Australia is the birthplace of modern litigation funding. In recent years, third-party funding has become a significant force in international litigation and arbitration. The funder, which has no prior interest in the dispute, funds the legal costs and expenses of a claimant, typically on the basis that the funder will be paid out of the proceeds of any recovery following a successful outcome. Funding offers benefits to claimants in terms of access to justice and spreading the risk of complex legal proceedings. Courts in many jurisdictions have determined that funding is permissible in appropriate cases, but the terms of the funding agreement may have to be disclosed and may require court approval. Challenges can be brought to the terms of the funding agreement by the opposing party. While funding provides considerable benefits to the claimant, it can also introduce legal and practical challenges for managing the relationship between the funder and counsel, as well as between counsel and the client. This session will explore the latest issues and trends in third-party funding, and include commentary from counsel, funders and an arbitrator on how funding has affected the conduct of litigation and arbitration. Counsel will address the challenges of the three-way relationship between the client, funder and counsel. The funders will address how they scrutinise legal claims and risks, the flexibility of funding arrangements and how they can be tailored to the needs of the claimant, and the extent of involvement that funders expect to have in the management of the dispute. The arbitrator will address the extent to which funding affects arbitration and potential conflict issues that can arise where funders are involved in multiple cases involving the arbitrator or their firm.