Individuals as well as companies are flocking to third party litigation, and a high proportion of these are suing their solicitors.
Breach of contract and professional negligence claims make up nearly three-quarters of litigation funder Augusta Ventures’ sub-£1m case load. Since launching last year, Augusta has funded 56 cases to the tune of £12.8m, with an overall win rate of 93%. Ten of the 18 of these that were for professional negligence were brought against solicitors. Just over half of the claimants funded by Augusta are individuals.
Augusta engagement director, Jeunesse Edwards, says: “Litigation funding puts legitimate pressure on the defendant—it says that the funded party will not be bullied simply because of the costs being racked up and, more importantly, that an independent third party with a lot of money to lose thinks that it is a strong case. It is no surprise, therefore, that claims are settling quicker as a result.”
