Tets Ishikawa looked at the evolution of the institutional third party litigation funding market to date and where the market may evolve to in the next 10 years. Within that time line, Tets analysed some of the components that define the priorities of a litigation funding company, the influx of institutional investor capital into the market looking for yield, diversification and uncorrelated assets, and the single most common criticism funders face in the market today.
“The time and resources that each funding application takes, compounded by the lack of feedback and not talking to the decision maker is the single most common criticism of litigation funders.” – Tets Ishikawa, Director of Acasta Europe Limited.
Tets helped to form Sparkle Capital in 2014, on the principles of pricing transparency, a simple application process and swift feedback.
Professor Dominic Regan, who was the key note speaker at The Modern Litigation Trends conference last year, truly gave an informative and reliable talk on what is currently changing within the industry. Dominic set the landscape of the market for the next two years whilst also covering topics and dangers of the current market.
Dominic covered the more modern decisions like PGF (2014) and THAKKAR (2017) and the pressure upon parties to address ADR or else suffer the enormous costs consequences and the drastic reform on June 15th where we should see the biggest change in living memory to disclosure. Whilst providing an in-depth view of what we should be looking for and the potential dangers of the market, he stressed that we need to ensure that we are continuously following the reforms.
“There is a duty today for litigators to be constructive and cooperative. Conduct is a massive theme out there today. I am seeing basic errors and lapses in knowledge, people need to keep up-to-date.” – Professor Dominic Regan, Key Note Speaker.
Litigation is always on the move, under reform, whereas a quarter of the court will have retired in 6 months which in itself will bring a lot of changes. This brings a real need for conferences such as The Modern Litigation Trends conference.
Seamus Kelly began his guide on how, as a fee earner, tactical costs should be on your mind right from the beginning instructing that conduct is the first thing to get right, through to your budgets and ending with your cash flow. Seamus shared that fee earners should be mindful of costs from the onset, that the file should reflect this mindset whilst making a conscious and positive effort to migrate costs and communicating these efforts to the other side. Seamus was clear and echoed the other speakers of The Modern Litigation Trends Conference that communication and ongoing continuous professional development is key to running a successful case.
“After a Cost Case Management Conference, review your outcome, note the approved phases accounts, keep your insurer up-to-date, keep your client up-to-date, and monitor your costs!” – Seamus Kelly , Advocate and Newcastle Team Leader PIC
Acasta partnered with PIC (Partners in Costs) to run these events throughout the country. PIC are a professional solicitors’ costs lawyers & costs consultants specialising in Civil Litigation claims. PIC run numerous conferences throughout the year and are expert speakers.
His Honour Judge Bird spoke about some of the most important pilots that are soon to be rolled out within the next year or so. These included changes to the way that disclosure is to be dealt with in the Business and Property Courts, a capped costs scheme in Manchester, Leeds and Liverpool and the trialling of video hearings. He also spoke of the importance of the role of legal advisers in the future.
“The changes ahead are designed to improve access to justice.” – His Honour Judge Nigel Bird – Designated Civil Judge