Global giant DLA Piper has unveiled access to £150m funding for large-scale litigation and arbitration after announcing a non-exclusive arrangement with publicly listed funder Litigation Capital Management (LCM), which is to work with DLA’s newly formed captive, Aldersgate Funding.
It said enhanced due diligence and streamlined processes would also “significantly reduce approval times”.
Funding through Aldersgate is only available to clients of DLA Piper and can only be accessed via the firm.
Aldersgate Funding is ultimately owned by DLA Piper. It is led by former corporate partner Jim Holding, while Stephen Sly, the firm’s ex-global co-chair of litigation & regulatory, has retired from the firm and will serve as chairman of the investment committee.
In a statement, DLA said that, “intended to be available in all applicable international jurisdictions, Aldersgate Funding has been structured to provide DLA Piper clients ‘best-in-class’ funding terms, fast decision-making and enhanced due diligence that will allow actions to be pursued without any financial downside to claimants.”
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.”
Patrick Moloney, LCM’s chief executive, said: “As part of a competitive process, this facility was secured through a solutions-based approach by agreeing a tailored structure specifically to meet the needs of the international law firm and its clients.
“We expect this relationship to be a long and prosperous one for LCM, the law firm and its clients.”