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Day One of LF Dealmakers Concludes

September 29, 2021

Day One of LF Dealmakers Concludes

Day one of the two-day 2021 LF Dealmakers conference has officially concluded. The day included a keynote address from Judge Shira A. Scheindlin, six panel discussions, and a host of networking opportunities. The initial panel discussion was titled “State of the Litigation Finance Industry: Innovations & Outlook.” The panel was moderated by Annie Pavia, Senior Legal Analyst at Bloomberg Law, and featured the following panelists:
  • Brandon Baer, Founder & CIO, Contingency Capital
  • Fred Fabricant, Managing Partner, Fabricant
  • Michael Nicolas, Co-Founder & Managing Director, Longford Capital
  • Andrew Woltman, Principal & Co-Founder, Statera Capital
The discussion began with big picture trends regarding the economic downturn, which a lot of people posited would result in a boost to Legal Services and the Litigation Funding industry. The panelists all weighed in: Brandon Baer explained that the case pipeline has been extremely robust. There is strong origination, and a lot of need from law firms for capital. Fred Fabricant explained that from law firm side, it’s been the busiest time in his career in terms of case load. More opportunities have come to his attention in last year and a half than ever before, with things being very active in the Eastern and Western Districts of Texas. And the quality of the opportunities is higher. New players are in the market, and existing players have raised more money than ever before. Michael Nicolas added that he’s seen an increase across all different sectors – law firms (both those who have used funding previously and those who have never used funding before), and clients (facing extreme demands stemming from COVID-related issues). Longford manages over $1Bn in AUM, so they have a lot of flexibility in terms of investment potential. Andrew Woltman ended the discussion by noting how comfortable law firms and clients are becoming with litigation finance. Structurally they are being more proactive about approaching fund managers than ever before. The panel all agreed that demand is strong across the board when it comes to case types. Capital deployment is not a problem here, and the panelists expressed hope that this trend would continue, and that clients will continue to recognize the value that funders bring to the table. In terms of current challenges the industry is facing, duration and collectability are obvious issues, but these are leading to certain efficiencies–like courts learning to be more efficient in order to address duration risk. So there is a silver lining here. At this point, Annie Pavia, the moderator, switched gears and asked Michael Nicolas about Longford’s $50MM funding deal with Willkie Farr. Nicolas acknowledged the longstanding relationship between the two firms, and how that developed into a $50MM financing arrangement. Willkie also brings a lot of commercial matters to the table, which helps Longford diversify away from its core focus on IP matters. Nicolas also mentioned that they went public with the deal in order to be fully transparent to Willkie’s clients, and make them aware that Longford’s funding is possible for their claims. The question of disclosure then popped up.  Will the disclosure of the funding relationship lead to unnecessary discovery sideshows in Willkie claims?  Nicolas does not believe the publicity of the relationship will hamper any Willkie claims, and that the trend line favors courts finding discovery irrelevant, where litigation funding is concerned (in most cases). While he understands this may prompt some questions, Longford isn’t particularly worried about the consequences here. Of course, most funds still keep their partnerships private, so Longford’s decision to publicize its relationship with Willkie may perhaps be a turning point for the industry—could less opacity be around the corner? Nicolas believes we will see more transparency as the asset class continues to grow. The rest of the day featured panels across a range of topics, including legal and regulatory challenges in the U.S., and changes in law firm and contingency fee models. One discussion on “How CFOs View Legal Assets: Data & Insights from a Recent Survey,” featured Kelly Daley, Director at Burford Capital, and Bruce MacEwen, President of Adam Smith, Esq. MacEwen asked an interesting question regarding law firms’ attitudes–law departments and finance departments typically don’t talk to each other. So how do conversations with law firms go, compared with conservations with corporate CFOs. Daley explained that conversations with law firms are different than those with corporations, because the assets at law firms are human labor, so it can be harder for law firms to leverage that than it is for corporations to leverage abstract assets. Law firms take their time more personally, so the conversation with law firms is more about risk shifting than with cash flows. Legal finance does both of these, but there is different value applied to each depending on what specific assets you value. MacEwen agreed, and followed up with the note that it can be tough for clients to define the value they get from a law firm, and therefore they are always looking for ways to get discounted rates. Litigation funding can play a part in that… in ameliorating the concerns clients have about overpaying for legal services. All in all, there was a lot of ground covered in the first day of the LF Dealmakers conference. And with the plethora of networking opportunities (both digitally and in-person), the event surely struck a powerful chord with all those in attendance.

