Litigation funder Burford granted ABS licence

Topics: Alternative business structures,Regulation and compliance

  • Print
  • Share
  • Comments (3)
  • Save

Related images

  • Sterling

Litigation funding giant Burford has been granted a licence to set up an alternative business structure.

Burford declined to comment on the development but the licence opens up the prospect of a funder pumping cash into its own law firm.

Advertisement

Burford has already moved beyond the funder’s traditional role of investing in individual cases, to funding ‘books’ of litigation. In October, it agreed to provide £30m to claimant firm Hausfeld to finance German competition claims, enabling the law firm to establish an office in Berlin.

Earlier this month, the funder announced a deal to provide £30m to an unnamed FTSE20 company to finance a ‘portfolio’ of litigation.

Burford claims to be the world’s largest provider of investment capital for litigation and funds all types of commercial disputes. It is also an after-the-event insurer and has a specialist division for the enforcement of judgments globally.

The law relating to champerty and maintenance currently prevents third-party investors in litigation from taking a controlling interest in cases.

Lawyers working in an ABS owned by a funder would be subject to the same professional duties towards their clients and the court as those working in traditional law firms.

Readers' comments (3)

  • Why is the Gazette continuingly giving publicity to ABS?

    Unsuitable or offensive? Report this comment

  • Because they are a game changer.

    And the Govt. want therm to do so.

    And they have to ensure that the separation of powers is clearly put to bed so we have a one nation state (without conflicts of interest and all those nasty irrelevancies).

    Unsuitable or offensive? Report this comment

  • Litigation funding doesn't always go well.

    Look at Juridica: http://www.americanlawyer.com/id=1202742910720/Litigation-Funder-Juridica-Pulls-Back-After-Bad-Bets?slreturn=20160028103358

    Unsuitable or offensive? Report this comment

Have your say

You must sign in to make a comment

  • Print
  • Share
  • Comments (3)
  • Save

Advertisement

Sign up for email news alerts

Daily Update. Keep abreast of the latest developments that affect the profession

PRACTICES FOR SALE, MERGERS, ACQUISITION & ASSOCIATION

SOLICITOR, RETIRING, seeks to dispose of general private client practice in Finchley North London londonlegalservices@outlook.com

EXPERIENCED PRACTITIONER with a following wishes to acquire a small practice preferably in the London area or nearby. Please contact: enquiries578@gmail.com

SELLING? MERGING? VALUING? Acquiring? Free information from 01494 483728. raymondafox@aim.com www.BottomLineConsultancy.com or www.SolicitorSupermarket.biz

Browse the magazine

Current Issue

The Gazette offers you up-to-the-minute national and international news, opinion, features, in-depth articles plus a jobs and appointments section.

Please click the link below for a digital edition