A Birmingham-based legal sector professional services firm is doubling its headcount after gaining funding from Yorkshire Bank.
Maxima, based in Victoria Square, provides funding advice to solicitors and insolvency practitioners and is the only multi-discipline firm in the UK that offers a full range of costs consultancy, litigation funding and insurance services.
The expansion will see Maxima doubling its headcount by recruiting a further six people within the next 12 months after arranging financial support from the Yorkshire Bank’s Financial Solutions Centre (FSC) in Temple Row, Birmingham.
The company is expanding to provide third party litigation funding, which gives its legal clients the chance to ease the financial risk of taking action in the courts. Third party litigation funding was becoming more popular as a tool for litigators because there was no longer any need for litigation to be so financially risky.
Maxima’s team helps examine and choose the best options to assist either the case, or the client. They research the market to ensure the risk of entering litigation has been fully considered. The team deal with all the paperwork and speak directly to funders and discover the best method of financing any case.
Mark Andrews, the chief executive of Maxima, said: “The landscape for litigators has been quietly changing over the last eight years and Maxima is offering bespoke solutions that will allow our clients the freedom to deliver all funding options now available to their clients.
“Our qualified team of relationship managers will work with litigators and their clients to ensure risk is minimised and all options are examined thoroughly. In these difficult times offering choice on how a client pays for and accepts the risk of entering litigation is crucial. There is no longer any need for litigation to be so financially risky for a client.
“Legal action can be expensive if you lose and you have to pay for the other side’s privilege of beating you, with Third Party Litigation Funding you can take that risk away.”
Andy Tovey, business banking partner at Yorkshire Bank’s FSC in Birmingham, said: “We have provided facilities to allow Maxima to expand. I have never come across a business like this before.
“It isn’t a typical nuts and bolts business because of the services it provides but it has found a niche market which is proving successful in these challenging economic times.
“We concentrate on creating partnerships and providing real value for our clients and we’re delighted to be playing a part in Maxima’s expansion.”
Mr Andrews added: “We are a business that thinks outside the box and we needed a bank that appreciates this and supports us as the business grows. It was important to choose a bank that would listen, as well as talk and this is what we found with Yorkshire Bank.”