04 — Complementary capability
Claims & Litigation Finance
A litigious right becomes a financial asset only when probability of success, assignability and time to realisation can be assessed independently. Eligibility is a function of procedural stage — not of the holder's expectation.
01The problem
A credit right recognised in court only converts into cash when proceedings end — which can take years and tie up working capital. Blackhill structures the early realisation of that value, with the contractual protections procedural risk demands.
02Why it is complex
- 01
Procedural stage determines eligibility: a final judgment removes appellate risk, while first-instance decisions hold only where case law is settled.
- 02
Rescissory action preserves reversal risk for up to two years after final judgment.
- 03
Assignability must be confirmed by an independent legal opinion — Blackhill does not issue opinions of its own.
- 04
Concentration by legal thesis or by counterparty is a portfolio risk that is frequently underestimated.
- 05
The counterparty's quality and capacity to pay matter as much as the merits of the decision.
03Who can engage us
We act under mandate. Fit is assessed case by case, before any commitment.
Companies with recognised tax, labour or commercial claims
Law firms with success fees yet to be realised
Funds mandated in litigation finance
Creditors in long-maturing enforcement proceedings
04How we work
Advisor, structurer and intermediary. We do not acquire the asset we advise on.
- 01
Eligibility screening by procedural stage and documentary consistency.
- 02
Verification of chain of title, prior assignments and absence of encumbrances.
- 03
Coordination of the independent legal opinion on merits and assignability.
- 04
Structuring of the assignment instrument or vehicle, with release milestones tied to procedural events.
- 05
Design of contractual protections against payment diversion and reversal.
Conduct
Senior and direct conduct. Assessing probability of success and assignability requires an independent legal opinion, engaged according to the procedural stage of the right.
05Framework and references
- Typology
- Tax · Labour · Commercial · Success fees
- Highest eligibility
- Final, unappealable judgment
- Legal opinion
- Independent and mandatory
- Protections
- Consent · escrow · indemnity
This material does not constitute: (i) a public offering of securities; (ii) a legal opinion; (iii) an investment recommendation; (iv) a promise of returns; nor (v) a guarantee of any nature. Investment decisions rest exclusively with the investor, based on their own analysis and independent due diligence.
07How to start
Start a confidential conversation.
A first approach requires no documents, counterparty names or transaction data. The context in broad terms is enough for us to assess whether there is mandate fit.
- 01
Preliminary contact
You describe the context in general terms. We assess fit and come back with an initial reading.
- 02
Confidentiality
Where there is fit, an NDA is executed before any sensitive information is shared.
- 03
Analysis and mandate
With documentation available, we define the scope of work and the terms of the mandate.
Preliminary contact does not constitute a mandate, a binding proposal, a commitment to structure or any guarantee of execution. Accepting any engagement depends on prior analysis and a formal agreement between the parties.
Other practice lines