The JurisTrade Platform soft-launched last week with over $70 million in litigation funding opportunities in single cases, funding mass tort dockets and law firm refinancing.

The JurisTrade Litigation Asset Marketplace (“JurisTrade’) provides a transparent electronic platform which facilitates both primary funding opportunities in litigation finance, as well secondary sales of such interests.

The potential market for litigation finance ranges in the several $100s billions, of which only $30 billion is currently funded. JurisTrade is designed to unlock this large unmet demand through its liquid and transparent marketplace.

The litigation finance ecosystem has been clamoring for years for this type of market solution. Similarly to many other major asset classes, JurisTrade was built on a foundation of industry standardization, transparency and process streamlining, which eliminates uncertainty and, thus, attracts liquidity for litigation finance, a bona fide uncorrelated asset class.

Clients of JurisTrade include institutions, law firms, litigation finance funds, and family offices.

JurisTrade’s Phase I rollout includes nine diverse investment opportunities including a high-profile single case, a judgment monetization case, a law firm debt refinancing case, and several mass action-related cases. An OTC service desk is being offered to assist our clients in negotiating terms and structuring all manners of trades and vehicles, among other things. Other market features, technology, and analytics will be offered soon.

Typhon Capital Management, Larry Hite, and two notable family offices are sponsors of JurisTrade, and JurisTrade will be leveraging their collective expertise and experience. Typhon, in particular, provides trading operations on JurisTrade. Clients can use JurisTrade to directly engage in claims trading, such as bankruptcy and mass tort, then leverage Typhon to invest in or create custom passive funds holding any manner of litigation interests or loans, and actively managed funds, such as thematic claim trading, market making, or activist litigations. Typhon can also structure insurance wrappers around litigation-focused investments.

The senior management team of JurisTrade includes James Koutoulas as CEO, Kevin J.P. O’Hara as Chairman, Shawn Hartpence as Chief Commercial Officer, and Andrew Barroway and Larry Hite as strategic limited partners.

"Mr. Koutoulas is a seasoned hedge fund manager and attorney with a unique skillset encompassing derivatives-trading, complex bankruptcy and class action litigation, and software development making him the perfect CEO to bring the emerging asset class of litigation assets to a wider audience. He and I share similar philosophies on structuring vehicles with asymmetric, positively-skewed, and uncorrelated return profiles which will be much appreciated in the litigation investing world," said Larry Hite, Founder of Hite Capital.

"Similarly, Mr. O'Hara's previous C-suite roles at NYSE, CBOT, Archipelago and Gulf Finance House, and as an attorney at the SEC and his financial markets development in Eastern Europe, provide JurisTrade with one of the most accomplished exchange experts to steer our growth."

"Larry Hite is a pioneer of two assets classes – commodity trading and litigation assets. Larry is an original 'Market Wizard' and we are humbled to have him as a founding partner and advisor to JurisTrade," said James Koutoulas, CEO of JurisTrade.

Please sign up to view our initial inventory and be kept up to date at www.juristrade.com.

About Larry Hite:

Larry Hite is a legendary commodities trader and one of the founders of systematic trading. Mr. Hite founded Mint Capital, which was the largest CTA in the world by AUM in 1990. He has since been an active investor in litigation assets where he has invested in thousands of cases.

About Typhon Capital Management:

Typhon Capital Management, led by CEO James Koutoulas, is a multi-strategy hedge fund and platform specializing in tactical futures, quantitative, and cryptocurrency trading. Typhon creates custom portfolios and structured products for institutional investors and wealth management firms and is headquartered in Miami Beach. Mr. Koutoulas also was lead customer counsel in the MF Global bankruptcy, leading the recovery of all $6.7 billion in customer assets.

About Kevin J.P. O'Hara:

Kevin J. P. O’Hara has a decades-long career in business, law and regulation, entrepreneurship, technology, international, investing, and post-graduate teaching. Mr. O’Hara is an active angel investor with several successful exits, including sales to LinkedIn, PayPal, and IQVIA. He has a plethora of private and public company board and governance experience.

He was previously: (1) a C-suite member at CBOT, NYSE, Archipelago, and Gulf Finance House (Bahrain); (2) an attorney at the SEC, DOJ, and a major Chicago law firm (products liability and mass tort defense)(3) a law and business school lecturer at Northwestern University and Loyola University; and (4) an in-county financial and economic advisor in Eastern Europe in 1990s.

