Sydney’s Litigation Lending Services (LLS), which bankrolls legal claims in exchange for a cut of the winnings, says it makes 62 per cent return on an IRR basis and has a 93 per cent success rate for completed cases.
, the company has Credit Suisse on the case, touting its credentials to high-net-worth types and fund managers, trying to stir up interest in a $35 million fundraising.
The pitch said LLS had a hard-to-replicate network of lawyers, insolvency professionals and industry experts supplying it a consistent pipeline of opportunities.Revenue, earnings slump It has funded several high-visibility legal cases like the NT Stolen Generations class action, NT and WA Stolen Wages class actions and the BSA Limited subcontracting class action.It’s headed by Stephen Conrad, who was previously the chief financial officer of once-listed Litigation Capital Management.
According to accounts filed the corporate regulator, LLS posted $4.3 million after-tax profit for the 2021 financial year, significantly slimmer than the $5.5 million profit the year before. Similarly, EBITDA was down from $12.9 million to -$4.7 million, while revenue fell from $18.6 million to $1.4 million.
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