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Cardiff-based Capital Law has today launched a £50m fund – backed by a hedge fund – to help its clients pursue litigation, in a first for a law firm. Senior partner Chris Nott said the fund had already helped a small business sue a government department for £1m and another client bring a professional negligence claim against one of the big four accountants.

Hundreds of millions of pounds are to be poured into backing litigation after both Vannin Capital and Harbour Litigation Funding unveiled significant funding boosts, the highest profile of a series of developments in the third-party funding market.

The House of Lords yesterday inflicted two defeats on the government over part 2 of the Legal Aid, Sentencing and Punishment of Offenders Bill, but the main elements of the Jackson reforms remained intact. Third-party litigation funding and referral fees were also under the spotlight.

The introduction of self-regulation for third-party litigation funding may not be sustainable in the long term, a team of leading academics has warned. They also highlighted the risks that contingency fees pose.

A recently listed third-party litigation funder is expecting to invest £50m in cases over the next year, Legal Futures can reveal, as separately Buford Capital, the largest funder in the world, enters the UK market by buying leading after-the-event provider Firstassist Legal Expenses.