About Shawn Hartpence:

Shawn Hartpence has over a decade of experience advising law firms, litigation fund managers and institutional investors on capital formation and litigation investment. Areas of expertise include mass tort portfolio funding, secondary mass tort portfolio trading, single-case funding, portfolio funding, single-case monetization, and capital introduction for niche litigation strategies. Mr. Hartpence is a partner at Ocasio Mass Tort Law, a DC Law Firm and a Board Member of a cutting-edge AI Litigation assessment company.

About Andrew Barroway:

Andrew Barroway is a distinguished litigator and hedge fund manager with a proven track record of success in the investment world. He previously built Barroway, Topaz, Kessler, Meltzer, & Check, LLP, the second largest securities class action firm in the country, and helped lead the $3.2 billion settlement of Tyco Ltd. International. At Merion Investment Management, Mr. Barroway invented the appraisal rights arbitrage trade where he managed $1.2B in the near-riskless strategy, annualizing 13.25% net for 12 years. Mr. Barroway is a strategic limited partner in JurisTrade and the senior portfolio manager of our upcoming Cerus Litigation Fund.

Legal Bay Presettlement Funding announces their new funding calculator for customers to compare pricing models of lawsuit loans between funding firms. It should be noted that Legal Bay doesn't charge compounding interest like many other legal funding companies, keeping payback costs lower right from the start. As one of the best lawsuit loan companies in the industry, Legal Bay ensures flat pricing, transparent contracts, and a helpful, knowledgeable staff to walk you through every step of the lawsuit loan funding process.

1. Legal Bay is a direct funder—not a legal funding broker—which is the first distinction customers should make when researching legal funding options. Here's why:
2. Being a direct funder allows Legal Bay to expedite cases faster, normally within 24-48 hours after applying, once all documents have been received.
3. Being a direct funder allows Legal Bay to provide lawsuit loans with cap out provisions for cases that qualify without additional broker fees.
4. Compound rates can grow substantially over the course of your case settlement funding, while flat interest stays the same at about 20% percent every 6 months.
5. Legal Bay's lawsuit settlement programs are non-recourse which means the client will not have to pay back the loan if the case does not settle.

Chris Janish, CEO of Legal-Bay, commented, "Our funding calculator gives consumers an invaluable tool to compare payback costs. Plaintiffs will see that our direct funder platform means you deal directly with our staff and underwriters—not a broker. Our direct funding model allows for the fastest approvals, reduced rates, and no added broker fees, keeping your costs low. Legal-Bay's flat pricing—as opposed to compounding interest—and our best price guarantee ensures the lowest rates in the litigation finance industry. On large funding amounts, consumers should be aware of payback costs. The savings of Legal-Bay's flat-rate pricing versus contracts with compounding interest can be substantial."

Legal-Bay's funding model is designed to put more money back in the plaintiff's pocket at settlement. If you or a loved one need an immediate lawsuit loan in advance of your impending lawsuit settlement, please apply online HERE or call toll free at 877.571.0405 where agents are standing by.

Legal-Bay assists plaintiffs in all types of lawsuits, including commercial and mass tort litigation, personal injury cases, slip and fall accidents, property damage, car accidents, medical malpractice, wildfires, and many more. If you're looking for the lowest rates in legal funding, legal funding companies without broker, flat rate pricing or simple pricing legal funding companies, easy to use funding calculator, calculator for lawsuit loans, then Legal Bay is here to help.

Their loan for settlement funding programs are designed to provide immediate cash in advance of a plaintiff's anticipated monetary award. While it's common to refer to these legal funding requests as settlement loans, loans for settlements, law suit loans, loans for lawsuits, etc., the "lawsuit loan" funds are, in fact, non-recourse. That means there's no risk when it comes to loans in lawsuit settlements because there is no obligation to repay the money if the recipient loses their case. Therefore, terms like settlement loan, loans for lawsuit, loans on settlement, or lawsuit loan funds don't necessarily apply, as the "loan on lawsuit" isn't really a loan at all, but rather a stress-free cash advance.

For more information about lawsuit loans, please visit us HERE or call toll free at 877.571.0405 where a skilled agent can answer any questions you may have.

The following was contributed by Richard Culberson, the CEO North America of Moneypenny, the world’s customer conversation experts, specializing in call answering and live chat solutions.

