Maurice Blackburn's CEO on 'essential' litigation funders and changes in class actions
Jacob Varghese, who runs the nation's largest consumer-facing law firm, says litigation funding is just another asset class and a necessary mechanism to help ordinary Australians obtain legal support.
With more than 1,000 employees across Australia and 26 current class action cases, Maurice Blackburn is, as it's chief executive officer describes, "the leading practice by some margin," when it comes to group claims.
While class actions are just one part of this business-to-consumer firm's operations, and make up around 1% of Federal Court action, once commenced, these cases can last for years and amassed almost $1 billion in settlements in the 2023 financial year.
Speaking to Capital Brief, Maurice Blackburn CEO Jacob Varghese says his firm's purpose is to provide legal services to ordinary Australians.
That requires a pursuit of cost-efficiency that is seeing the firm invest in legal tech and experiment with AI, Varghese says.
