SPECTRALEGAL WAS CREATED BY THE PRINCIPALS OF CANADA’S LEADING PROVIDER OF LITIGATION FINANCE AND RISK MANAGEMENT SOLUTIONS
HOW WE STARTED
We launched SpectraLegal in 2015 to offer specialist finance to British law firms operating in a new legal landscape brought about by The Legal Aid, Sentencing and Punishment of Offenders (LASPO) Act of 2012 coupled with caution from traditional lenders.
LASPO mirrored the reforms enacted in Ontario in 2003, in which contingency fees (known as damages-based agreements in England and Wales) were introduced. With our Canadian roots, the adoption of the Ontario model means that we are uniquely positioned to understand the pressures and opportunities that UK law firms are now experiencing.
Canadian banks lacked an understanding of the litigation process and were unable to value services offered under conditional-fee and damages-based agreements, which limited firms’ access to capital.
In response, BridgePoint Financial Group was formed in 2005 to provide a specialised form of working capital finance for these Canadian law firms operating under such agreements.
14 years on, BridgePoint is Canada’s leading provider, having established funding relationships with over 750 law firms.
SpectraLegal extends BridgePoint’s experience and specialist expertise to the UK.
SpectraLegal is led by MD Steve Carter, former head of professional services (north) at accountants Baker Tilly, and business development and client relations director Matthew Gwynne, former UK head of credit structuring at Standard Chartered Bank. Our management team also draws on BridgePoint’s pioneering legacy, bringing years of experience and specialist knowledge to help UK law firms manage the profound changes affecting their legal practices.