Exciting news for those in the legal world! A groundbreaking new model of litigation finance has been launched right here in Wales with a hefty £50 million backing. Meet New North Litigation Capital Ltd, a trailblazing venture from Cardiff’s very own Capital Law. What’s unique? Instead of financiers, it’s the legal experts themselves making the calls on which cases to back.
With support from London-based Pollen Street Capital, New North is ready to revolutionise the litigation landscape, focusing on cases ranging from £1m to £30m—think of it as levelling the playing field for the “Davids” facing down corporate “Goliaths.” Whether it’s businesses or individuals gearing up for a class action, this model brings legal expertise directly to the fore.
Leading this ambitious initiative is Capital Law’s senior partner, Chris Nott, alongside partners Andrew Brown and Guto Llewelyn, boasting a combined 80 years of legal prowess. The venture aims to potentially support around 100 cases over the next five years, ensuring those with strong claims but smaller budgets are no longer sidelined.
In a market often dominated by large financial institutions, New North’s legal-first approach is a game changer. The majority of funded cases are expected to settle, as lengthy trials are usually unwelcome by all parties involved. But with this new fund, clients can pursue justice without bearing the financial brunt alone.
Reflecting on their journey, Nott highlights the transformative power of this model, providing smaller cases with the financial ‘slingshot’ needed to take on bigger adversaries. The firm plans to operate on a profit-sharing basis with Pollen Street Capital, tailoring funding costs based on the unique circumstances of each case.
With Martyn Ryan onboard as chairman, bringing his wealth of asset management experience, New North is poised to fill a vital gap in the litigation funding space, making justice more accessible and equitable for all. Isn’t it time we gave the underdog a fighting chance? 🚀💼#LitigationRevolution #AccessToJustice #LegalInnovation