Woodsford is a founder member of the International Legal Finance Association (ILFA), the global voice of the commercial legal finance industry, representing its interests before governmental bodies, international organisations and professional associations and serving as a clearinghouse of relevant information, research and data about the uses and applications of commercial legal finance.
A key role of ILFA is to establish and promote general principles of best practice for the industry, ensuring that legal finance companies follow the highest standards and processes that clients have a right to expect.
ILFA members have each committed to uphold the following Best Practices:
- Clarity – ILFA members should provide services to users in a clear and forthright manner. The terms, expectations and contractual arrangements associated with the financing should be set forth unambiguously and comprehensively. The process of obtaining financing should be transparent.
- Respecting duties to the courts – ILFA members should not interfere with the performance of lawyers’ duties to the courts and to their clients and respect the proper administration of justice.
- Avoid conflicts of interest – ILFA members will maintain effective systems to detect and manage potential conflicts of interest, including conflicts that could affect the enforcement of an award or judgment.
- Preserve confidentiality and legal privilege – ILFA members will only receive confidential or privileged information pursuant to an approach which is expected to be respected in the relevant jurisdiction(s) and take all necessary steps to preserve confidentiality and legal privilege in information which they receive.
- Capital adequacy – ILFA members should not make investment commitments without having adequate capital available or reasonably projected to be available to meet those commitments.
Woodsford’s COO, Jonathan Barnes sits on the Management Committee of ILFA.
For further information, visit the ILFA website.