Jurisdiction(s):
United Kingdom

Co-funded litigation funding agreements: negotiating structure, pricing, documentation and communication; majority and representative roles; managing default risk

Published by a LexisNexis Restructuring & Insolvency expert

Practice notes

Although every litigation funding agreement (LFA) and the papers that sit alongside it differ by funder and the nuances of the dispute being financed, certain core points must still be tackled through the various stages of negotiation, in any event. This Practice Note forms part of a concise series by Tanya Lansky and Tets Ishikawa, Managing Directors at LionFish Group Ltd, intended to equip those involved in the negotiation and assessment of LFAs and related documents with clearer insight into the key considerations.

Co-funding

As the market has matured and inflation has pushed up funding budgets, it is now far more commonplace for funders to spread the investment exposure in any given case with one or more peers. Some funders agree to the full LFA and later novate or dispose of sub-participation interests over a portion of their exposure to other funders or investors. In that arrangement, the lead funder remains the sole funder for LFA purposes, with others often adopting a background role for the duration of the LFA. That said, co-funding, where two or more funders are named as parties to the LFA, is likewise becoming increasingly prevalent...

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Tets Ishikawa

LionFish Group Ltd

Tets started his career as a derivatives structurer and securitisation banker at ABN AMRO, Goldman Sachs and Morgan Stanley. He was subsequently a founding partner of Amias Berman, a fixed income agency brokerage, and has invested in, advised and ran a wide range of businesses across technology, aviation, commercial agriculture, sports and chemicals. He is currently a NED and Adviser to Brickflow, a real estate loan sourcing software company. Tets was first involved in litigation funding in 2011, raising capital for an impecunious client in a high value claim against a bank. He also advised an ATE insurer (latterly known as Acasta) on litigation funding, culminating in the founding of Sparkle Capital in 2014. Having helped found and establish the business, Tets was hired full-time in 2018 by Acasta to join its senior management team, with day to day...

Tanya Lansky

LionFish Group Ltd

Tanya has been working in the disputes financing and insurance industries for close to a decade. Having started her career at TheJudge Global, the then independent specialist broker of litigation insurance and funding, Tanya became immersed in this specialist market in its relative infancy. Beyond her role of negotiating and structuring insurance and financing agreements, Tanya also dedicated time to educating lawyers and counsel on the nuances of the industry. Following her time as specialist broker, Tanya joined boutique advisory firm Emissary Partners to leverage her relationships in the litigation funding market as well as her economic understanding of disputes as an asset. In 2022 she joined London-based litigation funder LionFish, and, given her extensive experience, became part of the firm’s management team in short order. ...

Web page updated on 21/05/2026

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