International firm DLA Piper has teamed up with two litigation funders to help clients pursue cases that would otherwise be too expensive.
The firm said today it has entered a non-exclusive arrangement with listed disputes financier Litigation Capital Management (LCM), and a newly formed funder called Aldersgate Funding Limited. Clients of DLA Piper will be able to access a £150m pot for large-scale litigation and arbitration, as part of its enhanced legal offering called Law&.
According to the firm, the service will be offered on a ‘financial risk free’ non-recourse basis.
DLA Piper is one of several City firms entering the litigation funding market. In May, the parent company of listed practice Rosenblatt Limited created a litigation funding business to cater for the expected surge in cases following the coronavirus crisis. Meanwhile, Fieldfisher – which introduced a litigation funding service for commercial claims last year – has challenged litigation funders with a ‘more competitive’ insurance policy for damages-based agreements.
Simon Levine, global Co-CEO of DLA Piper said: ‘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. 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.'