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Gerchen Capital Partners Targets Corporate Monetizations and Late-Stage Cases with $600m Fund

By Harry Moran |

While some funders are looking towards the secondaries market as a way to expand their investment opportunities, one funder is moving in the opposite direction following the closing of its sixth fund. 

Reporting by Bloomberg Law covers the closing of a $600 million fund by Gerchen Capital Partners (GCP), with this latest fund representing a shift in the company’s strategy to expand its investments beyond the secondaries market. The new fund’s capital is set to be dedicated towards two key areas: monetizing litigation portfolios for corporations and funding late-stage or post-settlement matters.

Adam Gerchen, CEO of GCP, spoke with Bloomberg Law about the closing of the company’s sixth fund and explained that the funder’s original focus on secondaries was about addressing “this unmet market need.” On the pivot towards corporate monetization, Kelly Daley, managing director at GCP, suggested that it can be a valuable offering due to the level of instability in the financial market, arguing that “the more uncertainty there is in the market, the more appealing certainty is”.

The article also highlighted GCP’s growth over the past three years since it was founded, with around $1.9 billion in assets raised over that time. The growth has been bolstered by the recruitment of experienced industry professionals, like Daley, from other funders including Burford Capital. Daley explained her decision to move to GCP from Burford as being driven by the culture of the growing funder, saying: “The ability to be in a more nimble entrepreneurial environment was appealing to me.”

Burford Reports 1Q25 Financial Results

By Harry Moran |

Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its unaudited financial results for the three months ended March 31, 2025 ("1Q25"). The full detailed presentation of Burford's 1Q25 financial results can be viewed at http://investors.burfordcapital.com.

Burford's Chief Executive Officer Christopher Bogart commented:

"Burford delivered robust first quarter results in what is typically a lighter seasonal period, demonstrating the continued momentum of our portfolio. Both new business and realization activity were well above first quarter levels in recent years, establishing a great start to the year. We believe the uncorrelated nature of legal finance positions our business to perform through the volatile and uncertain market environment that investors face today. We remain focused on the core drivers of shareholder value discussed at our recent 2025 Investor Day: Growing the platform, turning the current portfolio into cash realizations and generating attractive returns on capital."  

Burford will hold a conference call for investors and analysts at 9.00am EDT / 2.00pm BST on Wednesday, May 7, 2025. For swift access to the conference call at the time of the event, pre-registration is encouraged at https://registrations.events/direct/Q4I881854. The dial-in numbers for the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free), and the access code is 88185. To minimize the risk of delayed access, participants are urged to dial into the conference call by 8.40am EDT / 1.40pm BST.

A live audio webcast and replay will also be available at https://events.q4inc.com/attendee/989634259, and pre-registration at that link is encouraged.

About Burford Capital

Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR) and works with companies and law firms around the world from its global network of offices.

For more information, please visit www.burfordcapital.com.

Ciarb Releases Proposed Guidelines on Third-Party Funding

By Harry Moran |

With the growing prominence of third-party funding in arbitration proceedings, industry bodies are keen to establish best practices for those involved in funded matters, and to increase the broader levels of knowledge among all members of the wider arbitration community.

The Chartered Institute of Arbitrators (Ciarb) has today announced the release of its Proposed Guideline on Third-Party Funding, and has opened a call for comment to source feedback from members of the alternative dispute resolution (ADR) community. 

Ciarb’s guideline is designed to support those involved in arbitration matters to navigate funding arrangements, and to assist all parties and arbitral tribunals to facilitate effective case management of funded proceedings. The proposed guideline is split into two parts, with the first section dedicated to providing a thorough overview of the funding process, whilst the latter part covers all aspects of arbitration proceedings that involve a funded party.

The call for comment is open to both Ciarb members and non-members, with the deadline to submit feedback set for 17 June 2025. The feedback form can be accessed here.

