The membership represents “more than US$10bn in current commercial legal finance activity,” the association says
The “first-ever global association” dedicated to the commercial legal finance industry has been established.
Dubbed the International Legal Finance Association (ILFA), the association said it will serve as “the global voice of the commercial legal finance industry, representing its interests before governmental bodies, international organisations and professional associations.”
The ILFA was founded by six top commercial legal finance firms: Burford Capital, Harbour Litigation Funding, Longford Capital Management, Omni Bridgeway, Therium Capital Management and Woodsford Litigation Funding. Leslie Perrin has been appointed as the association’s first chairman.
Perrin currently chairs London legal finance firm Calunius Capital LLP, and was a former chairman of the Association of Litigation Funders of England and Wales. Previously, he was also the managing partner at global law firm Osborne Clarke.
“The commercial legal finance industry is one of the fastest-growing finance sectors in the world. The launch of this association is a testament to the commitment our industry is undertaking to provide critical capital to businesses in the most efficient, ethical and professional manner possible,” Perrin said.
He said that the industry is a “critical partner for businesses across the globe,” citing the remarkable growth of commercial legal finance in recent decades.
Since its inception, the ILFA has welcomed as members D E Shaw & Co, Fortress Investment Group, Law Finance Group, Nivalion AG, Parabellum Capital LLC, Innsworth Advisors Limited and Validity Finance LLC. The membership represents “more than US$10bn in current commercial legal finance activity,” the association said.
“Membership is open to any professional commercial legal finance firm that satisfies ILFA’s membership criteria,” the association said.
The ILFA will also be “a clearinghouse of relevant information, research and data about the uses and applications of commercial legal finance,” the association said. It will set down and promote general best practice principles for the industry, “ensuring that legal finance companies follow the highest standards and processes that clients have a right to expect.”
“Innovation and growth are not always met with universal praise. Unfortunately, some will always view innovation and growth as a threat to the status quo,” Perrin said. “ILFA looks forward to leading the efforts to educate businesses about our industry, advocate for our members and provide a much needed voice for clients who rely on us and the services we provide.”
The ILFA is incorporated in Washington, DC, with “a significant presence in London,” the association said.