A litigation firm has taken the unusual step of putting its case funding out to tender in a bid to reduce costs. Hertfordshire firm Debenhams Ottaway will invite litigation funders to compete for its funding panel, and in turn take brokers out of the equation. Any resulting savings can then be passed onto lower bills for bills and can help to fund a greater number of cases, the firm said.
The funding panel comprises claims up to £1m in value, claims valued up to £5m and claims over £5m in value.
Luke Harrison, lead partner in the litigation dispute resolution team, said: ‘Through our own litigation funding panel we aim to drive value in the litigation funding process for our clients by building productive and long-term relationships with funders, cutting out an unnecessary layer of broker costs and streamlining the process.
The firm’s clients range from SMEs to large corporations, so the funding panel is tailored to unlock cases of all sizes, rather than the large pieces of litigation normally associated with third-party funding.
Responses from interested parties are due by 28 February and the firm plans to announce the successful bidders one month later.