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Legal Innovation

Addleshaw Goddard Expands to Meet Litigation Funding Demand

The firm of Addleshaw Goddard has long been a proponent of third-party litigation finance, having used it to support clients in an array of diverse jurisdictions. Now they are launching a tailored set of solutions for clients, encompassing third-party funding, damage-based agreements, conditional fee agreements, and after the event insurance.

Addleshaw Goddard explains that this expansion promises to be of specific interests to:

  • Those seeking to share risk when filing or defending a claim
  • Parties seeking impartial advice and guidance on funding options
  • Firms new to funding that need to better understand available options
  • Funders looking to develop new ways to structure funding agreements

Consulting with funding experts should be an essential part of due diligence on both sides of a litigation conflict, as it combines expertise from finance, litigation, commercial business, and funding. Mark Molyneux, Head of Litigation, states that this fully rounded approach is exactly what’s most needed in the market.

Addleshaw joins a growing list of law firms that are expanding into the lucrative litigation funding market.

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Commercial Legal Innovation

AALF Announces Completion of Template Insolvency Litigation Funding Agreement

By Harry Moran |

One of the common talking points at industry events is the need for increased standardisation in legal funding, with a set of agreed upon best practices often viewed as an important step forward for the maturation of the industry.

In a post on LinkedIn, The Association of Litigation Funders of Australia (AALF) announced that it has created and released a Template Insolvency Litigation Funding Agreement. AALF explains that the template is designed ‘to optimise efficiency for lawyers and insolvency practitioners involved in funded insolvency litigation’, providing a practical industry baseline for the use of such funding agreements in Australia. 

The ‘insolvency claim funding deed’ template as shown in the announcement offers a basic layout for the details of the funder, claimant, insolvency practitioner, and lawyers. The deed structure then outlines the following four key components that the deed will be comprised of: commercial terms, funding deed – general funding terms, definitions, and three annexures. The annexures include an insolvency practitioner’s report, a lawyer’s report, and a payment claim report for other funded costs.

AALF expressed its thanks to its members who contributed to the completion of this template with special thanks to the following individuals: Frances Dreyer (Johnson Winter Slattery), Doug Hayter (Ironbark Funding), Heather Collins GAICD (Court House Capital), Stuart Price (CASL), Lisa Brentnall (Clover Risk Funding), John Walker (CASL), Michelle Silvers (Court House Capital), and Kelly Trenfield (FTI Consulting).

The template can be viewed here, and AALF encourages any parties interested in using this resource to contact them.

Commercial Legal Innovation

JustFund Expands Family Law Funding to New Zealand

By Harry Moran |

For litigation funders in their early years of growth post-founding, the ability to continue to raise capital and expand to new markets are often key signs of strengths in these businesses, as demonstrated by an Australian family law funder with its latest announcement.

In a post on LinkedIn, JustFund revealed that it has launched funding services for family matters in New Zealand, marking its first expansion outside of Australia since the funder’s inception three years ago. The announcement explained that JustFund is looking to support both lawyers who need support for their clients or an individual who needs the financial assistance to secure legal representation.

This expansion follows JustFund’s $92 million capital raise in November of last year, with the funds consisting of a combination of seed round financing, a senior debt facility, and additional mezzanine funding. At the time of the capital raise, JustFund said that in the two years since its founding it had provided more than $95 million in legal funding for family law cases, resulting in over $1 billion in relationship property settlements.

Andy O’Connor, co-founder and CEO of Just Fund, commented on the announcement saying, “It's been an incredible first week meeting with client-centric law firms looking to deliver solutions for their clients.” O’Connor also stated that JustFund is recruiting for its Auckland office to support this expansion, with the funder hiring for family lawyer and client experience positions.

More information about JustFund’s offering to New Zealand clients can be found on its website.

Commercial Legal Innovation

Toremis Speciality Launches Website and Legal Risk Services

By Harry Moran |

In January of this year, LFJ covered the launch of Legatus Holdings Limited, with the legal funding venture designed as a one-stop shop offering funding, legal services, insurance and claims acquisition under one umbrella organisation. Four months later, the insurance arm of this venture has launched its website and offered new insights into the legal risk services it will be offering.

In a post on Toremis Speciality’s website, CEO Nathan Hull introduced the new MGA business and provided an overview of its solutions and capabilities to the legal insurance market. Highlighting the company’s focus solely on legal related risks, Toremis will focus on delivering capabilities in after-the-Event (ATE), contingent risk, and tax liability insurance. Given Toremis’ ties to the other Legatus subsidiary companies (Asertis, KP Law, Cavis), Hull emphasised that the MGA also brings “strong, long-term capacity partners, that understand the space and are committed to its growth.”

Hull, whose involvement with Toremis was revealed at the time of the Legatus launch, brings a wealth of experience in legal insurance to his position as chief executive. Before taking on this new venture, Hull had spent the last five years as Head of Contingent and Litigation Risk Europe at VALE Insurance Partners.

Toremis’ website lists three executives in its senior leadership team, with Sam Tacey and Koosha Kowsari completing the trifecta alongside Hull. Tacey holds the position of Senior Partner, having joined the new venture from Acquinex where he served as Head of Contingent Risks and Claims. Kowsari is in post as the company’s Finance Director, building on a long career in finance and accounting, including his most recent role as Head of Insurance Finance at Marshmallow.