04 Jul 2019 | 01:55 pm | 1 min. read
International law firm Pinsent Masons has agreed an innovative £25m litigation funding facility with the UK’s largest litigation and disputes funder Augusta Ventures.
The unique arrangement offers clients the benefit of a dedicated facility at preferred rates, including a fast-tracked due diligence process and transparent commercial terms.
Under the fair and transparent terms of the agreement, Augusta will fund the entire cost of pursuing the claim, including all lawyer and expert fees and any other costs. The arrangement is "non-recourse" meaning the claimants pay nothing if the claim fails. Augusta only recovers its costs and fees from sums received from the Defendant or any other paying party.
Mark Roe, leading on Third Party Funding for Pinsent Masons, comments on the driver for the agreement: "We know that the costs of pursuing a justified claim often deter our clients from obtaining justice and recovering money due to them. Often, even if clients have funds available, they prefer to invest them in their business rather than in pursuing claims. We wanted to address that problem. I believe our arrangement with Augusta will provide Third Party Funding to our clients efficiently, quickly, on clear terms and at lower cost. We've been able to negotiate considerably better terms than our clients would typically receive from Funders if we or they made an individual approach to the market."
Augusta Managing Director, Louis Young, said: “We’re delighted to be working with top international firm Pinsent Masons on funding litigation and disputes for their clients. Augusta has built a market leading team and process for enabling access to justice, and we are looking forward to helping Pinsent Masons' clients secure the support they need to pursue meritorious claims”.
The litigation funding facility is the latest in a series of innovative offerings from the firm.
Alastair Morrison, Head of Client Relationships at Pinsent Masons says: "Our clients are operating in industries that are experiencing profound change. We're investing in services that help them to respond to these tectonic shifts, changing our business from an expertise-based law firm into an international professional services business with law at its core. This means that we don't just apply lawyers to solve clients' problems; we deploy a wider range of professional disciplines, enabled by process and technology, to collaborate with our clients and others in the legal ecosystem to help them achieve their goals. This arrangement with Augusta is another example of how we seek to respond to our clients' challenges."
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