Delivering exceptional client service in the legal industry isn’t about grand gestures or over-the-top perks. Instead, it’s about providing seamless, efficient, and consistent experience—ensuring clients feel supported, informed, and confident in your expertise.

Legal professionals instinctively prioritize client satisfaction, knowing that trust and reputation are everything in the industry. However, keeping clients happy doesn’t require excessive handholding or elaborate corporate hospitality. True exceptional service comes from delivering reliable, solutions-focused support that alleviates stress and allows clients to focus on their priorities.

What Does Seamless Client Service Look Like in Law?

The key is demonstrating value by making legal processes smoother, less stressful, and more efficient. Clients don’t just seek legal expertise—they seek peace of mind that comes from knowing their matter is in good hands, that communication will be clear, and that their legal team will proactively anticipate their needs.

For law firms to reach this high level in client service, it means keeping promises, handling matters efficiently, and exceeding expectations where it matters most—through expertise, responsiveness, and a seamless experience.

How to Build Long-Term Client Loyalty

Focusing on client experience is often a thankless task in the short term, as good service is expected, while poor service is called out. However, over time, delivering consistently excellent service will build trust and loyalty because when clients know they can rely on you, they are more likely to return for future matters and refer others to your firm.

However, being dependable doesn’t mean standing still. Instead, by understanding client touchpoints and pain points, legal professionals can provide even greater value—sometimes before clients even realize they need it.

The Role of Personalization in Legal Client Service

Every client is unique, and every client has unique needs, and it goes without saying that tailoring your approach to those needs is a key differentiator in the legal industry. Even if it is the same type of case as the one you have just handled, it is still unique and requires personalized updates, proactive case management, and thoughtful communication. This will only serve to enhance the client experience and demonstrate that your firm values their business.

What’s more, providing this level of service turns satisfied clients into ambassadors for your firm. While appreciation gifts or hospitality, for example, can be a nice touch, they are meaningless without the reliable service behind them. The true measure of outstanding client service is in making complex legal matters as smooth and stress-free as possible.

Seven Pillars of Seamless Legal Client Service

To consistently deliver outstanding client service, legal professionals should focus on these key principles:

1. Understand Your Client – Know their goals, concerns, and expectations.
2. Deliver Convenience and Ease of Use – Make processes straightforward and accessible.
3. Be Proactive – Anticipate client needs before they arise.
4. Personalize Your Approach – Tailor communication and solutions to each client.
5. Communicate Clearly and Regularly – Keep clients informed without overwhelming them.
6. Keep Your Promises – Reliability builds trust and long-term relationships.
7. Seek and Act on Feedback – Continuously improve based on client insights.

Reframing the goal from going “above and beyond” to making the legal journey as effortless as possible will create a strong foundation for long-term success. And by doing so, law firms can build lasting client loyalty and a reputation for excellence that sets them apart in an increasingly competitive industry.

Litigation Capital Management Limited (LCM) has released the following announcement detailing its interim results for the half year ended 31 December 2024:

Highlights

• Seven realisations in period generating A$51m of revenue
• Net realised gains of A$37.4m (HY24: A$19.6m), with concluded investments generating a 3.67x multiple of cash invested (MOIC)
• Total income of A$4.7m (HY24: A$21.6m) due to A$32m negative fair value movement driven by fair value write-offs on concluded investments 
• Loss after tax for the period of A$8.4m (HY24: profit A$7.3m)
• Net assets of A$181.8m (HY24: A$188.9m)
• Book value per share of 86.3 pence (FY24: 94.4 pence)
• Total new commitments of A$34m added in the period (HY24: A$90m)

Outlook

• Fund management momentum accelerating, with Fund III on track for launch before 30 June 2025
• New commitments expected to rebound in the second half of FY25.

Commenting on the results, Patrick Moloney, CEO of Litigation Capital Management, said: “The first half of the year reflected the inherent volatility of litigation finance. While we secured significant wins in two arbitration cases, we also faced setbacks with two class action losses at trial, which are now subject to appeal. Our transition to a fund management model continues to gain momentum, and as we scale, we expect to reduce financial unpredictability. We remain disciplined in capital allocation, focused on generating strong long-term returns for our investors and shareholders.”

LCM will be hosting a webinar for investors today at 11.00 a.m. The presentation is open to all existing and potential shareholders. If you would like to attend this presentation, please register using the following link:

The full release from LCM, including detailed financial breakdowns and the Chief Executive’s full statement, can be read here.

