Trending Now
Commercial Fundraising

FinLegal Announces £2M in Funding from Northern Powerhouse Investment Fund II

By Harry Moran |

An article in Business Live covers the announcement from Sheffield-based FinLegal that it has raised £2 million in funding from the Northern Powerhouse Investment Fund II (NPIF II). The legal technology company offers a platform that can be used for the class actions or high volume small claims management, utilising automation and AI to increase efficiency and reduce costs. FinLegal plans to use the new investment to expand its operations and double its workforce.

The funding from NPIF II is a result of the fund’s mission to help small and medium sized businesses in the North of England scale up their operations, with the £660m fund providing loans that range between £25,000 and £2 million, or equity investments of up to £5 million. FinLegal specifically received funds that are managed in part by NPIF II and in part by Mercia Asset Management.

Steven Shinn, founder of FinLegal, provided the following comment on the announcement:

“The claims market is ripe for a platform like ours. Many claims are run on a no-win no-fee basis and increasingly there are fee caps, so operating costs are critical. Our solution reduces costs, automates but also improves client care and makes it possible to manage claims at a scale which might otherwise not be viable. It has already been adopted by the some of the leading claims firms and this investment will enable us to accelerate our international growth.”

Chris Borrett of Mercia Ventures said: 

“FinLegal represents a new breed of AI-enabled LegalTech companies. The business has rapidly cornered a niche within the mass volume litigation market and is driving substantial productivity gains for major global law firms. Steven and his team have acquired clients across the UK, Australia and in the USA and set their sights on becoming one of the leading litigation platforms globally.”

Commercial

View All
Commercial People Moves

Juris Capital Announces Expansion into Michigan

By Harry Moran |

In a post on LinkedIn and an article in Crain’s Grand Rapids Business, litigation funder Juris Capital announced its expansion into Michigan. Juris Capital, which was founded in 2009 and operates from Chicago, announced the move will be led by the firm’s newest managing director, Dane Lund. The expansion into Michigan will be based in East Grand Rapids with Mr Lund tasked with driving Juris Capital’s growth in West Michigan and the wider region.

In the announcement on LinkedIn, Juris Capital said: “We look forward to collaborating with Michigan lawyers and businesses to explore innovative financing options. With a continued nationwide focus, we are well-positioned to support Michigan-based firms and litigants.”

Lund joined Juris Capital in January of this year with a background in both finance and the legal sector, having began his career as an associate at Willkie Farr & Gallagher and having since served in investment roles at Intermediate Capital Group and Burford Capital. Commenting on Juris Capital’s expansion into Michigan, Lund said: “Grand Rapids represents a key growth area for us […] With its thriving legal community and diverse economy, we’re excited to offer solutions that help law firms and businesses achieve their goals, without compromising on resources.”

Commercial Deals

AxiaFunder Shares Insights into Platform’s Investment Volumes and Returns

By Harry Moran |

Outside of publicly traded litigation funders, it is uncommon for the wider public to gain insight into the wins and losses of these businesses. However, a prominent litigation funding platform has provided a rare snapshot into the performance of its own business, as well as the outcomes of cases funded through its platform.

An article in Alternative Credit Investor which discusses the current state of the legal funding market features insights into the investments and returns for litigation finance platform, AxiaFunder. In the article, AxiaFunder’s chief executive, Cormac Leech shares that the firm’s funded volumes in the first half of 2024 had risen by 150% year-on-year. This growth has now seen the AxiaFunder platform reach a total of 17 fully funded commercial lawsuits to date.

However, Leech also shared that despite the impressive year-on-year growth in funded volumes, AxiaFunder has now also seen its first loss. Of the 17 funded cases, nine of these lawsuits have been won, two have been lost and the remaining six cases are still ongoing. Leech also revealed that for investors who have engaged with these cases through the AxiaFunder platform, their returns have varied from -96% to 175% depending on which cases they invested in.

Community Spotlights

Community Spotlight: Viren Mascarenhas, Partner, Milbank

By John Freund |

Viren is a Partner in Milbank’s New York office where he leads the international arbitration practice in the US.  He specializes in international arbitration (construction, commercial, and investment arbitration) as well as enforcement of awards and judgments in U.S. courts. 

He has nearly two decades of experience acting as counsel for parties in a broad range of industries, with a particular focus on energy and mining disputes. His investment treaty experience includes representing investors in disputes against Argentina, Azerbaijan, Bosnia-Herzegovina, Bolivia, Ecuador, India, Italy, Mexico, Nigeria, Peru, the Philippines, the Russian Federation, Timor-Leste, Uruguay, and Venezuela.  He has advised litigation funders on whether to underwrite prospective matters and also obtained litigation funding for his clients.  He sits as arbitrator in commercial arbitrations and teaches international arbitration at Columbia Law School. 

Viren has been recognized for his accomplishments in international arbitration by Chambers Global, Chambers USA, Legal 500, Who’s Who Legal: Arbitration, The Best Lawyers in America:  International Arbitration, Euromoney (commercial arbitration), Latinvex (disputes in Latin America), Law360 (energy disputes), Lawdragon (500 Leading Global Litigators, 2021, 2023, 2024), The New York Law Journal, Crain’s Business New York,The LGBT Bar Association, the South Asian Bar Association, and the American Bar Association.  His client reviews in Chambers include, “Viren is talented, smart, and quick on his feet.  He is a lawyer you want in your corner”; “His attention to detail and commitment made him stand out – he was always thinking of next steps and briefing us often”; “Viren is bright, capable and a really strong advocate.”  Legal 500 identified Milbank as one of three firms to watch in the international arbitration space, noting, “Milbank continues to grow its profile in international arbitration since the late 2022 arrival of Viren Mascarenhas.  The team is particularly noted for its activity in the energy and infrastructure areas.”

Company Name and Description:  Milbank LLP is an international law firm headquartered in New York with offices in Washington, DC, Los Angeles, Beijing, London, Frankfurt, Munich, Tokyo, Hong Kong, Sao Paulo, Seoul, and Singapore.  Chambers USA ranks Milbank in Band 1 for a range of practices, including Bankruptcy/Restructuring, Capital Markets, Metals & Mining, Projects, and Transportation.

Company Website: www.milbank.com

Year Founded:  1866.  Company rebranded to Milbank in 2019.

Headquarters:  New York

Area of Focus: Milbank is a full services international law firm.  Viren is a member of the Litigation & Arbitration Practice Group.

Member Quote:  “Litigation funders want lawyers who can chart a course of action from filing a claim to collecting on the award/judgment, and then engage with the wide variety of players involved (client, opposing counsel, co-counsel, witnesses, experts, investigators, the adjudicators, and the funders themselves!) to make it happen.”

Read More