Litigation funding expands to lower value cases
Writing in The Law Society Gazette, Rachel Rothwell welcomes the expansion of litigation funding to lower value cases.
The extension of litigation funding to lower value cases, including the TRINITY product managed by Augusta Ventures, is a “welcome focus on the need that exists at the lower end of the market,” according to Rachel Rothwell, the editor of Litigation Funding magazine.
Augusta Ventures signed an exclusive partnership with myBarrister on 20 October that will increase access to the justice system of those who have lower value litigation, assists barristers to receive part-payment in advance for cases they take on and provides insurance to cover the costs of litigation should the claim not succeed. Find further information of the partnership between myBarrrister and Augusta Ventures.
Rachel Rothwell wrote that existing litigation funds are mostly interested in the big commercial cases, and that part of the litigation market seems to have plenty of options when it comes to finding funding. The introduction of funds, including TRINITY, aimed at the lower end of the market was a welcome development.
She wrote: “I have blogged before about the need for more funding in lower-value cases, and the number of strong legal claims that are not being pursued because the claimant simply can’t afford the litigation, even though their claim may be strong on merits. Now, some developments are finally starting to happen in this part of the market.
“Augusta has launched a new ‘Trinity’ product aimed at lower-value cases. The key to its product is that it combines funding with relatively low-priced after-the-event insurance, and uses technology to create streamlined processes for assessing cases.
This is hugely important, because small businesses could end up going under if they cannot afford to enforce their contractual rights in, say, a £40,000 claim.”
Rachel Rothwell is editor of Litigation Funding magazine