Representing bars and law associations of 45 countries and over 1M attorneys, the Council of Bars and Law Societies of Europe (CCBE) has published insights into third party litigation funding best practices. CCBE’s report is in response to the European Parliament’s draft on responsible frameworks for nurturing the future of third party funding. As an added bonus, Litigation Finance Journal has collated 25 highlights to CCBE’s findings.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
Representing bars and law associations of 45 countries and over 1M attorneys, the Council of Bars and Law Societies of Europe (CCBE) has published insights into third party litigation funding best practices. CCBE’s report is in response to the European Parliament’s draft on responsible frameworks for nurturing the future of third party funding. As an added bonus, Litigation Finance Journal has collated 25 highlights to CCBE’s findings.
According to CCBE, funding agreements should be developed around client interest and avoid complications associated with conflicts of interest.
CCBE states that third party funders should be regulated under European law, but also stresses the importance of ancillary legal service providers falling under similar provisions of regulation. CCBE makes comments on the nature of nonprofit organizations and suggests clearer definitions associated with nonprofit client/attorney relationship protections.
CCBE warns of situations where conflicts of interests are generated between a complicated network of counterparties striving to drive returns against ethical provisions of the law.
Click here to read CCBE’s findings, along with our 25 highlights to the report.
