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Therium Capital Advisors Launched to Provide Litigation Finance Advisory Services

By John Freund |
October 6, 2025

Therium Capital Advisors Launched to Provide Litigation Finance Advisory Services

Therium Capital Advisors (TCA) announced today the launch of its independent advisory services business dedicated to helping claimants, law firms and corporates to source, structure and secure litigation finance. TCA offers end-to-end support including funding strategy, investor engagement, financial modelling, deal structuring, ongoing case management and secondary market advisory. Based in London, the firm is advising on deals in the UK, continental Europe and Australia.

Therium Capital Advisors is led by litigation funding pioneer Neil Purslow and co-founded by investment banker Harry Stockdale. Neil has over 16 years of experience in litigation finance, raising capital and investing worldwide across all forms of litigation finance from single cases funding through to portfolio, corporate and law firm funding arrangements. Harry was previously head of UK M&A at investment bank Haitong with twenty years of experience in investment banking, advising law firms and litigation funders on complex financial transactions.  

TCA is the first advisory firm to provide clients with advisory services that are backed by a deep understanding of litigation finance investing coupled with the financial and transactional expertise of investment banking. Therium Capital Advisors bridges the gap between claimants, law firms and corporates on the one side and existing and new sources of institutional capital on the other.  Through the combined expertise of its founders, TCA opens up the investor universe that is available to clients and drives quality in the investment propositions, efficiency in the funding process and competition in the funding market.

TCA exclusively advises claimants, law firms and corporates, ensuring that it remains conflict-free.  The firm advises across the full range of legal assets including single case and portfolio funding, law firm financing, financing options for corporates and existing portfolios of legal assets.   

Neil Purslow, co-founder and Managing Partner of Therium Capital Advisors said: “We are at a pivotal moment in the development of the legal finance industry, given the relative paucity of traditional funding capital available.  However, we are seeing a shift towards new categories of investors in legal assets who want exposure to this uncorrelated asset class. By leveraging our unrivalled experience across both litigation funding and investment banking, we are assisting our clients to navigate this landscape with confidence, speed and understanding, and we provide them with access to a broader set of funding options and to meet their funding needs efficiently and cost effectively.”

Harry Stockdale, co-founder and Partner of Therium Capital Advisors said: “We are bringing an investment banking mind set to the litigation funding world which has developed largely without the benefit of specialist advisors. This professionalisation of the funding process will make the sector more efficient and accessible to a wider audience of investors in addition to the traditional litigation funders. We are already seeing the benefit of this, for both clients and investors alike, and is part of the maturing of litigation finance as an asset class.”

Therium Capital Advisors provides the following services to claimants, law firms and corporates:

  • Deal Preparation: Preparing funding propositions to be investment-ready.
  • Capital Sourcing: Identifying and engaging with suitable funders and capital providers from across the spectrum of legal assets investors.
  • Financial Modelling and Analysis: Providing robust financial modelling and scenario analysis to evaluate deal structures and model returns.
  • Investor Materials and Outreach: Advising on the preparation of investor-facing materials and documentation, inserting rigour and discipline to ensure efficiency in the funding process.
  • Co-Funding: Advising on the identification and engagement of potential co-investors to optimise risk-sharing and capital raising.
  • Negotiating Funding Terms: Leading negotiations with investors to secure terms which balance commercial viability with the interests of the funded party.
  • Deal Structuring and Documentation: Advising on deal structures and overseeing the drafting and execution of all relevant documentation.
  • Post-Funding Case Management: Providing ongoing monitoring, reporting, and servicing support post-funding on behalf of the claimant, to manage risks and support positive case outcomes.
  • Secondary Market Advisory: Advising on secondary transactions of existing legal assets including sub-funding arrangements and exits.

More information can be found at: www.therium.com/theriumcapitaladvisors

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John Freund

John Freund

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Announcements Commercial

Gryphon Law Launches as Contingency-Fee Firm for International Disputes

By John Freund |

A new player is entering the international disputes arena—this time with a distinct twist on legal funding. Gryphon Law has officially launched as the first law firm globally to specialize in contingency-fee representation for cross-border disputes.

Gryphon Law aims to offer an alternative to third-party litigation funding by shouldering the cost of legal claims in return for a share of the outcome. Based in New York and with plans to expand into London and Miami, the firm targets clients who might otherwise turn to traditional funders, offering instead to partner with them directly through performance-based fee structures.

The firm was founded by John Templeman, a seasoned international disputes attorney qualified in New York, England & Wales, and Australia, who previously held roles at leading global law firms. Templeman has assembled a multilingual team capable of handling the full lifecycle of international litigation and arbitration in English, Spanish, and French—from initiation to enforcement. Co-founding the venture is Daura Dutour, an 18-year disputes veteran with experience in the U.S., France, and Haiti, supported by three additional associates.

Templeman stated: "I believe there's a real opportunity in the market to provide clients with an appealing alternative to third party funding, particularly in the sub-US$30 million value range below where many of the funders operate. I've been fortunate to assemble a world-class team of disputes lawyers who share this vision – we're looking forward to contributing to this rapidly evolving field.”

Gryphon Law’s business model suggests a more vertically integrated approach to litigation finance—embedding the funder role within the law firm itself. For clients, this could mean greater alignment of interests, fewer intermediaries, and possibly reduced costs when compared to traditional third-party funding arrangements.

