Therium Capital Management Limited Headquarters in London, UK. Image Source: Therium Capital Management; LinkedIn

In recent weeks, the UK-headquartered firm—long known for backing controversial, high-stakes legal battles—has quietly reduced staff, removed team profiles from its website, and established a new legal entity with minimal public explanation. At the centre of this unraveling is co-founder Neil Purslow, whose public silence only deepens speculation over the firm’s direction and governance.

According to the Law Gazette, Therium has confirmed that layoffs have affected both its UK and international offices. While no official headcount was disclosed, the firm previously employed approximately 25 staff globally. Even a small wave of redundancies could therefore represent a substantial contraction.

Further scrutiny arose when public corporate filings from Companies House showed that Purslow and investment manager Harry Stockdale incorporated a new business, Therium Capital Advisors LLP, just two weeks prior to the layoffs. The timing, paired with a complete lack of commentary from the firm, suggests a reactive restructuring. Whether this move is intended to shield assets, manage legal risks, or prepare for a pivot away from problematic portfolios remains unclear.

Adding to concerns, Bloomberg Law reported that Therium has removed its team page and most corporate content from its website, leaving its current staffing and operational structure opaque. For clients with active cases—many of whom rely entirely on Therium's capital—the optics are troubling.

For clients with active cases—many of whom rely entirely on Therium's capital—the optics are troubling

Financial Pressures and Legal Backdrop

Therium’s muted repositioning follows a series of industry-wide pressures. Purslow, whose leadership once positioned the firm as a founding member of the International Legal Finance Association (ILFA) and a prominent voice on litigation funding, has not publicly addressed Therium’s contraction. Notably, no statements about the layoffs or restructuring appear on Therium’s website or on Purslow’s or the firm’s LinkedIn profiles. The total absence of formal communication has prompted speculation that this silence is deliberate—a tactic to avoid scrutiny or mask internal disarray. In a sector where transparency underpins trust and investor confidence, such a retreat from public engagement at a moment of visible upheaval suggests either poor crisis management or a deeper unwillingness to confront the reality of Therium’s position.

A key catalyst may be the UK Supreme Court’s 2023 decision in PACCAR v. Road Haulage Association, which reclassified many litigation funding agreements as damages-based agreements (DBAs). This ruling jeopardized the legality of several funding structures, forcing funders to re-evaluate exposure across active investments. Purslow had been a vocal critic of the PACCAR decision, publicly warning that it would destabilize the industry—his public discourse on this matter, even quite recently, now contrasts his silence.

In a sector where transparency underpins trust and investor confidence, such a retreat from public engagement at a moment of visible upheaval suggests either poor crisis management or a deeper unwillingness to confront the reality of Therium’s position.

For Therium—already involved in complex and controversial matters—the timing was critical. The incorporation of Therium Capital Advisors LLP occurred shortly before layoffs and while Therium remains tied to ongoing cases, including the Bugsby litigation, which could be impacted by PACCAR-related issues. This has prompted concern that the new entity may be an attempt to shield liabilities or divide business functions in response to increasing legal and financial pressure. Given Therium’s history of questionable due diligence and aggressive case selection, the move is viewed by some as a mechanism to obscure accountability rather than reform operations.

Bloomberg Law also noted that the PACCAR ruling has triggered broader uncertainty in the litigation funding sector, reducing investor confidence and prompting a reassessment of funders’ operational models.

Operational Missteps and Employee Fallout

Therium’s apparent retreat coincides with a series of troubled investments. Its backing of the Sulu heirs’ arbitration against Malaysia—a politically sensitive, multibillion-pound claim—has attracted skepticism from courts and critics alike. Other cases have suffered from underperformance or collapse, raising further doubts about the firm's internal vetting processes.

While industry watchers may chalk this up to growing pains in an evolving market, the consequences for employees have been deeply personal. Several experienced legal professionals were laid off without public acknowledgment or reported severance, and according to the Law Gazette, the firm declined to disclose who was affected or what support was offered. The quiet removal of team members from Therium’s website, without formal announcements, has been flagged as a troubling indicator of a company in retreat.

This lack of clarity around staffing and leadership only intensifies questions about Therium’s capacity to manage its ongoing case load. For claimants involved in high-stakes, cross-border litigation, operational opacity introduces serious concerns about continuity, access to funding, and legal oversight.

Industry at a Crossroads

Litigation finance, now valued at more than £12 billion globally, is facing a pivotal moment. In the UK, the PACCAR ruling has introduced significant legal challenges for funders, though many in the judiciary and legal community viewed the decision as a necessary corrective to unchecked litigation finance practices. Across Europe, the Americas, and Asia, regulatory scrutiny is tightening. Globally, investors are increasingly focused on performance, governance, and legal certainty.

Therium—once a symbol of the sector’s ambition—may now represent its growing pains. Its opaque restructuring, lack of public engagement, and troubling internal signals have shifted it from a leader to a cautionary tale.

Whether this moment reflects a controlled realignment or a deeper unraveling, the impact on employees and clients is already tangible. In an industry built on risk management and legal confidence, Therium’s silence is proving hard to defend.

REFERENCES

Hyde, J. (2025, April 23). Jobs lost as high-profile lit funder restructures. The Law Gazette. https://www.lawgazette.co.uk/news/jobs-lost-as-high-profile-lit-funder-restructures/5123092.article

Siegel, E. (2025, April 22). Litigation funder Therium conducts layoffs amid upcoming shift. Bloomberg Law. https://news.bloomberglaw.com/business-and-practice/litigation-funder-therium-conducts-layoffs-amid-upcoming-shift