Drafting of the guideline was undertaken by Mercy McBrayer, Head of Arbitration Professional Practice at Ciarb, and Mohamed Sadiq, PPP Intern at Ciarb, and the drafting group committee was co-chaired by Philippa Charles (Twenty Essex) and Dr Hasan Tahsin Azizagaoglu (Bench Walk Advisors). The drafting group’s members also included: Christopher Bloch (Squire Patton Boggs), Julian Chamberlayne (Stewarts), Ayse Yazir (Bench Walk Advisors), Susan Dunn (Harbour), Napoleão Casado Filho (Clasen | Casado Filho | Longo | Caribé), Camilla Godman (Omni Bridgeway), Dana MacGrath (MacGrath Arbirtration), Viren Mascarenhas (Milbank), Kathryn Sanger (Herbert Smith Freehills), and Sarah Vasani (CMS).

Dr Hasan Tahsin Azizagaoglu described the guideline as “a clear and accessible roadmap for legal practitioners”, and noted that it is “unique in its commitment to full transparency”. Philippa Charles explained that although the drafting group “contains representation from practitioners and funders”, the call for comment aims to “ensure that a multiplicity of viewpoints on these matters is contained in the Guideline to make it as useful as possible.”

FirmPilot Closes $11.7 Million in Total Funding with Strategic Investments From Legal and Marketing Tech Leaders

By Harry Moran |

FirmPilot, the AI marketing engine for law firms, today announced that Thomson Reuters Ventures and HubSpot Ventures have joined as investors, backing the company's mission to help law firms generate more and higher-value clients with AI rather than rely on traditional, manual marketing tactics. This strategic funding increases FirmPilot's total funding to $11.7M, following the company's Series A round in 2024 led by Blumberg Capital, an early investor in marketing tech leaders such as Braze (Nasdaq: BRZE) and DoubleVerify (NYSE: DV).

"We are delighted to partner with FirmPilot," said Tamara Steffens, Managing Director of Thomson Reuters Ventures. "They have built an AI product that empowers law firms to effectively communicate their value proposition and enhance their visibility to potential clients. The overwhelmingly positive customer feedback they have received speaks volumes, and we are excited to support this exceptional team."

FirmPilot uses AI to empower law firms to efficiently increase online visibility and grow inbound interest from prospective clients searching online for legal help. Every hour, more than 1,000 people in the U.S. search online for legal help, and 75% of people searching online don't scroll past the first page of results. Law firms, as well as other services-based SMBs such as dentists, plumbers, electricians, veterinarians, and chiropractors, rely on online search and other digital marketing channels as their primary source of customer acquisition, and FirmPilot's all-in-one solution has enabled these businesses to thrive with AI data-driven SEO, PPC, and social media that does not involve the manual guesswork of traditional marketing agencies.

For the 425K+ law firms in the U.S., legacy practices of retaining traditional marketing agencies or manually managing marketing channels are often costly, low ROI and not built for busy, non-marketing professionals.

In just the past year, nearly one hundred modern law firms across the U.S. adopted an AI-driven approach to marketing with FirmPilot to:

  • Generate 180%+ more leads using data-informed web content and ads
  • Improve client and case quality with intelligent targeting
  • Reduce cost and wasted time by eliminating the manual guesswork of traditional law firm marketing

"What excites us about FirmPilot is their focus on solving a critical pain point for small business owners end-to-end. FirmPilot has demonstrated the ability to deliver cost-effective leads to law firms with minimal involvement, and we're confident in their ability to bring this to new industries over time," said Adam Coccari, Managing Director of HubSpot Ventures. "We're looking forward to working with the FirmPilot team as they continue empowering SMBs to drive growth through AI-powered marketing."

FirmPilot's proprietary AI legal marketing engine takes an "X-ray" of a firm's competitive landscape, analyzing trends and patterns in the SEO, Ads, and other digital marketing activity of a client's competitors. FirmPilot's clients have outperformed and outranked other firms to increase lead volume and improve lead quality. The company's proprietary AI knowledge model learns from a comprehensive database of more than 3,000+ relevant legal cases and has analyzed more than 5,000,000 pieces of content used by law firms. With a growing and evolving set of data, the FirmPilot AI marketing engine continues to learn, train and improve its algorithms in high-demand consumer law areas such as personal injury, workers' compensation, family (divorce, custody), immigration and criminal defense. Partnering with Thomson Reuters and HubSpot Ventures provides a huge opportunity to expand FirmPilot's data strategy for its AI models.

