UK law firms to net £1bn from ‘class action’ competition claims
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UK law firms will net more than £1 billion from a number of US-style class action lawsuits being considered by the Competition Appeals Tribunal (CAT), according to new analysis.
The CAT is currently considering a number of multi-billion actions brought against the likes of Apple, Google and Meta after a 2015 change in the law allowed for competition law claims to be brought on an “opt-out” basis for the first time.
Though none of the 28 cases have settled or reached a conclusion yet, analysis by Law.com International suggests that UK law firms are set to earn around £1.3 billion in fees in total.
The analysis is based on litigation budgets filed by claimants in nine of the actions, which set out expected legal costs ranging from £15 million to £45 million.
Becky Pritchard, lead researcher for the report, said: “It is still early days for this regime as none of the cases have yet settled or reached trial, but lawyers and litigation funders expect this year to be busier than ever.”
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