Established last year by a team of senior litigation lawyers from DLA Piper in Liverpool, Provenio was launched to advise exclusively on high-value commercial disputes. Tony McDonough reports
Liverpool litigation specialist Provenio has set up a £50m ‘no-win, no-fee’ fund to finance high-value business litigation and arbitration claims.
Established last year by a team of senior litigation lawyers who worked together at DLA Piper in Liverpool, Provenio Litigation has set up the fund in partnership with leading global litigation funder Therium. Provenio was launched to advise exclusively on high-value, national and international commercial disputes.
With the anticipated global economic crisis following the COVID-19 pandemic, corporates and investors will have claims arising from failed investments, disputes in respect of long term, high value contracts which are no longer viable and claims against counter parties, financial institutions, insurers and other professionals.
At a time when there will be huge pressure on clients to minimise the burden of carrying legal spend, this product enables Provenio’s clients to avoid the significant cost of litigation and arbitration proceedings while taking action to recover substantial sums and damages acting in the best interest of stakeholders.
Managing Partner at Provenio, Mark Goodwin, was head of the litigation and the regulatory at DLA Piper’s Liverpool office before founding the new business last year. He said: “The portfolio litigation funding agreement with Therium takes our business to a new level.
“We can offer clients a fully contingent fee arrangement backed by funding that takes the cash flow burden and financial risk out of the case but maintains a significant return for the client on a successful outcome.
“We believe this is a compelling offering to corporate clients and investors faced with the challenge of having to take legal proceedings to recover compensation and entitlements in high value and complex claims.”