Tenadio Corp, a consulting firm specializing in advising patent owners and inventors, announced it has completed an additional $60 million in financing for the Patent Capital Funding Program (“PCF”), a litigation finance program established by Tenadio’s founding principal, Michael Ciuffo. 

Waterford Capital, Inc., a Dallas, Texas based broker-dealer, was the sole placement agent for the transaction, which was privately placed with institutional investors. 

“The PCF Program is off to a great start for 2025. We are excited to have added new partners and participants in this round of funding and are very encouraged with recent events in patent litigation that will further strengthen our clients’ positions in defending the value in their intellectual property rights,” said Michael Ciuffo. 

“The Patent Capital Funding Program continues to be a reliable funding source for patent owners, having raised approximately $315 million in patent infringement litigation financing to date. We are so grateful for the collaboration of everyone involved, which is a key to the Program’s success, and we look forward to continuing its expansion,” said Dave Piotrowski, Managing Director of Waterford Capital. 

About Tenadio Corp

Tenadio Corp utilizes decades of experience in structured finance and litigation funding to develop optimal funding structures for patent holders and infringement litigation. Tenadio works with its advisors and partners to offer a full platform of patent litigation services, including patent valuation, monetization, funding options, and lead counsel selection. Tenadio provides a thorough evaluation of each patent infringement case, creating a structure that provides an attractive investment opportunity while simultaneously monetizing proceeds associated with future infringement cases. 

About Waterford Capital

Waterford Capital, Inc. is a leading arranger of litigation finance and other structured finance and asset securitization transactions. The firm arranges capital for clients in connection with patent infringement financing, asset-backed credit facilities, private placements of asset-backed securities, and whole loan sale programs. Waterford Capital is a registered broker-dealer and member FINRA/SIPC.

The International Legal Finance Association (ILFA), the only global association of commercial legal finance companies, announced that Juris Capital has joined their association, adding to their rapidly growing membership base. 

Juris Capital is committed to delivering innovation solutions for financial stability for commercial litigation and arbitration along with investments in law firms through creative billing arrangements. Juris Capital’s team has over twenty years of experience investing in commercial litigation, all of their principals are licensed attorneys or certified public accountants. 

"Juris is excited to join ILFA to provide perspective from its over 15 years of operation," said David Desser, Juris Managing Director. 

"We believe the industry faces an inflection point, where the choice of policies will affect outcomes for businesses, consumers, and funders, and we will support ILFA's effort to secure sound policies in the United States and abroad." said Dane Lund, Juris Managing Director. 

Rupert Cunningham, Global Director of Growth and Membership Engagement at ILFA, commented on Juris Capital joining ILFA, saying “I’m delighted to welcome Juris Capital to ILFA’s growing ranks. Juris’ team bring with them a great deal of experience in litigation finance and we at ILFA look forward to working with David and Dane, whose expertise will be invaluable in our efforts to support and represent the legal finance sector globally.”

About the International Legal Finance Association  

The International Legal Finance Association (ILFA) represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA has local chapter representation around the world. 

For more information, visit www.ilfa.com and find us on LinkedIn and X @ILFA_Official.

Legal-Bay, the Pre Settlement Funding Company, announces today that they are committed to funding their clients in Hawaii who are dealing with wildfire claims. In light of the Aloha state's Supreme Court ruling last week, a previously stagnant $4 billion settlement has now been allowed to proceed, providing financial assistance to numerous displaced Hawaiians still dealing with the after-effects of the deadly inferno.

The 2023 Lahaina wildfire on the island of Maui was the most devastating United States fire in over a century. It killed over 100 people and turned entire towns into ash. Thousands of lawsuits against those responsible for the blaze--including Hawaiian Electric, Kamehameha Schools, the state of Hawaii, and Maui County—soon followed. While the $4 billion offer doesn't come close to covering the $5 billion in property damage—not to mention the incalculable loss of life—attorneys accepted the offer amidst rumblings that the main defendant, Hawaiian Electric, might declare bankruptcy.

Between homeowners, renters, and businesses, insurance companies have already paid out $1.5 billion to victims and are expected to pay out close to $1 billion more. Monday's ruling is a good way for insurance companies to receive reimbursement as well as victims to receive future payouts, paving the way for all parties to move forward with their claims. The case is scheduled to be sent back to a Maui judge to determine what comes next.

