The third party litigation funding industry is still very much in its infancy. Its development in the UK will be significantly influenced by the measures likely to flow from Lord Justice Jackson’s Review of Civil Justice Costs and by the changes to the legal profession introduced by the Legal Services Act.
In November 2010 Fox Williams in conjunction with legal research company, Jures, has commissioned a study, entitled “The New, New Thing”, of the market in third-party litigation funding. The study is the culmination of interviews with leading players in the third party funding market, including insurers, third party funders, leading litigators, academics and commentators.
Following the launch of the report the firm hosted a roundtable discussion which has been edited into 6 short films covering the hot topics of the debate which can be seen below.
TPF 1: What do we mean by Third Party Funding?
The third party funding panel looks at what Third Party Funding is in practice along with the text book definition.
TPF 2: Does Third Party Funding promote access to justice?
The third party funding panel considers whether third party funding is promoting access to justice.
TPF 3: Impact of the Jackson review on the Third Party Funding market
The third party funding panel looks at the impact of the recommendations made in the Jackson review on the Third Party Funding market.
TPF 4: Should the Third Party Funding industry be regulated?
The third party funding panel questions following the Jackson report whether the Third Party Funding industry should be regulated in particular, capital adequacy the funders, circumstances when funders can withdraw from claims and the issues of adverse cost.
TPF 5: Competing interests in Third Party Funding arrangements
The third party funding panel look at when in a Third Party funding there becomes competing interests between the client, the lawyer and the funder for example when a case should be settled or who should be making the key decisions.
TPF 6: Lessons to be learned from other jurisdictions
The third party funding panel look at how Australia and the US are using third party funding.