APRIL 2019 ADDLESHAW GODDARD IN CONVERSATION WITH RICHARD WISE, clients: thefirstdispute Ihadworked onasafinalseat we were alltrained onitandsawthereaction from didn’t fully appreciate quite howdifferent itwas until I was only ayear qualifiedwhenControl launchedand wasn’t formed untilthree years later. infancy –infact TheAssociation ofLitigationFunders injury cases andthird-party fundingwas initsrelative of years, they hadbeenlargely confined to personal disputes. WhilstCFAs hadbeenavailable for anumber a departure for apractice focussed oncommercial was regarded asvery innovative andcertainly as offer to clientsinthemanner wedidwithControl fee structures andinsurance solutionsto proactively Richard Wise(RW):Theideaofpackaging alternative How didthemarket reacttoitatthattime? Andrew Jones(AJ):You firstlaunchedControlin2008. returns andinform strategy. Richard Wiseto findoutmore abouthowlitigationfinanceishelping AGanditsclients toshare risk,manage packages specific to theneedsofitsclientsandtheir case. ManagingDirector, Andrew Jonesmetwith Partner, solution bringingtogether theexpertise, experience andflexibility of AG’s team to provide bespoke finance the benefitsit can offer to boththefirmanditsclients.Thisled tothelaunchin2008ofControl, anintegrated Addleshaw Goddard hasbeenatthecutting-edgeoflitigationfinance for over adecade, quick to recognise ‘no win,lowfee’ CFAs intandem withATE insurance. high-profile matters. Typically, thosehave been since 2008,includingsomeofour biggestandmost RW: Asafirmwehave acted onmore than165CFAs Control productwasinplace? arrangements duringthetenyearsthatoriginal AJ: Whatwerethemostpopularlitigationfinance impression it made andhowforward thinkingitwas. recognised ten years later, isagoodindicator ofthe and thefact thatin context Control isstill I thinkthegrowth ofthelitigationfinancemarket, point Ihadnaively assumed itwas relatively normal! one ofmy firstmatters asanNQ was funded,soatthat trainee in2007was agroup actioninvolving aCFA and IN CONVERSATION SERIES NO.XV

1 | IN CONVERSATION SERIES | NO.XV | APRIL 2019 market andtheintroduction ofDBAs. capital available in,thethird-party funding have beentheincreasing maturity of, and insurance premiums, thebiggestchanges recoverability ofsuccess fees andATE RW: Aswellastheabolitionof new initiative? how didthatinfluencethedesignof solutions develop overthatperiodand AJ: Howdidclientappetiteforfunding clients around DBAsraising interest levels. funded matters andalsoconversations with spurred by theever-increasing numberof in thelast18months.Thatmay have been we have seenarenewed appetite for them in thenumberofCFAs for afew years, but reforms there was certainly arelative dip as wellfinancially. After theJackson attractive to clientsfor tactical reasons the otherparty sothey were incredibly and ATE premiums couldberecovered from Reforms cominginto force –success fees In theperiodpre-2013 –before theJackson insurance indefending cases. of fundingarrangements andATE us to beableto useourunderstanding stage isagoodexample of clientsexpecting the ‘Arkin cap’ atthe security for costs Our recent workinsuccessfully challenging they are orwillbefacing involves it. and needto understand itbecause litigation cannot afford to ignore litigationfinance The sameclientsalsoknowthatthey just oneobvious example ofthisinaction. Competition follow-on damagesclaimsare open to exploring litigationfinanceoptions. a profit centre meansthey are increasingly teams being seento addvalue orworkas balance sheet,theimportance oflitigation as thechanceto limitcostsortake themoff to themfrom theirfinance teams. Aswell look for ways to managethechallenges put in third-party fundinginparticularasthey time –have shownanincreasing interest have beencomfortable with CFAs for along corporate clients–anumberofwhom Over thelastfew years many ofour

