In a distinctive transition, London-based litigator Natasha Harrison has established a lucrative career since leaving her leadership position at Boies Schiller to found her boutique firm, Pallas Partners. Focused on high-profile investor lawsuits for nearly two years, Harrison’s Pallas Partners frequently finds itself at the center of disputes involving major corporations such as Blackstone, Bain Capital, and Credit Suisse. As the firm’s New York branch marks its first anniversary, the team of transatlantic lawyers is preparing for an anticipated surge in conflicts over deals gone wrong following the pandemic-era transactions boom. Throughout, Harrison notes there’s been a marked change in the willingness and strategy of institutional investors to instigate litigation. (Bloomberg Law)
Pallas Partners has been running on a unique business model, more akin to its hedge fund and private equity clients than traditional law firms. The litigator launched in the UK with financial backing from external investors and turns to litigation funders for case collaborations. The firm adopted a penchant for contingency fee structures where payment varies based on results, thereby painting lawsuits as joint ventures.
Touching on this innovative approach, Duane Loft, who manages the firm’s New York office and is a former Boies Schiller employee, explains how they help clients extract value actively from their cases. The ultimate aim is to become partners with their clients who prefer the law firm to have a stake in the outcome, just like they do – “skin in the game”, as he puts it.
Shortly after leaving Boies Schiller, Harrison launched Pallas Partners in early 2022, seen by many as the natural successor to firm co-founder David Boies. Many of her London colleagues and some clients joined her at the newly formed firm. Pallas Partners – named after the goddess of war, wisdom, and handicraft – opened a New York office in September 2022. It must be noted that Pallas Partners US operates as a separate entity under the Pallas brand.
The boutique firm’s excellent positioning in high-profile cases has not gone unnoticed, as evinced by advising Blackstone in exploring potential claims against Bain Capital and others over the 2020 collapse of Italian tiremaker Fintyre. The firm is also representing Credit Suisse bondholders in a Swiss lawsuit seeking a massive $1.7 billion, which they allege was obliterated when UBS Group AG absorbed the bank.
The rise in sweeping, US-style class action lawsuits and securities fraud claims in UK courts presents a key opportunity for proactive institutional investors in the UK. The small yet significant client list of Pallas allows the firm to take on cases against major corporations with less conflict risk than larger firms. Drawing from these unique attributes, Harrison contends that external funding offers a crucial aid to level the playing field against bigger competitors.