Published 13 Dec 2022
Group Litigation: Funding, Technology, and the Law. A Recipe for UK Law Firms in 2023
Group Actions
Group litigation was once the domain of the Americans. Following the UK's landmark Volkswagen Diesel Emissions case settling for £193m on behalf of 91,000 claimants, collective actions in the UK and across Europe are on the rise.
The UK’s third-party litigation funding (TPLF) industry has almost doubled the size of its assets over the past three years allowing for greater investment into UK class actions, according to data reported by Bloomberg.*
There is a clear public interest in these types of claims, with British consumers more willing to join class actions, finds a report conducted by Portland Communications.**
Traditionally, group litigation has been a big numbers game that many have been afraid to play. Only large firms with even larger pockets were able to acquire, manage and pursue claims at the viable client number thresholds. However, this is changing.
2023 presents huge opportunities for ambitious law firms. Including further group litigations across Diesel Emissions, Workers’ Rights, Product Liability, Data Breach, and many more.
While more investment is available, litigation Funders are becoming more conscious of the costs involved in building and managing a book of clients at these unprecedented levels.
In the last few years, with the progression of large group litigation we’ve seen an exponential adoption of Litigation Technology, particularly focused on the client journey. It has enabled lawyers to go after lower-value claims, and make them viable. Using these technologies is the only feasible way to manage and succeed with the numbers we see in modern GLO’s.
Understanding Litigation Funding, Litigation Law and Litigation Technology is proving to be the recipe for success in 2023.Together, making more legal actions fundable, providing greater access to justice for all.
References
* https://www.bloomberg.com/news/articles/2022-08-09/litigation-funders-are-betting-big-on-a-rise-in-uk-class-actions
**https://uk.topclassactions.com/lawsuit-settlements/class-action-news/british-consumers-more-willing-to-join-class-actions-report-finds/
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Published 13 Dec 2022
Group Litigation: Funding, Technology, and the Law. A Recipe for UK Law Firms in 2023
Group Actions
Group Actions
Group litigation was once the domain of the Americans. Following the UK's landmark Volkswagen Diesel Emissions case settling for £193m on behalf of 91,000 claimants, collective actions in the UK and across Europe are on the rise.
The UK’s third-party litigation funding (TPLF) industry has almost doubled the size of its assets over the past three years allowing for greater investment into UK class actions, according to data reported by Bloomberg.*
There is a clear public interest in these types of claims, with British consumers more willing to join class actions, finds a report conducted by Portland Communications.**
Traditionally, group litigation has been a big numbers game that many have been afraid to play. Only large firms with even larger pockets were able to acquire, manage and pursue claims at the viable client number thresholds. However, this is changing.
2023 presents huge opportunities for ambitious law firms. Including further group litigations across Diesel Emissions, Workers’ Rights, Product Liability, Data Breach, and many more.
While more investment is available, litigation Funders are becoming more conscious of the costs involved in building and managing a book of clients at these unprecedented levels.
In the last few years, with the progression of large group litigation we’ve seen an exponential adoption of Litigation Technology, particularly focused on the client journey. It has enabled lawyers to go after lower-value claims, and make them viable. Using these technologies is the only feasible way to manage and succeed with the numbers we see in modern GLO’s.
Understanding Litigation Funding, Litigation Law and Litigation Technology is proving to be the recipe for success in 2023.Together, making more legal actions fundable, providing greater access to justice for all.
References
* https://www.bloomberg.com/news/articles/2022-08-09/litigation-funders-are-betting-big-on-a-rise-in-uk-class-actions
**https://uk.topclassactions.com/lawsuit-settlements/class-action-news/british-consumers-more-willing-to-join-class-actions-report-finds/
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