Survey shows extent of unpaid litigation settlements
The vast majority of private practice lawyers have clients awaiting full settlement of litigation awards.
A survey by litigation funders Burford Capital found that 86 per cent of lawyers have clients who have not been fully paid following successful outcomes of litigation in the last 5 years and 58 per cent of company executives also said this was the case.
The report shows that more than a third of corporates are owed more than US$10 million and almost three quarters say that the ease and likelihood of recovery is the most important factor in deciding whether to pursue litigation or arbitration.
Burford’s findings reveal that many respondents believe that litigation finance will grow this year with external funders being prepared to fund enforcement in exchange for a cut of the recovered damages.
“Given the significant challenge that so many clients face in transforming ‘legal paper’ into the full value of their opponents’ judgment debts, we predict that this emerging form of financing will soon become mainstream,” commented Burford’s CEO Christopher Bogart.
Ashurst launches LGBT Allies program
Staff of international law firm Ashurst can now be part of a new program to support LGBT colleagues. LGBT Allies is open to all in the firm, whatever their sexual orientation or gender, to recognize their acceptance and inclusion of LGBT colleagues at work and in the community.
The new program builds on the existing Spectrum network and includes those who wish to support colleagues by advocating for changes in law, attending events and challenging prejudice.
India to discuss access for foreign lawyers
The highly-anticipated changes to the legal profession in India which will allow foreign lawyers to enter the market is to take a step further this Tuesday (5th
Government minsters, including those from justice and law, will meet with stakeholders to discuss draft rules proposed by the Bar Council of India. These would allow foreign law firms to open offices in India and practice non-Indian law on payment of registration fees to the BCI.
Legally India reports that foreign lawyers would be able to appear in court for multinational clients headquartered outside India in international arbitrations in Indian courts. They would also be allowed to hire or go into partnership with Indian lawyers.