Many believe the introduction of the Legal Services Bill (LSB) will lead to unprecedented change in the landscape of the legal profession. While this is undoubtedly true, the reality is that change has already started and its effects are gaining momentum.
Of the recent legislative changes, few have had such a dramatic effect as the Access to Justice Act. The meteoric rise in the number of conditional fee agreement (CFA) based actions has challenged the adequacy of traditional partnership capital structures to meet with the increased cost of work in progress and disbursements, even within firms not specialising in personal injury work. Litigation funding can help but the potential to attract additional capital provided for within the LSB may offer a more permanent solution.
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