A Liverpool law firm has launched a £50m fund in partnership with leading global litigation funder Therium to finance high-value claims.
Provenio Litigation advises on high-value, national and international commercial disputes, and anticipates an increase in claims as the economic consequences of the Covid-19 pandemic continue to emerge.
The Exchange Flags-based firm was founded last year by a team of senior litigation lawyers from DLA Piper, while Therium has offices around the world - in London, New York, Jersey and across Europe.
Provenio said the fund will allow its 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 - at a time "when there will be huge pressure to minimise the burden of carrying legal spend".
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."
The company said with the anticipated economic crisis, corporates and investors will have claims arising from failed investments, disputes over high-value contracts no longer viable and claims against financial institutions and others.
Mr Goodwin added: "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.”
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.”
