[L to R: James Clanchy, Ed Brittain, Irvinder Bakshi, Nicholas Bacon QC and Nick Rowles-Davies]
On 28 March 2017 the London Branch held a seminar entitled ‘Third Part Funding – Risks and Benefits’.
The seminar, which was generously hosted by JLT Specialty, was chaired by Irvinder Bakshi (London Branch Chairman). An expert panel comprising Ed Brittain (Head of Restructuring and Recovery Risks, JLT), Nick Rowles-Davies (Author, Third Party Litigation Funding), Nicholas Bacon QC (4 New Square) and James Clanchy (LexisNexis) considered issues raised by and the pros and cons of third party funding.
Nick Rowles-Davies provided a broad overview of third party funding, identifying the challenges posed by champerty and maintenance issues and the different forms of funding available. Addressing recent developments in a number of different jurisdictions and the evolution from funding to finance, Nick emphasised that third party funding is here to stay.
Addressing the important cases of Essar v Norscott and Excalibur Ventures LLC v. Texas Keystone Imp., Nicholas Bacon QC highlighted the approach of the English courts to an award of third party funding costs in arbitral proceedings, in addition to providing an insight into the position in respect of third party costs in collective proceedings under the Consumer Rights Act 2015, with particular reference to the Mastercard case.
Against the historical background of the role of P&I and FD&D clubs in shipping and commodities claims, James Clanchy focused on the ethics of third party funding, highlighting a number of issues explored by the ICCA-QMUL Taskforce on Third Party Funding including potential difficulties raised by conflicts, privilege, the allocation of costs, security for costs and control. 
Ed Brittain concluded the seminar by providing an overview of JLT’s role and the importance of understanding the client’s needs and what funds require when considering funding.
The speakers’ presentations were followed by a lively question and answer session, after which Irvinder Bakshi thanked the speakers and host. The evening concluded with a reception for the speakers and attendees, generously hosted by JLT.
Author: Amanda Lee, PRO, CIArb London Branch
 James Clanchy’s views are his personal views, not those of LexisNexis or the ICCA-QMUL Taskforce on Third Party Funding.