Former DLA Piper partners reignite relationship with Therium in latest law firm portfolio deal
Liverpool-based boutique Provenio Litigation has launched a £50m portfolio fund supported by litigation funders Therium Capital Management.
The firm, which was founded by former DLA Piper partners Mark Goodwin and Catherine Radcliffe, will use the fund to support business-to-business litigation, whether they be claims arising out of the pandemic or free-standing disputes whose merits are worth supporting as an adjunct to existing corporate budgets.
Goodwin said the contingency fee arrangements would reduce corporate cash flow concerns and financial risk thereby providing “a compelling offering”, given the challenging economic climate.
Provenio was founded as Fortuna Law in November 2019, before rebranding in March 2020. It specialises in managing high-value national and international commercial disputes, including referrals from law firms otherwise conflicted from acting on litigation mandates.
Since launch, it has managed claims valued in excess of £750m; its clients include hedge fund, Zeus Capital.
Neil Purslow, chief investment officer of Therium, said the funder had worked with Goodwin and Radcliffe while they were at DLA Piper and was happy to continue that relationship.
The move comes hard on the heels of a flurry of similar deals with much larger firms and illustrates the opportunities available to niche practices.
Specialist transport lawyers Backhouse Jones – based in Lancashire and London – is another smaller firm to receive backing from Therium having teamed up with larger national firms including Addleshaw Goddard to bring a significant cartel-related claim in the ongoing trucks cartel litigation representing the Road Haulage Association.
Last month, AIM-listed litigation funder Litigation Capital Management (LCM) agreed a portfolio deal with Norton Rose Fulbright to support funding for up to 20 claims seated in jurisdictions ranging from London to Dubai having secured similar tie ups with Clyde & Co and another unnamed law firm.
LCM also recently agreed a deal with DLA Piper which will see it support the work of new litigation funder Aldersgate Finance, staffed by ex-DLA Piper lawyers, as well as working with DLA’s clients itself.
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