Last week, it was determined that Bill 161 would be signed into law. This bill includes several amendments to the Class Proceedings Act of 2002, which details specific guidelines for class action lawsuits.

The financial stressors caused by the global pandemic have touched nearly every industry. Legal firms are finding it difficult to cope with remote working conditions, court stoppages, and declines in billable hours—all while trying to address a huge influx in proposed litigation. One expert is confident that Litigation Funding is the ideal way to address shortfalls and keep budgets in balance.

The legal field has not escaped the financial uncertainty plaguing the rest of the world. Even before COVID-19 changed nearly everything, firms were already lamenting the ‘death of the billable hour.’ Some might say that billable hours, while low risk to firms, are not a good model for clients—especially those of average or modest means.

Some continue to debate the need for Litigation Finance. Yet every day we see more examples of the practice working as it should, increasing access to justice for those who might not otherwise have it. One such case involves Nanoco, a business associated with Manchester University. The small business recently filed a patent infringement case against tech giant Samsung.

Across the board, Litigation Finance has become a powerhouse industry—one that has shown remarkable growth since its inception just over a decade ago. Since 2017, the industry has seen at least a 10% annualized increase in requests for funding. This year, a 30% increase accompanies a greater acceptance of the practice in the legal world.