"It's been incredible to witness the shift in the legal industry, where firm owners are no longer just focused on practicing law or building successful firms—they also aim to build great companies and lead not only as attorneys but also as CEOs," said Jake Soffer, founder and CEO of FirmPilot. "This evolution demands that they move faster and more strategically, and the suite of AI tools now available to the legal field is enabling firms to accomplish exponentially more in a fraction of the time it once took."

About FirmPilot

FirmPilot is the leader in AI Legal Marketing. FirmPilot's patent-pending AI Legal Marketing Execution Engine provides companies with a modern way to grow their firm with strategies built entirely on data and intelligence. The company is backed by leading investors such as Blumberg Capital, HubSpot Ventures, Thomson Reuters Ventures, Valor Ventures, SaaS Ventures, FJ Labs, and Connexa Capital. Learn more about FirmPilot: www.FirmPilot.com.

Alpha Modus Holdings Enters into Funding Agreement in Connection with Broadcom Patent Infringement Lawsuit

By Harry Moran |

Alpha Modus Holdings, Inc. (Nasdaq: AMOD), a leader in AI-driven retail technology , today announced it has executed a patent monetization and funding agreement with Alpha Modus Ventures, LLC, the entity that recently filed a patent infringement lawsuit against Broadcom Inc on April 22, 2025.

Under the terms of the agreement, Alpha Modus Holdings, Inc. (AMOD) will fund litigation efforts related to the enforcement by Alpha Modus Ventures, LLC (an entity controlled by the CEO of Alpha Modus Holdings, Inc., William Alessi) of U.S. Patent Nos. 11,108,591; 11,303,473; and 11,310,077, which cover breakthrough technologies for transporting Fibre Channel data over Ethernet—a technology the company believes is being broadly infringed by Broadcom and others.

"This transaction underscores our commitment to unlocking value through aggressive IP enforcement and strategic funding structures," said William Alessi, CEO of Alpha Modus Holdings, Inc. "We believe this case against Broadcom will be transformative in both financial and strategic terms."

Importantly, the parties have also executed an option agreement granting Alpha Modus Holdings, Inc., the right to acquire 100% of Alpha Modus Ventures, LLC. The acquisition, if completed, will further consolidate patent ownership under AMOD and strengthen its position in ongoing and future enforcement actions. The exercise of the option will be subject to shareholder approval and other conditions, and there is no guaranty that the option will be exercised.

"This marks yet another major milestone in our strategic roadmap," Alessi added. "Alpha Modus has demonstrated its ability to identify valuable intellectual property, launch enforcement campaigns, and translate litigation into shareholder value. This agreement should continue that momentum."

The litigation against Broadcom is now actively underway in the United States Western District Texas Court and represents one of several high-stakes actions brought or funded by Alpha Modus. The company anticipates additional suits and partnerships will follow as part of its broader strategy to assert and monetize its growing IP portfolio.

For more information and to access Alpha Modus’ press room, visit: https://alphamodus.com/press-room/

For more information about Alpha Modus and its portfolio of innovations, please visit alphamodus.com.

About Alpha Modus

Alpha Modus is a technology company specializing in artificial intelligence solutions for the retail industry. Alpha Modus develops and licenses data-driven technologies that enhance consumer engagement and optimize in-store experiences. Headquartered in Cornelius, North Carolina, Alpha Modus is committed to leading the evolution of retail through innovation and strategic partnerships.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Alpha Modus’s actual results may differ from their expectations, estimates, and projections, and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. These forward-looking statements include, without limitation, Alpha Modus’s expectations with respect to future performance.

Alpha Modus cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Alpha Modus does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Omni Bridgeway CEO Highlights Significance of Continuation Fund Transaction

By Harry Moran |

As LFJ reported last month, the finalisation of a deal between Ares Management and Omni Bridgeway to establish a new fund has been hailed by both parties as a landmark and transformative transaction for the legal funding industry.

