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Mishcon de Reya is moving into the litigation funding market in a bid to cut costs for clients and ultimately boost its client list.
The firm has agreed a delegated authority deal with litigation funding broker The Judge, enabling it to offer a range of funding packages to clients designed to reduce the cost implications of bringing a case. The package will be branded Mishcon Protect.
Litigation partner Rowena Herdman Smith said the move would give an alternative means for access to justice while reducing costs.
The aim is to cut the amount of time it takes to arrange a deal, which can be up to three months using traditional routes.
“It takes some time to set up a funding and insurance package and that adds costs. A delegated authority product aims to reduce both the time and costs of such protection by making it available on smaller cases,” Herdman Smith explained.
Under the terms of the deal Mishcon will be able to arrange after-the-event insurance for different types of litigation with a variety of underwriters.
Mishcon Protect is the widest package launched by a law firm and will target traditional commercial litigation as well as IP, trusts and probate, employment and banking work. The package also covers harassment and bullying actions, for which insurance is notoriously difficult to obtain.
Alternative funding is becoming a popular means of getting litigation to court. Earlier this month Pinsent Masons also signed a deal with The Judge (The Lawyer, 14 September).