L&F Acquisition Corp., the SPAC launched in late 2020 by renowned litigation funding alumni Adam Gerchen and the former chair of Kirkland & Ellis, Jeff Hammes to acquire a legal tech company, has announced an acquisition.
L&F Acquisition Corp., the SPAC launched in late 2020 by renowned litigation funding alumni Adam Gerchen and the former chair of Kirkland & Ellis, Jeff Hammes to acquire a legal tech company, has announced an acquisition.
Plans by Australia’s recently elected Labor government to reinstate a financial services licensing exemption for litigation funders could lead to an upswing in class action funding. Andrew Saker, chief executive of litigation funder Omni Bridgeway, one of the few funders to have an Australian Financial Services Licence, said the government’s proposed changes will create a more conducive environment for litigation funders to work in the class action environment.
A £193M settlement has been reached between Volkswagen and around 91,000 claimants in a U.K. group action over the carmaker’s emissions scandal. The claim, which should now result in each car owner receiving around £2,100, was backed by litigation funders Therium and North Wall Capital. Therium, the largest backers, funded claimants represented by Slater & Gordon, whilst North Wall financed PGMBM claimants. Leigh Day did not have any litigation funding, instead working on a conditional fee agreement.
John Quinn of Quinn Emanuel tells Christopher Bogart of Burford Capital that he doesn’t foresee U.S. law firms firms transforming into more conventional businesses any time soon, noting that while ownership and sharing of equity in law firms is is coming, like everything else in the legal profession, it’s going to take a long time.
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