Third party litigation funding is on the rise both here and offshore—with the Jackson reforms cited for the increase in interest in its use in the UK.
Susan Dunn of Harbour Litigation Funding says that in the last 18 months, litigation funding—where an unconnected third party pays a claimant’s legal costs in return for a share of the proceeds if the case is successful—has been embraced by practitioners across the board.
Meanwhile, the use of third party litigation funding in offshore jurisdictions is also on the rise, according to Nigel Sanders, partner at law firm Ogier, with Jersey and Guernsey both holding that it is permissible, in appropriate circumstances. Its use—particularly of claims by liquidators—is also becoming more prevalent in the Cayman Islands and the British Virgin Islands.
