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Report highlights increasing demand for Commercial Litigation Funding

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Recently published figures from a litigation funder LCM has highlighted the increasing trend in the use of external litigation funding to support commercial legal actions both in the UK and in other international jurisdictions.

Australian-based LCM’s annual report (to 6/19) shows a 17% year on year increase in revenues revenue17% to A$35m (£19m), with a 23% increase in gross profit to A$20m. LCM’s shares, launched on London’s AIM at 52p last December had reached a high of 116p in April 2019.

The report also shined a light on the need for commercial litigation funders to be highly selective when providing funding for case, with LCM eventually backing just 3% of 419 applications over a 12 month period. As of June this year the company, founded in 1998, had 29 live ‘projects’, a mix of insolvency, arbitration, commercial and class actions, with an additional 64 ‘pre-qualified’ projects in the pipeline. Earlier this year, LCM also reached an agreement with City firm Clyde & Co to make available “significant funding” for disputes being run by regardless of geographic location or jurisdiction.In commenting on the annual report, LCM said:

During FY19 both the number and quality of applications received by LCM increased significantly. A total of 419 applications were received representing an increase of 235%, compared with 125 applications received in FY18…this application increase was largely due to our expansion into new jurisdictions [it has opened new offices in London and Singapore during the year], but also from LCM realising a higher profile consequent upon its listing on AIM…Statistically, LCM has operated largely in line with industry peers at approximately 4% of applications converting into an investment. During FY19, our disciplined focus and considered approach saw 3% of applications being converted into investments…it is worth noting that LCM is observing an increase in both the quality and size of its investment opportunities into the disputes space.”

 

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