Announcements Commercial

Announcing the First Italian Securitization of Personal Injury Claims

The following was contributed by Francesco Dialti, Partner of CBA Studio Legale.

Litigation funding is a mechanism that is gradually taking root in the Italian market. In turn, application of Italian securitization mechanism to litigation funding is a very recent phenomenon.

So far, there had been only a few securitization transactions to fund private antitrust enforcement. 

Last August, finally the first Italian law securitization exclusively dedicated to fund litigation of claims for personal injuries was successfully completed, which represents a milestone for the development of the litigation funding market in Italy.

The transaction – carried out by the special purpose vehicle Prontodanno.it SPV 1 S.r.l., with the assistance of CBA Studio Legale as legal advisor – involves a target portfolio of over 500 claims, with a prospective value of €70 million, for compensation, under contractual and/or non-contractual liability, for personal injuries suffered by individuals as a result of medical malpractice or road accidents or accidents at work.

In the context of the transaction, Prontodanno.it S.r.l. acts as asset manager and Centotrenta Servicing S.p.A. as servicer. This note aims to provide a brief overview of such transaction, focusing in particular on its main structural and operational aspects. From a structural point of view, the transaction qualifies as a true sale securitization.

In order to aggregate as many claims as possible, it is a multi-originator transaction, with the assignors being individuals resident in Italy who own a potential right to compensation for damages suffered as a result of medical malpractice, road accidents or workplace accidents.

The purchase of these claims by a special purpose vehicle (SPV), set up specifically for this purpose under Italian law 130/1999, is financed through the issuance of partly-paid asset-backed securities (ABS), subscribed by a number of professional investors, including family offices and holding companies of some well-known Italian entrepreneurial families.

In particular, by subscribing to the securities and paying to the SPV the relevant subscription price – partly at the time of issue of the ABS and partly during the so-called “investment period” (see below) – the noteholders provide the SPV with the necessary funds not only to purchase the claims, but also to pay the relevant litigation costs.

The transaction has a revolving nature: cash flows generated by the collection of the claims, for a defined term (the “investment period”), are used exclusively to purchase new claims and finance the litigation costs; i.e., in the first phase, there is no repayment of capital to investors.

In order to cover the purchase price of new claims and the litigation costs to be incurred during the transaction, the SPV shall mainly use (i) the initial payments made by the noteholders at the time of subscription of the ABS and (ii) the amounts collected from time to time by the SPV from the claims. If such proceeds are insufficient to purchase new claims and/or finance ongoing litigation, the SPV may request additional payments from the noteholders until expiry of the investment period. 

It is to be noted that, as expressly provided under Italian securitization law, the claims and all related collections constitute assets segregated from all other assets of the SPV, being available exclusively to satisfy the SPV's obligations to the noteholders and any other creditor of the SPV in relation to the relevant transaction.

The asset manager Prontodanno.it S.r.l. has been appointed to select and evaluate the claims, while Centotrenta Servicing S.p.A., acting as servicer supervised by the Bank of Italy in accordance with applicable Italian legislation, is responsible for verifying the compliance of the transaction with the law and the relevant prospectus, as well as for the management and recovery of the claims.

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Francesco Dialti is a Partner and heads the Banking & Finance and Capital Markets practices. He has gained considerable experience in advising Italian and international banks on banking law, asset finance and structured finance. He advises financial institutions, companies and investors on real estate finance, project finance, asset finance and structured finance.

He is recognised by Chambers & Partners; Legal 500 ranks him as Leading Partner in B&F Lender side, as Recommended Lawyer in B&F Borrower side and Shipping, as Key Lawyer in Energy; Best Lawyers ranks him as Recommended Lawyer in Banking and Finance. IFLR1000 recognised him as Highly Regarded in B&F and in Project Finance, Leaders League and Lexology Index placed him in the Banking & Finance category.

At the Client Choice Awards, he was honoured in the Banking category in 2015, 2016, 2017, 2019, 2020 and 2022.

Announcements Case Developments Commercial

Omni Bridgeway Backs Landmark UK Apple Pay Class Action

By John Freund |

A new UK class action against Apple is set to test the boundaries of competition law and collective redress, with global litigation funder Omni Bridgeway stepping in to finance the case. James Daley, a well-known consumer advocate and founder of Fairer Finance, is spearheading the action with the backing of Milberg London LLP, targeting Apple’s alleged abuse of market dominance through its Apple Pay platform.

According to the claim website, the proposed class action—believed to represent as many as 50 million UK consumers—centers on Apple’s practice of restricting iPhone users to Apple Pay as the sole mobile wallet option, and imposing fees on card issuers that are ultimately passed on to consumers. Legal proceedings are expected to be filed before the UK’s Competition Appeal Tribunal within weeks.

Daley has assembled a high-profile team, including King’s Counsel Thomas de la Mare and economists from Oxera Consulting, to support the claim. Milberg’s Zena Prodromou and James Oldnall lead the legal team, and this marks the third competition claim in as many years for the firm’s increasingly active antitrust litigation practice.

Omni Bridgeway's Investment Manager Simon Latham praised the effort, saying, “Class actions are vital as they often represent the only avenue for consumers to gain access to justice.”

If successful, the case could reshape how platform monopolies are challenged in the UK and open the door for more consumer-focused litigation funders to support broad-based claims. As collective actions continue to gain traction in UK courts, litigation funding will remain a crucial enabler in holding dominant tech firms accountable.