Law firm launches £50m ‘no win no fee’ litigation fund with global market leader

Mark Goodwin

Liverpool specialist litigation law firm, Provenio, has announced the launch of a £50m fund, in partnership with global litigation funder Therium, to finance high-value business litigation and arbitration claims.

Provenio Litigation was launched last year by a team of senior litigation lawyers from DLA Piper to advise exclusively on high-value, national and international commercial disputes.

With the anticipated global economic crisis following the COVID-19 pandemic, corporates and investors will have claims arising from failed investments, disputes in respect of long-term, high-value contracts which are no longer economically viable, and claims against counter parties, financial institutions, insurers and others, including professional advisers.

Lawyers widely anticipate an increase in such claims as the economic consequences of the pandemic emerge.

At a time when there will be huge pressure on clients to minimise the burden of carrying legal spend, this ‘no win no fee’ product enables Provenio’s clients to avoid the significant cost of litigation and arbitration proceedings while taking action to recover substantial sums and damages acting in the best interest of stakeholders.

Managing partner at Provenio, Mark Goodwin, was head of the litigation and the regulatory at DLA Piper’s Liverpool office before founding the new business last year. He said: “The portfolio litigation funding agreement with Therium takes our business to a new level.

“We can offer clients a fully contingent fee arrangement backed by funding that takes the cash flow burden and financial risk out of the case, but maintains a significant return for the client on a successful outcome.

“We believe this is a compelling offering to corporate clients and investors faced with the challenge of having to take legal proceedings to recover compensation and entitlements in high-value and complex claims.

“We are excited to provide such a valuable service to our clients, particularly at a time of need in a challenging economic climate post-COVID-19.”

He added: “Operating as an independent specialist commercial litigation law firm, we are free to advise clients in respect of substantial claims against large national and international institutions, including banks, central government and FTSE 100 corporates.

“Our structure and focus mean that we don’t have to turn away business because of conflicts, which is increasingly a problem at larger full-service law firms.”

Neil Purslow, co-founder and chief investment officer of Therium, said: “We have enjoyed a successful relationship with the Provenio team for many years and, since its launch last year, Provenio has distinguished itself in the competitive litigation market.

“We are excited to develop that relationship by making this investment to finance suitable claims under the stewardship of this excellent team.”