RBC Holdings, the listed owner of law firm Rosenblatt, is braced for a £4m hit after its litigation finance business LionFish suffered damaging losses in two cases and the board concluded that any further appeals are no longer viable.
Tets Ishikawa of LionFish, Edward Bird of Solomonic, Nick West of Mishcon de Reya and Alex Oddy of Herbert Smith Freehills describe how big data is shaking up the litigation funding sector, and why law firms and funders with a dearth of data are at risk of falling prey to their competitors.
Tets Ishikawa of LionFish criticises the Voss report as “unsatisfyingly hollow and narrow”, pointing out that the reference to funders’ returns being up to 300% or even 3000% is heavily misguided, the report fails to define the claimant group it is seeking to protect, and that it fundamentally misses the real crux of the issue, which is that making losing defendants pay the cost of funding is a far more obvious way to address the issues identified in the report.
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