IN CONVERSATION SERIES NO.XV defendant litigationstrategy. all ofwhichimpactonclaimant and and alternative billingstructures, of finance, insurance arrangements funding andencompasses otherforms a muchbroader topic thanthird party deliberately inControl, because itis We usetheterm litigationfinance changing litigationfinanceenvironment. those conversations upto date withthe Refreshing itwas abouttryingto keep to what works for theirbusiness. conversations withclientsandlistening having commercial rather thanlegalistic RW: Control hasalways beenabout conversations anddrivework-flow? done tofacilitatebetterclient AJ: Whathasthenew Controlproduct and insurance brokers to backitup. we have therelationships withthefunders in theten-year update, aswellensuring We have worked hard to reflect allofthis

2 | IN CONVERSATION SERIES | NO.XV | APRIL 2019 institutional clientsthateffectively becomeself-funding have beenableto puttogether portfolios ofCFAs for of themore interesting solutionshave beenwhere we wracking experience ofourfirstDBA. However, some larger cases wehave worked on,ortheslightly nerve- RW: Thetemptation is to thinkaboutsomeofthe solutions todeliverthebestresultsforyourclients? AJ: Howhaveyoubeenabletoutilisefunding party funding aswell. –and particularly investor state –isakey area for third actions. Itprobably doesn’tneedsaying that arbitration including shareholder, data breach andproduct liability seeing Control drivingworkinlarge tort claims, abuse ofdominanceclaimsinthatarea, weare also but aswellfollow on damagesandstand-alone I mentionedcompetitionandantitrustcases earlier, side inlightofthedeveloping law. as wellhowitcan bechallengedonthedefendant to turnlitigationfrom acostinto a revenue generator, in themarket andhowitcan bedeployed asaclaimant really interested inunderstanding whatisavailable Our experience isthatexisting andnew clientsare RICHARD WISE CASE AND TEAM RUNNING IT. THE PROCESS AND TRUST IN THE WITH FUNDERS WHO UNDERSTAND TO HAVE STRONG RELATIONSHIPS OPTIONS, BUT IT IS VITALLY IMPORTANT PRICING WHEN LOOKING AT FUNDING THERE IS A TEMPTATION TO FOCUS ON IT RARELY RUNS ENTIRELY SMOOTHLY. IN LITIGATION OR ARBITRATION KNOWS, AS ANYONE WHO HAS BEEN INVOLVED market andofcourseto actasworkreferrers. well placedto promote thewiderlitigationfinance also have withmany corporates they are alsovery specific cases. Given thedirect relationships funders on market trends andopportunities,aswellon focus, like Vannin, can addreal value to our thinking the competition.Asaresult, thosewitharelationship business, andadesire to innovate to stay aheadof experiences from private practice, in-houseorin Funders generally have amixofpeoplewithdifferent the process and trustinthecase andteam runningit. strong relationships withfunderswhounderstand at fundingoptions,butitisvitally important to have There isatemptation to focus onpricingwhenlooking or arbitration knows,itrarely runsentirely smoothly. RW: Asanyone whohasbeeninvolved inlitigation more successful? finance, dotoassistinmakingControl even AJ: Whatcan we,asa globalprovideroflitigation of impecuniosity oreven monetary exchange controls. enabled claimsthatmighthave beenstifledbecause out oftheirownrecoveries orwhere fundinghas IN CONVERSATION SERIES NO.XV