Chris Janish, CEO of Legal-Bay, commented, "My personal connection to Lahaina and its residents makes seeing the devastation that much harder. We are committed to immediately funding wrongful death wildfire cases in large funding amounts for those families that need it. And we will be assisting renters who are displaced by getting cash advances to help them until a final settlement comes.  Our experience in California wildfire cases enables our underwriting team and staff to process approvals quickly for renters, homeowners, and commercial claims."

If you are a lawyer or plaintiff involved in an active wildfire lawsuit and need an immediate cash advance settlement loan against an impending lawsuit settlement, please visit Legal-Bay HERE or call toll-free at 877.571.0405.

Legal Bay has a long history dealing with wildfire lawsuits, as they've been a leader in almost every case over the past seven years. They were one of the first companies to fund PG&E plaintiffs during the California Camp Fire lawsuits back in 2018, and they've remained involved throughout every wildfire and natural disaster since. They are dedicated to supporting their clients in need of financial assistance, specifically those that are dealing with the aftermath of natural wild fire disasters in places like Hawaii, Oregon, Washington, and California.

Numerous renters, homeowners, and business owners have been temporarily displaced, or seen their homes and companies destroyed altogether. Amidst the devastation and uncertainty, people who have been affected by tragedy need help and they need it now. In these circumstances, legal funding—sometimes referred to as "lawsuit loans" or "settlement loans"—can be immensely beneficial. Legal-Bay is leading the charge to provide loans for settlements to affected residents as soon as possible.

As a leading lawsuit funding provider, Legal-Bay knows that relocation efforts can cost their clients money they don't have. Some are looking into loan settlement options in order to fund basic living expenses while they get their lives back on track. A loan for settlement can also help bridge the gap of time it will take to receive that eventual check from the insurance company. Legal-Bay is proud of the numerous funding they've provided for their current crop of clients along with providing a multitude of loan on lawsuit options for any future financial needs.

If you're the plaintiff in an existing wildfire lawsuit and need an immediate advance against your anticipated cash settlement award, you can apply HERE or call: 877.571.0405

Legal-Bay lawsuit funding remains vigilant in helping clients who have seen their homes and properties damaged by recent events. Additionally, any new clients that have an existing lawsuit and need cash now can apply for regular settlement funding to help them get through their own crises. Legal-Bay funds all types of loans for lawsuits including personal injury, slips and falls, car accident lawsuit, property damage, commercial litigation, and more.

Legal-Bay is one of the best lawsuit loan companies when it comes to providing immediate cash in advance of a plaintiff's anticipated monetary award. The non-recourse law suit loans—sometimes referred to as loans for lawsuit or loans on settlement—are risk-free, as the money doesn't need to be repaid should the recipient lose their case. Therefore, the lawsuit loan funds aren't really a loan, but rather a cash advance.

To apply right now, please visit the company's website HERE or call toll-free at: 877.571.0405 where agents are standing by.

Theo Ai, the first predictive AI platform for litigation, today announced a strategic partnership with Mustang Litigation Funding, a litigation finance company. By leveraging Theo Ai’s predictive engine to automate the case review process, Mustang can confidently select cases faster with a greater rate of success. On the heels of Theo’s $2.2M funding in November, this collaboration exemplifies Theo’s ability to provide strategic insights for a company’s existing portfolio, and it puts Mustang at the forefront of AI-powered advancements, utilizing their extensive proprietary database to create a custom-fit algorithm tailored just for their needs.

Mustang has funded over $170MM in cases across the U.S. to provide innovative litigation funding solutions. While demand for their services is high, reviewing thousands of cases quickly and accurately can lead to a bottleneck. Theo Ai solves this problem by delivering a tool that is capable of automating the task of finding “winners” and delivering insights into case probability. With AI trained on historical and proprietary data along with real-time analytics, Theo Ai boosts confidence in case selection, accelerates workflows and due diligence, and ensures compliance. Additionally, Theo Ai streamlines the review of case records to ensure comprehensive insights and improved accuracy in case evaluations. Included in the collaboration, Mustang will have access to the Theo Ai platform that identifies and unlocks new funding opportunities faster than ever before.

“At Mustang Litigation Funding, we’re always looking for the latest in tech-focused solutions to benefit our clients,” says Seth Rieger, CTO of Mustang Litigation Funding. “With Theo Ai, Mustang is advancing towards a future in which it will be able to consistently and reliably evaluate cases within seconds to pinpoint high-value opportunities. By harnessing the efficiency of AI, we believe we will be setting a new standard in litigation funding.”

