Former head of Jewson to chair legal firm
Published: 08 December, 2009
LONDON: Richard Jewson, former managing director of Jewson, the timber and builders’ merchant, is to chair Alvaro, a company set up to invest money in legal cases.
The company is set to become the final aim float of the year and plans to raise £50m from institutions.
Unlike the US, in the UK, lawyers are not allowed to work on a case for a share of the winnings. A lawyer can work for three years on a case on a no win/no fee basis, and end up with nothing.
Alvaro will invest in cases where it considers a win is likely, in return taking up to 50% of the winnings. It will also pay the lawyers involved in the court proceedings.