Photo: Jason Doiy/ALM

Global law firm DLA Piper has hired a new financial services dispute resolution and class action partner in anticipation of a continued rise in financial services class actions.

Matthew Spain joined the firm's Melbourne office Monday from King & Wood Mallesons' financial services dispute resolution group, where he had spent the past 13 years and was a senior associate.

DLA Piper said that during his time at King & Wood, Spain built a successful financial services dispute resolution and class action practice, advising organizations including IOOF, Zurich, Westpac and ANZ.

"Financial services class actions have been on the rise since 2013, and coupled with the rise in the availability of funding for litigation means we will likely see this trend continue,"Cameron Maclean, DLA Piper's head of litigation and regulatory for Australia, said in a statement. "Matt is a skilled dispute resolution and class actions lawyer, and his capabilities will strengthen our growing litigation practice."

As many as 20 class actions were spurred by revelations from 2018's unprecedented yearlong government inquiry into misconduct in the country's banking and financial services sector and several lawyers in the sector expect the trend to continue.

At the same time, class actions and the role of litigation funders have come under increased criticism from business groups, and the government has launched a parliamentary inquiry into the sector and moved to regulate litigation funders.

In April, DLA Piper hired litigation and class actions partner John Fogarty from local firm Corrs.

Commenting on Spain's move, King & Wood Australia managing partner Matthew Swinn said: "Matthew was a valued member of the firm's dispute resolution team for a very long period and we wish him all the best for the future."