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Third Party Funding Explained

Third Party Funding is an arrangement between a specialist funding company and a client (typically the claimant in the litigation), whereby the funder will agree to finance some or all of the client’s legal fees in exchange for a share of the ‘case proceeds’ (usually the recovered damages).

TheJudge is a market leading expert in arranging litigation finance

We are experts in arranging non-recourse litigation and arbitration funding for corporates and investors involved in legal disputes.

Third party funders view legal claims as financial assets, in which they may invest in exchange for a return based upon the success of the funded litigation or arbitration. Litigation funding providers are able to offer a wide variety of financing options for parties seeking off-balance sheet solutions.

At its most straightforward, the third party funder will finance the legal fees and expenses involved in pursuing the claim on a non-recourse basis, in exchange for what is essentially an equity interest in the claim. If the case is successful, the litigation finance provider recovers its capital invested plus a success fee. If the case is unsuccessful, the funder loses its investment, receives no success fee and has no recourse against the funded party.

At TheJudge, we routinely arrange funding for legal costs, including:

  • Lawyers’ fees
  • Disbursements (including expert reports, Court Fees, etc)
  • Appeal costs
  • Enforcement

In addition to financing for legal costs, we also regularly put in place other forms of financing where the legal claim is used as collateral, including:

  • Working capital for the business during the life of the claim
  • Officeholder fees and expenses
  • Advanced damages
  • Claim/award purchasing
  • Portfolio financing

Whilst third party funding may often be the obvious starting point for lawyers and their clients considering alternative litigation finance, litigation insurance should not be overlooked as a complimentary or potentially alternative way to hedge litigation risk. When used creatively, litigation insurance can significantly improve the overall litigation finance deal cost and maximise the claimant’s net recovery from successful litigation. In fact, although less well-publicised than third party funding, insurance features in over 95% of the eventual litigation finance arrangements brokered by TheJudge.

What we do:

A global litigation finance and risk management broker

Established in 2000, TheJudge has the largest dedicated broking team in the commercial litigation funding market, with offices in London, Manchester, and New York, California and Toronto.

We arrange third-party funding, litigation risk sharing insurance and other finance and risk management solutions for clients involved in litigation or arbitration.

Our model is simple – we are a broker with access to a range a of specialist products, whether litigation finance or insurance products, which enables us to meet the financial and or risk management objectives of our clients. We work with other 20 different companies to ensure we can deliver the right solution.

We specialize in arranging:

  • Non-recourse financing for legal fees and expenses for litigation and arbitration claims;
  • Funding for individual cases or portfolios of cases;
  • Corporate financing using one or more legal claim as the security asset;
  • Insurance to cover the law firm’s risk in taking matters on a contingency fee;
  • Insurance to cover the client’s own litigation expenditure;
  • Adverse legal expenses insurance to insure adverse costs (fee shifting);
  • Security for costs
  • or damages bonds;
  • Insurance to cover the risk of award/judgment default;
  • Sale or monetization of awards or claims;
  • Award enforcement and enforcement financing;
  • M&A insurance, including insurance to contain legal liabilities;
  • Tailored law firm finance and insurance facility arrangements;
  • Introductions to leading law firms by specialist areas.

Why do clients engage TheJudge?

  • Quick overview and indication – Not all inquiries for litigation finance or insurance will progress to an application. We can provide a good overview of the client’s likely options within 24 hours based on a few brief details being provided.
  • No added cost – unlike other brokers, we do not charge upfront fees or finders’ fees that inflate the deal cost. We’re paid by the insurer or funder with whom we place the business, out of their income from the deal, if any.
  • We help lawyers discharge their duties – We help law firms ensure that their clients receive comprehensive advice on all options in a fully transparent manner.
  • Saving chargeable law firm time – our work minimizes lawyer time in advising on financing options, liaising with insurers and funders and managing the process from start to finish. Broking a large funding arrangement involves a significant number of hours, which must often be time written off by the law firm.
  • Get the right deal – We aim to deliver an arrangement which works for the client, that is why we operate in both the insurance and finance market. Having the flexibility, where appropriate, to combine these products, ensures we can better tailor the correct solution for the client. 
  • Speed – our process is designed to get from inquiry to executed financing deal in as short a timeframe as possible. We also have numerous templates, precedents and standard form agreements, all designed to save time and increase efficiency.
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