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Litigation funder eyes ABS as way to finance law firms’ contingency fee work

A litigation funder with £40m a year to invest is considering using alternative business structures to make funds available to law firms, according to its chief executive. They have to be prepared to work under damages-based agreements (contingency fees), however.

October 25th, 2012 | 1 Comment »

Litigation funders left in limbo over whether ABS status will give them costs protection

Third-party litigation funders thinking of investing in law firms to avoid liability for adverse costs will have to try their luck in front of the court after an important report on contingency fees refused to make a recommendation on whether this should be possible.

August 3rd, 2012 | 2 Comments »

Neuberger: ABSs herald death of hourly billing

Alternative business structures may well herald the demise of hourly billing as legal practice becomes even more competitive, the Master of the Rolls has predicted. Contingency fees and price comparision websites will also play a role.

May 14th, 2012 | No Comments »

BIS mulls ban on law firms and third-party funders launching new collective actions

Law firms and third-party funders will not be allowed to initiate group actions for breach of competition law – and such cases will be exempt from the move towards allowing solicitors to work on a contingency fee basis, under proposals published this week by the government.

April 26th, 2012 | No Comments »

ABSs will spark City “litigation revolution” and de facto fusion, says SRA chief

The UK is on the cusp of a “litigation revolution” involving boutique alternative business structures offering externally-funded contingency fee deals, according to the chairman of the Solicitors Regulation Authority, speaking at yesterday’s Legal Futures conference.

April 24th, 2012 | No Comments »

Fancy a piece of the action? High-powered group to advise on introduction of contingency fees

An 11-man working party will meet for the first time today to advise on how to introduce contingency fees for court work in England and Wales. The working party has been set up by the Civil Justice Council.

April 17th, 2012 | No Comments »

Jackson: should contingency fee lawyers be liable for defendant’s costs?

Work is needed to determine whether solicitors who offer contingency fees could find themselves on the hook for a successful defendant’s costs, Lord Justice Jackson said last week. He said a working party might be needed to resolve outstanding issues.

January 23rd, 2012 | Comments Off on Jackson: should contingency fee lawyers be liable for defendant’s costs?

Warning over self-regulation of litigation funders and conflicts risk posed by contingency fees

The introduction of self-regulation for third-party litigation funding may not be sustainable in the long term, a team of leading academics has warned. They also highlighted the risks that contingency fees pose.

January 19th, 2012 | Comments Off on Warning over self-regulation of litigation funders and conflicts risk posed by contingency fees

Lawyers should make common cause with us on key issues, says consumer champion

More information to help consumers select a solicitor, freedom to choose a lawyer under legal expenses insurance, and the regulation of contingency fees are all areas where the profession and the public should work together, a leading consumer champion claimed last week.

February 7th, 2011 | 2 Comments »