UK litigation funding pricing: percentage v multiples, hybrids, top-ups, deployed v committed, and post‑PACCAR DBA considerations

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Practice notes

Although each litigation funding agreement (LFA) and its related documents will differ according to the funder and the nuances of the matter being financed, there are key issues that must be addressed at the various stages of negotiation. This Practice Note is part of a series of concise Practice Notes by Tanya Lansky and Tets Ishikawa, Managing Directors of LionFish Group Ltd, intended to give those negotiating or evaluating LFAs and their accompanying documents a clearer understanding of the factors involved.

Pricing structures

In the formative period of litigation funding, funders’ returns were set as a percentage of the damages (percentage pricing). That mirrored how risk-taking US law firms run contingent matters and echoed early investors’ view of litigation investing as comparable to Series A venture capital, which often involves a percentage stake in a company. As the market expanded, funders introduced terms based on multiples of capital (multiples pricing). Some offered the greater of either multiples pricing or percentage pricing (greater of pricing), while others moved to multiples pricing only...

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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 22/05/2026

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