If a business is to capitalise on the potential asset they hold in the shape of a good legal claim, at a time when boards are increasingly focused on managing legal spend, it is vital that a general counsel can identify the most cost-effective way to engage their external lawyers and protect the business against heavy costs in the event of a loss.
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As third-party funding becomes increasingly mainstream, this article highlights the importance of considering both funding and insurance when looking for a cost-effective way to manage legal spend
There has been a lot of hype about the increased use of third-party funding by companies keen to manage the rising cost of arbitration. Funders are attracted to the arbitration arena by the high-value claims, perceived finality of awards and the enforcement regime provided by the New York Convention. In return, the arbitration community has shown its support by adopting it as a common cost tool encouraged, perhaps, by jurisdictions such as Singapore and Hong Kong lifting their prohibition of its use in arbitrations.
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