Litigation Funding 2021 – your global guide to the law and practice of funding in 18 key jurisdictions.
Woodsford is proud that the 5th edition of Litigation Funding, published by Lexology and edited by our very own Steven Friel and Jonathan Barnes is available to download.
The guide covers the law and practice of litigation finance in 18 key jurisdictions and international arbitration and is an invaluable tool for anybody using or considering funding in any of the jurisdictions covered.
The litigation finance sector continues to grow, and we have new, illuminating, chapters on funding in Belgium, Canada, France, Russia and Thailand. 2020 has seen Australia take some back- ward steps but elsewhere there have been very positive developments.
In September, six of the world’s leading commercial legal finance firms – Burford Capital, Harbour, Longford, Omni Bridgeway, Therium and Woodsford – founded ILFA, the International Legal Finance Association.
ILFA will be the global voice of the commercial legal finance industry and represent its interests before governmental bodies, inter- national organisations and professional associations.
Important questions related to legal finance are increasingly liti- gated in tribunals around the world. ILFA will monitor such matters and advocate or intervene as appropriate.
ILFA will also promote best practice and serve as a clearinghouse of relevant information, research and data about the uses and applica- tions of commercial legal finance.
Litigation finance has faced persistent criticism from the world’s largest lobbying organisation – the US Chamber of Commerce, which has also advanced bills in Congress that would force claimants who receive funding to disclose that fact. While the Chamber has largely been unsuccessful, from now on, ILFA will use global advocacy and data-based information to ensure that powerful authors of disinforma- tion are not the only voice.
In October Burford Capital successfully listed on the New York Stock Exchange. Burford, which is also listed on London’s Alternative Investment Market, is the first funder to be publicly traded in the US and the first dual listed company in the legal finance industry. This mile- stone brings increased visibility, accountability and some liquidity to the global commercial legal finance market.
At the same time, Burford released the results of a survey of nearly 500 lawyers working in-house and in private practice, which found that use of litigation finance had grown by 105 per cent over the past three years. Sixty-one per cent of the in-house lawyer respondents said they were likely to pursue claims to generate cash and offset downturn- related litigation costs and more than half of the respondents expected to use litigation finance in the next two years. Seventy-nine per cent of law firm respondents said it was essential for business development.
You can download the entire guide here.