UK: Law firm funder aiming to fill legal aid gap raises £100m
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John Rossos
A law firm funder which in part aims to fill the gap left by swingeing cuts to legal aid has raised £100 million in finance.
SpectraLegal, a provider of finance and litigation risk management services established in 2014, is currently developing financing options for the UK legal services market.
Waterfall Asset Management LLC will provide SpectraLegal with £100m in finance for its European legal finance business, with the option to increase to £200m subject to conditions.
Waterfall, along with Bold Rock Management and Investments Limited (BRMI), a UK-based company, has also invested in the ownership of SpectraLegal’s management business.
John Rossos, chairman of SpectraLegal’s European management business, said: “Waterfall is an incredibly dynamic and innovative partner. We are very excited to work with them as we look to build the pre-eminent legal finance business in Europe and beyond.”
Steve Carter, managing director of SpectraLegal’s UK business, added: “This transaction provides SpectraLegal with even greater capacity to create a broader range of innovative financial products and services for our law firm clients.
“We offer law firms customised financial solutions that allow them to invest in their cases and obtain fair compensation for their legal claims. Our services facilitate access to justice.”
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