In an article on Secondaries Investor, Omni Bridgeway’s chief executive, Raymond van Hulst, discusses the significance of the recent closing of its continuation fund transaction with Ares Management. The completion of the Fund 9 transaction, which saw Ares take a 70% interest in the fund in return for a cash investment of A$320, is according to van Hulst, the first example of a continuation vehicle being utilised by a litigation funder.

The article also provides some insights into the unique opportunities that the Fund 9 transaction represented for Omni Bridgeway. Combatting the outside perception that the way litigation funders operate is the equivalent of “marking your own homework”, van Hulst stressed the importance of having a third-party like Ares assess the underlying portfolio of investments. He explained that having Ares “do deep diligence on a large pool of assets, validate the book, validate our methodology”, represented an important objective for the litigation funder as part of the transaction.

In terms of mitigating risk for Ares, van Hulst also noted that the portfolio was reasonably protected from localised regulatory changes through its geographical diversification. On the inherent issues associated with the prolonged duration of legal cases that affects funders’ investments, van Hulst also said that Ares “built in through the waterfall some protection for excessive duration”.

More insights can be found in the full interview with van Hulst on Secondaries Investor’s website.

Emmerson Submits Request for Arbitration in Dispute with Morocco

By Harry Moran |

As LFJ reported in March, an investor-state dispute over the Khemisset Potash Project in Morocco had continued to progress as the mining company bringing the claim began to draw down the first tranche of its litigation funding.

An announcement released by Emmerson Plc revealed that the company has now officially submitted its Request for Arbitration (RFA) to the International Centre for Settlement of Investment Disputes (ICSID). Emmerson’s claim for compensation against the Government of the Kingdom of Morroco centre on the government’s alleged breaches of a bilateral investment treaty between the United Kingdom and Morrocco.

As previously covered by LFJ’s reporting, Emmerson’s claim is being supported by an unnamed litigation funder who are providing up to $11.2 million under a capital provision agreement. In this latest announcement, Emmerson once again emphasised that the funding agreement will cover all of the legal costs for the arbitration, as well as covering ‘a significant portion of G&A costs’. 

Following the submission of the RFA, Emmerson said that it is working with its legal team at Boies Schiller Flexner on the formation of the arbitration tribunal and preparing its formal Memorial submission. The company explained that the next phase of the arbitration process is expected to take around two years, which will include the constitution of the tribunal, the filing of written submissions and the evidentiary hearing.

Graham Clarke, Managing Director of Emmerson PLC offered the following comment on the submission: "The completion and lodgement of the RFA with ICSID is a significant step and marks the formal commencement of the litigation process. The Company is working closely with our lawyers at BSF and as a group we remain confident in the merits of this case. We look forward to providing further updates in due course".

Rockpoint Legal Funding Report Reveals How Long Civil Lawsuits Drag On–State by State

By Harry Moran |

Rockpoint Legal Funding today released The 2025 Lawsuit-Duration Index, a first-of-its-kind analysis that ranks U.S. states by the average time it takes a routine civil lawsuit to reach resolution. Drawing on thousands of line-items from trial-court dashboards, annual judiciary reports, and the National Center for State Courts (NCSC) case-flow datasets, the study shines a light on the calendar realities behind America's crowded dockets.

States Where Civil Cases Last the Longest

  1. New York — ≈ 30 months
    Why so long? Dense commercial caseloads, heavy discovery, and a "deferred note-of-issue" system that gives parties up to a year to certify readiness can stretch the calendar. Even though New York's Differentiated Case Management (DCM) rule sets a target of 15 months from filing to judgment, backlogs in the Supreme Court's civil terms routinely push cases to double that figure.
  2. California — ≈ 24 months
    Unlimited-jurisdiction civil matters must, by statewide standard, wrap up within two years, yet fiscal-year dashboards show that fewer than 80 percent of cases hit the 24-month mark, with the remainder spilling into a third year. Factors include large jury pools, complex consumer statutes, and pandemic-era continuances that have not fully cleared. 
  3. Florida — ≈ 20 months
    Circuit-court dashboards reveal that barely half of ordinary negligence and contract suits close inside 18 months. Although the Supreme Court adopted aggressive case-management rules in 2023, trial-level clearance rates are still catching up, and hurricane-related insurance litigation continues to clog calendars. 
  4. Illinois — ≈ 18 months
    Cook County alone processes more than 250 000 civil filings a year. Medical-malpractice caps were struck down a decade ago, and lengthy expert-witness phases keep many cases open well past the 1½-year horizon set by the state's Time-Standards order. Tort hotspots in Madison and St. Clair Counties skew the statewide mean upward. (Source: Illinois Courts Statistical Summary, 2024).
  5. Texas — ≈ 14 months
    A statewide "Age of Cases Disposed" audit for fiscal year 2023 shows that 58 percent of district-court civil cases are resolved inside a year; another 12 percent finish by 18 months; the remainder stretch longer, producing a weighted average of roughly 430 days. Urban districts with multicounty venues (Harris, Dallas, Bexar) post the slowest numbers

