Thousands of commercial litigation cases are being brought every year in the less-than-£2m arena, with an equally large number never making it to court due to a lack of available finance. And many of these are genuine, potential lawsuits that deserve to be heard but unfortunately the clients involved simply do not have the capital or appetite for risk to see them through.
BMS Funding, established in 2015, to support firms in the personal injury and clinical negligence sectors, has today launched a brand new funding solution to add to its growing suite of products aimed at supporting law firms across England and Wales.
“Commercial litigation funding has been the bastion of large, complex cases requiring tens of £millions in funding, but the majority of cases have a sub-£2 million funding requirement where litigants are expected to take the risk, pay their money and hope for a good outcome,” explained Paul Havenhand, Commercial Director of BMS Funding. “At BMS we have reviewed this sector, worked with insurers and now can offer a fully risk-managed, cost-controlled solution for these types of cases.”
“Our new model will provide funding to litigant’s lawyers for cases on a limited liability basis, giving certainty on costs to the litigant, income certainty for the lawyer, and the financial means to pursue a case to the end, creating a strategic benefit for both,” Paul elucidated. “Through this service, we will remove the uncertainty and risk to clients that is inherent in the commercial litigation sector.”