3 | IN CONVERSATION SERIES | NO.XV | APRIL 2019 BIOGRAPHIES insurance, andregularly advisesclientsonrelated issues. including CFAs, DBAs,third party fundingandATE Richard haspractical experience oflitigationfinance, Indian arbitration practices inMumbaiandNew Delhi. India Business Group, havingbeensecondedto twoleading Singapore officeandisanactive memberofthefirm’s and ICSID. Richard alsospenttwoyears workinginour well asthosebrought before theLCIA, ICC, SIAC, LMAA advising clientsinrelation to adhocproceedings, as Richard’s international arbitration experience includes respect ofcomplex international coverage matters. Bermuda Form insurance disputes andofadvisingin a range ofsectors. Hehasparticularexperience of of majornationalandmultinationalpolicyholdersacross Richard’s insurance practice focuses ontherepresentation commercial arbitration. Group specialisingininsurance andinternational Richard isaPartner inAddleshaw Goddard’s Litigation [email protected] +44 (0)2071603255 Partner Richard Wise ADDLESHAW GODDARD LLP [email protected] +44 2070995181 Managing Director Andrew Jones Andrew isasolicitor oftheCourtsEnglandandWales. secondment to thelitigationgroup atBarclays Bankplc. at Freshfields BruckhausDeringerLLP, includinga 10 years practising intheDispute Resolution department at Linklaters inLondon. Prior to that,hespentmore than Managing Associate intheDispute Resolution practice Before joiningVannin inJuly 2017, Andrew was a involved asignificant international element. professional servicesfirms. Andrew’s workhasfrequently financial institutions,inaddition to anumberofleading He hasadvisedabroad range ofcorporate clientsand and internal/non-contentious), advisoryandtax disputes. corporate fraud, globalinvestigations (bothregulatory areas ofexpertise includegeneral commercial litigation, of theworld’sleadinginternational lawfirms,Andrew’s With over 12years ofprivate practice experience attwo that Vannin hascommitted to fund. will considerfor funding, aswellmonitoring disputes and providing a fullappraisal ofdisputes thatVannin disputes. BasedinLondon, hisrole focuses onidentifying across abroad range ofhigh-value commercial litigation how third-party fundingcan bepursued andutilised Andrew Jonesworks withlawfirmsandclaimantson VANNIN CAPITAL IN CONVERSATION SERIES NO.XV

4 | IN CONVERSATION SERIES | NO.XV | APRIL 2019 Share thisarticle [email protected] +61 283105583 Sydney [email protected] +1 2129510957 New York london@vannin.com +44 2071398400 London [email protected] +44 1624615111 JE1 1EE St Helier, Jersey 13-14 Esplanade Vannin Capital PCC Registered Office [email protected] +1 2023509206 Washington, D.C. paris@vannin.com +33 975129580 Paris [email protected] +613 83756845 Melbourne [email protected] +49 (228)94785008 Germany IN CONVERSATION SERIES NO.XV of conduct. to thehigheststandards inlinewithitscode and Wales (ALF),conductingourbusiness Association ofLitigationFundersEngland A market leader, weare amemberofthe the world. of serviceandexpertise to ourclients around knowledge to deliver thehigheststandard we combineglobalexperience withlocal Melbourne andBonn.More thanjust capital, Jersey, Paris, New York, Washington, Sydney, arbitration centres from ourofficesin London, cover thekey commercial litigationand Our globalteam oflegalandfinancial experts to ourclients’needs. creative capital solutionsthatare tailored and enforcement arrangements, weoffer From singlecase funding,to portfolio finance resolution ofhigh-value commercial disputes. law firmsandcorporations inthesuccessful global expert inlegalfinance, supporting Established in2010,Vannin Capital isthe About Vannin Capital Esplanade, St.Helier, Jersey, JE11EE. number 119327andhaving itsregistered officeat13-14 Vannin Capital PCC isregistered inJersey withregistration permission ofVannin Capital PCC. reproduced inany mannerwithoutthepriorwritten All rightsreserved. Nopartofthispublication may be in thispublication. disruption whichmay arisefrom information contained accept liability to any party for any loss, damageor Neither Vannin Capital PCC noritssubsidiarycompanies constitute legal,financialorotherprofessional advice. solely for general information purposesanddoesnot The information contained inthispublication isintended ©2019 Vannin Capital PCC. vannin.com

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