Former Allen & Overy (A&O) senior partner David Morley says Vannin Capital is "aiming at the top end of the market" as he takes up his new role of chairman at the litigation funder ahead of its planned float on the London Stock Exchange.

Speaking to Legal Week, Morley said he believes the appetite for litigation funding is "on a high growth trajectory."

Morley, whose new role at Vannin is one of a number of posts he has taken up in the wake of his retirement as A&O senior partner in 2016, said: "I previously didn't know that much about the litigation finance market, but after speaking to more experienced litigators and arbitrators it quickly became apparent to me that it is here to stay, and on a high growth trajectory.

"Increasingly, clients need to be advised on what the options are for litigation finance, and the UK has become a world leader in this."

Linklaters corporate partner James Wootton is advising Vannin on it plans to float, which will see it issue £70m of new shares as part of the initial public offering (IPO), as well as the sale of part of the shares held by existing shareholders to facilitate a 25% free float. Simmons & Simmons is understood to be advising the underwriting banks.

Morley will spend around 40 days a year in his new role at the company, alongside his other positions chairing A&O's Leadership Centre programme and UK-focused private equity firm Elaghmore Partners, as well as advising Indian law firm Cyril Amarchand Mangaldas.

He said: "As the company goes through a transformation from a private to a public company, my first job is about helping to create the conditions for an effective board and decision making processes."

He added that in terms of clients, Vannin is aiming for the top end of the market, and its hire last month of Bryan Cave Leighton Paisner City international arbitration partner Ania Farren as a managing director is indicative of the company's continued growth plan.

According to Vannin's statement of intent to float, since its launch in 2010, it has provided 70 funding commitments to clients, with an aggregate funding commitment value of £164m as of 30 June 2018. The company said it intends to expand into Singapore and Hong Kong, while it also aims to make additional hires in commercial arbitration and increase its overall headcount.

Morley, who retired as A&O senior partner in 2016 after 36 years years at the magic circle firm, succeeds former Vannin chair and co-founder Dan Craddock, who will move to the role of deputy chairman.

Morley, who joined A&O as a trainee in 1980, was elected managing partner in 2003 and then senior partner in 2008, before being succeeded by Wim Dejonghe in 2016.