National context: Across 19 benchmark jurisdictions surveyed by the NCSC, the mean time to disposition for civil matters was 43 weeks—just under eleven months—highlighting how outlier states pull the national average upward.

Why Do Timelines Vary So Widely?

  • Caseload Mix – States dominated by high-stakes personal-injury, medical-malpractice, or complex commercial cases run longer discovery schedules than states whose dockets lean toward simpler contract or small-claims matters.
  • Procedural Rules – Broad discovery allowances (New York CPLR, California CCP) and generous continuance policies add months. Fast-track "rocket-docket" rules, used in parts of Texas and Virginia, compress schedules.
  • Judicial Resources – Trial-level judge-to-population ratios range from 3.9 per 100 000 residents in California to 2.6 in Texas; shortages translate directly into fuller calendars and later trial dates.
  • Backlog Hangover – Pandemic pauses left hundreds of thousands of jury-demand cases unresolved; courts that pivoted to virtual hearings (Florida, Texas) cleared inventory faster than states that waited for in-person sessions.
  • Local Legal Culture – In some venues, strategic delay is a negotiation tactic. High defense-side insurance penetration can encourage "wait it out" settlement strategies, particularly in auto-injury suits.

Economic and Human Costs

  • Direct Expense – The U.S. tort system cost $443 billion in 2022—about 2.1 percent of GDP—according to the U.S. Chamber Institute for Legal Reform. Longer case cycles increase those costs by boosting attorney hours, expert-witness fees, and carrying charges.
  • Business Impact – Protracted litigation discourages expansion in plaintiff-friendly states and inflates liability-insurance premiums, costs ultimately passed to consumers.
  • Personal Hardship – Plaintiffs waiting years for compensation often face medical bills, lost wages, or repair costs they cannot defer. Delays disproportionately harm low-income claimants who lack emergency savings.

How Legal Funding Fits In

"Justice delayed shouldn't be justice denied," said Maz Ghorban, President of Rockpoint Legal Funding. "Our non-recourse advances give injured people the breathing room to see their cases through rather than settling early for pennies on the dollar."

Because Rockpoint is only repaid if a case resolves favorably, the company's interests are aligned with plaintiffs pursuing full, fair value—even in jurisdictions where court calendars run two or three years past filing. Rockpoint underwrites claims nationwide but sees the highest funding volumes in the very states that top the duration list, confirming the link between long case cycles and financial strain.

Methodology

Rockpoint analysts aggregated more than 4.2 million disposition records from:

  • The National Center for State Courts case-flow dashboards (43-state sample, FY 2023).
  • Individual judiciary statistical reports (California, Florida, Texas, Illinois, New York).
  • County-level "age-of-case" spreadsheets for large urban districts.

Cases involving small-claims, probate, or family-law matters were excluded to isolate routine civil tort and contract litigation. Mean and median days were calculated, then rounded to the nearest month for readability.

Looking Ahead

State supreme courts in Florida and Texas have adopted stricter case-management orders requiring active judicial oversight at the 90- and 180-day marks; California lawmakers are weighing pilot "civil fast-track" programs modeled on federal Rule 26(f). If fully implemented, those reforms could shave six to nine months off average durations over the next three years.

For more information on how Rockpoint Legal Funding can help plaintiffs bridge the financial gap while their cases wind through the courts, visit rockpointlegalfunding.com.