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Commercial People Moves

Red Lion Chambers Hires Former Harbour Director for Client Role

By John Freund |

Red Lion Chambers has taken a notable step in strengthening its engagement with litigation funders and commercial clients by appointing a former senior figure from the funding industry into a newly created client-facing role. The move reflects the increasingly close relationship between the UK Bar and third-party litigation finance, particularly in complex commercial and group actions where funding strategy and legal execution are closely intertwined.

An article in Global Legal Post reports that Red Lion Chambers has appointed James Hartley, formerly a director at Harbour Litigation Funding, as its first director of client relationships. In this newly established position, Hartley will be responsible for developing relationships with solicitors, funders, and other clients, as well as helping to align the chambers’ barristers with funded opportunities across commercial litigation, arbitration, and competition claims.

Hartley brings several years of experience from the funding side of the market, having worked at Harbour Litigation Funding where he was involved in evaluating claims, structuring funding arrangements, and working closely with law firms and counsel on strategy. His move to Red Lion Chambers underscores the value chambers are placing on individuals who understand both the legal and financial dynamics of funded disputes, as well as the commercial drivers behind claim selection and case management.

According to the report, Red Lion Chambers sees the appointment as part of a broader effort to modernise how barristers’ chambers engage with the market, particularly as clients and funders increasingly expect a more coordinated and commercially aware approach from counsel. The role is intended to complement, rather than replace, the traditional clerking function, with a specific focus on strategic relationships and long-term growth areas.

Case Developments Commercial

Longford Capital and Susman Godfrey Sued Over $32m Arbitration Award

By John Freund |

A new lawsuit has placed litigation funder Longford Capital Corp and prominent US trial firm Susman Godfrey LLP at the center of a high-stakes dispute over the ownership and allocation of arbitration proceeds, highlighting the growing complexity and occasional friction in funded litigation arrangements. The case stems from a roughly $32 million arbitration award tied to patent litigation recoveries and raises questions about the enforceability of funding agreements, arbitration clauses, and the definition of recoverable proceeds.

An article in Reuters reports that the lawsuit was filed in Texas state court by Arigna, an Ireland-based patent monetization company that previously worked with Susman Godfrey to pursue semiconductor-related patent claims. Arigna alleges that it was improperly forced into arbitration and that the resulting award in favor of Longford was tainted by arbitrator misconduct. According to the complaint, Arigna is seeking to have the arbitration award vacated and to recover approximately $5.5 million in settlement funds currently held in escrow.

The dispute traces back to a funding arrangement entered into after Arigna retained Susman Godfrey to pursue patent enforcement actions. Susman subsequently secured third-party litigation financing from Longford Capital. Tensions emerged over how Longford’s entitlement to proceeds should be calculated, particularly in relation to settlements involving multiple defendants and intellectual property assets that Arigna claims were outside the scope of the original funding deal. An earlier federal court battle over whether the dispute belonged in court or arbitration ultimately resulted in the matter being sent to arbitration, where the arbitrator ruled in Longford’s favor.

Now, Arigna argues that the arbitration should never have occurred and that Longford and Susman overreached in asserting rights to settlement proceeds. Longford has defended the award as valid and enforceable, while Susman Godfrey is also named as a defendant due to its role in structuring and executing the underlying legal and funding arrangements.

Case Developments Commercial

LitFin Backs €250m Antitrust Claims for Farmers

By John Freund |

LitFin, the Prague-headquartered litigation financier, has reached a major procedural milestone in one of Europe’s largest coordinated private antitrust actions, backing claims on behalf of more than 1,700 agricultural businesses harmed by a long-running pesticide cartel in Germany. In December 2025, damages claims approaching €250 million, including interest, were formally filed against wholesale distributors of plant protection products found to have engaged in unlawful price-fixing over nearly two decades.

LitFin reports that the claims are grounded in binding findings by Germany’s Federal Cartel Office, which determined that cartel conduct spanned from 1998 to 2015 and covered almost the entire market for plant protection products. That infringement resulted in administrative fines totaling approximately €157 million. Under German and EU competition law, such findings create a strong presumption that purchasers paid unlawful price surcharges during both the cartel period and its after-effects—forming the economic basis of the damages now being pursued by affected farmers.

The lawsuit has been filed by WAGNER LEGAL Rechtsanwälte PartG mbB, a Hamburg-based firm specializing in antitrust damages litigation, working in close coordination with the funder. According to LitFin, the claims are supported by a comprehensive economic analysis prepared by competition experts at Charles River Associates, quantifying the alleged overcharges suffered by claimants across the German agricultural sector.

For the agricultural businesses involved, the filing represents more than just a legal step forward. Without third-party funding, coordinating and prosecuting claims of this scale against well-resourced defendants would likely have been impractical. LitFin’s involvement enabled aggregation of claims, risk-sharing, and the deployment of specialist legal and economic expertise across a complex, multi-claimant proceeding.