DLA litigators are set to target 110 UK-based banks in a campaign to drum up work in the light of the predicted economic downturn.
Predicting an increase of litigation around the recovery of unpaid debts, security enforcement and fraud, last Wednesday DLA's litigators finalised a selling plan that included contacting banks and issuing advice and warning signals. The marketing also targets the offices of foreign banks. Ioannnis Alexopoulos, head of DLA's London litigation department, said that the firm has focused on banks with relatively low levels of security on their loans, such as Barclays and the Royal Bank of Scotland, rather than banks such as Lloyds TSB, which have strong security. Alexopoulos said: "There's a very big chance that the downturn will happen in the first week of September. Some banks have lent a large amount of money that is very significant compared to the amount of money which goes into the bank. We hope that once litigation arises - because of faults on loan repayments, for instance - they will think of us because of this approach."