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EY announces completion of Pangea3 Legal Managed Services acquisition

LONDON, June 3, 2019 /PRNewswire/ — EY today announces the closing of the acquisition of the Pangea3 Legal Managed Services (LMS) business from Thomson Reuters. Together with the recent acquisition of Riverview Law, this means that EY is the first organization with service offerings including legal function consulting, industry-leading LMS and legal technology in addition to legal advisory services where permitted, in more than 80 jurisdictions.

The acquisition significantly grows the existing EY Law service offerings. With Pangea3, more than 1,100 legal project managers, services professionals and technologists join EY, bringing the total number of EY Law professionals across the globe to 3,500. The acquisition will enhance EY technology-enabled LMS in the three core areas of contract life cycle management, regulatory risk and compliance, and investigations.

Kate Barton, EY Global Vice Chair – Tax, says:

“Companies are looking to transform their legal departments. Cutting-edge technology, processes and the right people that can integrate legal functions into the business more holistically are key to this transformation. This acquisition deepens the EY bench of skilled resources to help companies modernize their law departments and arrive at the optimal operating model.”

The acquisition supports the growth of the EY LMS offerings by expanding resources and capabilities, offering legal process automation and a services model across the globe. These capabilities will also introduce measurable efficiencies and help clients transform their legal departments and deliver meaningful value to their businesses.

Jeff Banta, EY Global Law Co-Leader, says:

“In addition to reducing costs and driving efficiencies, legal departments recognize that the future lies in aligning closely with broader business transformation. Through the acquisition of Pangea3, EY Law services are well positioned to leverage broad professional services experience to create a consistent, market-leading offering across the globe that will shape the legal functions of the future.”

Renowned for its high-quality solutions and a consistent industry award winner, Pangea3 was the original pioneer in the alternative legal services space. Pangea3 has grown significantly within Thomson Reuters and has 15 years of experience, operating out of eight centers worldwide. It boasts deep technology experience, multi-lingual capabilities and a “follow-the-sun” model, which supports legal workflow and quality control.

Eric Laughlin, Managing Director, Legal Managed Services, Ernst & Young LLP, says:

“The EY Legal Operations service offerings now stand at the cutting-edge of enterprise legal managed service delivery, providing deep domain knowledge, process rigor and scale to guide and implement business transformation. The combination of legal function consulting and now, with Pangea3, legal managed services, will allow EY to create even more custom services to help clients tackle their most pressing challenges.”

Learn more about EY Legal Operations.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation is available via ey.com/privacy. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About EY Law services

To facilitate that EY advice is tailored to the clients’ business needs, EY Law services focus on a number of sectors: Automotive; Banking & Capital Markets; Government & Public Sector; Life Sciences; Mining & Metals; Oil & Gas; Power & Utilities; Private Equity; Real Estate; Hospitality & Construction; Technology; and Telecommunications.

EY lawyers work alongside professionals from other parts of EY businesses, including Assurance, Tax, Transactions and Advisory. Serving clients across borders, the EY sector-focused, multidisciplinary approach means EY professionals offer highly integrated and pertinent advice you can trust. EY lawyers do not provide US legal services.

Virginia Milazzo
EY Global Media Relations
+1 718 473 7376
virginia.milazzo@ey.com

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Announcements Consumer

Golden Pear Upsizes Corporate Note to $78.7M Amid Growth Plans

By John Freund |

Golden Pear Funding has extended and upsized its investment-grade corporate note to $78.7 million, further bolstering the firm's capacity to serve the expanding litigation finance sector. The New York-based funder, a national leader in both pre-settlement and medical receivables financing, said the proceeds will support working capital and fuel strategic growth initiatives.

A press release from Golden Pear outlines how the capital raise reflects continued investor confidence in the firm’s business model. CEO Gary Amos noted that the infusion is critical as Golden Pear seeks to scale alongside the “rapidly expanding litigation finance market.” CFO Daniel Amsellem added that the new funding aligns with the company’s capital allocation strategy, aimed at optimizing operational efficiency and executing strategic projects.

Brean Capital, LLC acted as the exclusive financial advisor and sole placement agent on the transaction.

Founded in 2008, Golden Pear has funded more than $1.1 billion to over 87,000 clients and remains one of the largest specialty finance companies in the U.S. Its business model spans legal case funding and medical receivables purchasing, with backing from a network of private equity partners that provide institutional support for continued expansion.

Announcements Regulatory Issues

LionFish Updates Model Documents in Response to CJC Report

By John Freund |

LionFish Litigation Finance Ltd has released a new suite of model litigation funding documents, updating its original set from February 2021. The revision comes on the heels of the Civil Justice Council's (CJC) Final Report on Litigation Funding, issued on 2 June 2025, which calls for a regulatory structure informed by best practices, including key principles published by the European Law Institute (ELI) in October 2024.

A LionFish press release details that the updated suite incorporates several of the ELI Principles (notably 4-12) and broader CJC recommendations, except where doing so would require legislative or procedural reform. LionFish's goal, according to Managing Director Tets Ishikawa, is not to dictate market norms but to foster industry-wide standardisation and efficiency. This proactive move is also intended to spark further collaboration between funders, insurers, and legal practitioners to develop trade practices akin to those in mature financial markets, such as those promoted by the Loan Market Association and the International Swaps and Derivatives Association.

The new suite includes three core documents: a litigation funding agreement, a priorities deed to define proceeds distribution, and an assignment deed for insurance benefits. Notably, LionFish has also added documentation for co-investment arrangements, reflecting a growing trend in syndicated funding deals. The funder has already closed seven such transactions.

Managing Director Tanya Lansky emphasised that while litigation funding remains complex, making documentation public enhances transparency and facilitates quicker deal closings—an essential factor for sustaining market growth.

As litigation finance continues to mature, this move by LionFish highlights a shift toward professionalisation and standardisation. With regulators increasingly focused on transparency and fairness, such initiatives may set a de facto benchmark for others in the industry. The question remains: will other funders follow suit, or will regulatory mandates be needed to compel alignment?

Announcements Commercial Legal Innovation

Backlit Capital Solutions Launches Legal Finance Consultancy

By John Freund |

Backlit Capital Solutions has announced the launch of its full-service legal finance consultancy. The firm aims to provide comprehensive funding solutions for legal claims, offering services that include litigation finance, arbitration funding, and judgment enforcement strategies.

An article in PR Newswire states that Backlit Capital Solutions is positioning itself as a comprehensive provider in the legal finance sector, aiming to serve a diverse clientele that includes claimants, law firms, lenders, and investors. The firm's service offerings encompass litigation finance, arbitration funding, and judgment enforcement strategies, indicating a broad approach to legal funding solutions.

The launch of Backlit Capital Solutions reflects a growing trend in the legal finance industry, where firms are expanding their services to address the multifaceted needs of legal claimants and their representatives. By offering a suite of services under one roof, Backlit Capital Solutions aims to streamline the funding process and provide tailored solutions to its clients.

As the legal finance landscape continues to evolve, the entry of firms like Backlit Capital Solutions underscores the increasing demand for specialized financial services in the legal sector. Their comprehensive approach may set a new standard for how legal finance consultancies operate, potentially influencing the strategies of existing and emerging players in the market.