa, Litigation, Arbitration and Regulatory practice, commented: “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 – particularly at a time when they are under significant pressure to manage or reduce costs. Our collaboration with Aldersgate Funding and LCM gives clients access to capital to fund large claims on a no-risk basis, with a speed, ease and at a quantum unheard of until now. With the traditional litigation funding market largely undeveloped in Africa, this is a game-changing opportunity in the context of African disputes.”
Jim Holding, Managing Director of Aldersgate Funding added: “This offering provides the ability for DLA Piper clients to pursue recourse through litigation and arbitration on a risk-free basis, opening up opportunities that may have previously been unavailable to them. 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.”
Nick Rowles-Davies, Executive Vice-Chairman, Litigation Capital Management, commented: “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,”
Funding through Aldersgate Funding is only available to clients of DLA Piper and can only be accessed via the firm.