The UK litigation funding market gets a boost from proposed legislation to reverse case law
The Litigation Funding Agreements (Enforceability) Bill has started its Parliamentary progress.
Its intent is to reverse the UK Supreme Court’s judgment in the recent PACCAR decision that litigation funding agreements which give funders a share of the damages are damages-based agreements, making many unenforceable. The effect of the legislation should make it easier for the public and consumers to obtain third-party financial support for complex litigation, thus improving access to class action funding.
This is particularly welcome news for KP Law, a new firm owned by litigation funder Asertis, and which combines the UK teams of 2 US class action law firms, Keller Postman and Lanier Longstaff Hedar & Roberts. The new firm brings product liability and competition law expertise together with practices focused on data breach, workers’ rights and financial mis-selling to focus on collective redress opportunities.
While CMS Cameron McKenna opens its 10th UK office in Leeds, with a focus on real estate, Bryan Cave Leighton Paisner is to make redundant 50 business services people in its UK and US bases. This is its third set of lay-offs in 6 years. No lawyers are impacted. BCLP has particular strengths in real estate.
