Litigation funders with $10bn firepower form global association
The International Legal Finance Association (ILFA), has recently been set up by twelve leading litigation finance firms, in order to represent litigation funders in their dealings with governments, regulators, international associations and professional legal bodies.
Although based in Washington DC, the Association – which also intends to act as a clearing house for research, analysis and data concerning the industry – sustains a strong presence in London, chaired by Leslie Perrin of Calunius Capital.
London Partner and Head of Commercial Disputes, Lianne Craig, discussed with Ben Rigby of Global Legal Post, noting the established global nature of the founding members, saying the fact ILFA had chosen to launch out of Washington DC was "perhaps unsurprising, as the US remains a market with a huge untapped potential when it comes to litigation funding."
She continued that the majority of additional members are US hedge funds, adding: "Whilst a number [of hedge funds] have long been involved ‘behind the scenes’ with more traditional funders, increasingly we have seen hedge funds fronting deals on their own account in Europe in recent years. An alignment of this nature with the more ‘traditional’ market participants is, I believe, a development to watch."
Furthermore, Lianne looks at the foundation of the IFLA in more depth, and assesses what it means for law firms and funders alike.
The full article, which offers reactions from three leading litigation firms and offers another lawyer’s views.