National firm Royds Withy King has announced a partnership with a litigation funder worth £10m. The firm will link up with Affiniti Finance to offer clients another avenue to pursue litigation claims to trial where the costs are seemingly prohibitively expensive.
The partnership is the latest example of a firm extending its commitment to third party funding by signing up to a specific financier.
The firm says funding under the facility will spread the risk for clients and is provided on a ‘non-recourse’ basis, meaning if the claim fails there is no comeback. Funding has been tailored to support a variety of practice areas in the UK and abroad, including arbitration. The terms of the arrangement have not been disclosed.
Jamie Lester, dispute resolution partner at Royds Withy King’s City office, said: 'The facility is designed to provide clients with a tool to hedge risk, eliminate budget constraints and monetise pending claims to free up capital for other business needs.
‘It also resets the bargaining position against deep pocket defendants. The facility can also be accessed within a matter of days rather than the customary lead time of two-three months.’
Affiniti Finance was founded in 2014 and provides funding mainly for financial mis-selling and civil litigation, personal injury and clinical negligence, commercial funding and group or class actions.
The funder last year entered a ‘no win, no fee’ arrangement with commercial firm Edwin Coe to finance a group action challenge over alleged anti-competitive conduct by European truck manufacturers.