£50m fund takes litigation firm ‘to new level’

A specialist firm created last year by former DLA Piper lawyers has announced the provision of a new £50m litigation fund.

Provenio Litigation, based in Liverpool, has agreed the package with global litigation funder Therium to finance high-value business litigation and arbitration claims.

Managing partner Mark Goodwin, former head of litigation and regulatory at DLA Piper’s Liverpool office, said the arrangement takes the fledgling 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,’ said Goodwin. ‘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.’

Provenio was formed in April 2019 by a team of senior litigation lawyers to advise exclusively on high-value, national and international commercial disputes.

The firm says the anticipated economic crisis following the Covid-19 pandemic will result in corporates and investors making claims over failed investments, disputes over long-term contracts which are no longer financially viable, and claims against counterparties, financial institutions, insurers and others.

Goodwin said the firm’s independent and specialist profile meant it was free to advise clients on claims against large national and international institutions such as banks and FTSE 100 corporates, without the issues of conflicts which might arise at larger full-service law firms.

Therium has emerged as one of the biggest litigation funders in recent years, attracting a former lord chancellor and lord chief justice to its advisory committee and funding claims valued at $36bn since its foundation in 2009.