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The Civil Justice Council’s (CJC) working group on litigation funding has ended its review of the Jackson reforms with the publication of a voluntary code of conduct for third-party funders.
Chaired by Irwin Mitchell senior partner Michael Napier, the group was set up in 2011 to examine practical ways of implementing the Jackson reforms, which will overhaul how litigation can be funded (19 August 2011).
Napier was supported by a committee of 17 lawyers from a range of backgrounds, including Tesco senior counsel Kay Majid and QBE underwriting manager Rocco Pirozzolo.
Among Jackson LJ’s proposals were plans to reform the conditional fee agreement (CFA) market to scrap recoverable success fees and bring about the introduction of a contingency fee market (18 January 2010).
Along with the publication of the code of conduct, the group has formed the Association of Litigation Funders, whose members will agree to abide to the code.
Delivering a lecture at the Royal Courts of Justice yesterday, Jackson LJ said that he expected solicitors to advise their clients to only enter agreements with litigation funders who have signed up to the code.
“There’s likely to be a greater role for litigation funders, if CFA success fees cease to be recoverable,” he added.
Commenting on the new code, Lord Neuberger said: ‘I welcome the publication of the code of conduct for litigation funders.
“It’s an important development and will help to foster standards of best practice and to promote greater transparency among the providers of litigation funding services to the benefit of the consumers of these services.”