“We’re thrilled to empower Mustang’s customer portfolio with Theo Ai. By automating compliance checks and reducing the risk of manual errors, Theo Ai can speed up the deal-closing process with confidence and improved accuracy,” says Patrick Ip, CEO and Co-Founder of Theo Ai. “By improving case selection by just 1% annually, Mustang and its partners will profit from increased ROI and additional revenue. Not only will this benefit Mustang when prospecting new cases but will also unveil strategic insights into their existing clientele.”

The partnership allows Mustang Litigation Funding to reduce losses by avoiding low-return cases and enhance revenues by focusing on high-probability, high-yield cases, all while saving valuable time with automation. This marks a pivotal step forward for law professionals and the legal industry as a whole. By combining Mustang’s commitment to supporting individuals and law firms seeking justice with Theo Ai’s groundbreaking predictive technology, the two are setting the benchmark for efficiency, precision, and success in litigation funding.

To learn more and join the waitlist for Theo Ai, visit: Theo Ai

About Theo Ai

Theo Ai is the first predictive engine designed by technical and legal professionals to forecast the outcome of legal disputes. Its AI models are trained on historical case data and incorporate real-time analytics with predictive modeling to deliver accurate and actionable insights. Theo Ai is meeting the most critical need for legal professionals - offering accurate case outcome predictions, backed by data. To learn more and join the waitlist for Theo Ai, visit: https://theoai.ai/#product

About Mustang Litigation Funding

Founded in 2018 and headquartered in Wayzata, Minnesota, Mustang Funding is a leading litigation finance company dedicated to empowering justice through innovative and transparent funding solutions. With over $170 million funded across more than 3,000 unique cases and partnerships with over 1,000 law firms nationwide, Mustang Funding ensures financial constraints never hinder access to fair legal representation. Guided by their core values of transparency, integrity, and unwavering client support, Mustang Funding is committed to reshaping the legal finance landscape to make justice accessible for all.

PIB Group Ltd (‘PIB’ or ‘the Group’), the specialist insurance intermediary group, has acquired market-leading litigation insurance provider Litica. 

Managing General Agent (MGA) Litica specialises in a range of insurance-backed solutions for private and corporate clients involved in litigation or arbitration.

Litica was founded in London in 2019 by co-founding directors Stephen Bolster and Steve Ruffle. It has since expanded its operations to Australia, the United States and Germany. The company has a large panel of insurer backers and is a Lloyd’s coverholder. This access to significant insurance capacity enables them to underwrite a range of complex and high value litigation types. 

Charles Burgess, CEO of Underwriting and Schemes at PIB Group, said: “Having Litica join PIB Group marks an exciting milestone, enabling our MGA division to enter the next phase of growth. Liticia’s operations in Australia and the United States provide our MGA business with a strong foothold in these markets, bringing a wealth of opportunity to the wider Group. We’re excited to have Stephen, Steve and their team join us - their experience will be invaluable.”

Stephen Bolster, co-founding director at Litica, said: “At Litica we have spent the last six years establishing ourselves as the UK's leading provider of specialist litigation insurance, and we are beginning to replicate that success across international markets. Joining an entrepreneurial and ambitious Group provides us with the capabilities we need to continue growing, while still providing our clients with the professional and diligent services we are known for.”

Steve Ruffle, co-founding director at Litica, said: “Being part of an ambitious, bold and fast-paced international Group will ensure we are positioned well to make the most of the opportunities the market continues to present. We are looking forward to leveraging PIB Group’s wide range of products, solutions and expertise in insurance and risk management.”

ILFA and the Association of Litigation Funders of England and Wales have submitted a joint response to the Civil Justice Council’s consultation on litigation funding.

Legal experts, representative bodies and law firms have also made their submissions public. While there are - of course - a range of views about the sector and possible reforms, there are two common threads: 

• Firstly, all contributors are in unanimous agreement that litigation funding is a critical tool in the UK for enabling access to justice, from Sir Alan Bates and the subpostmasters in the Post Office scandal to equal pay for supermarket workers.
• Secondly, the uncertainty facing the sector because of the 2023 PACCAR judgment is jeapordising that access to justice and must be urgently reversed. In their submission to the CJC, leading Oxford University civil justice academics said “there is a compelling and urgent need to reverse the effects”. The City of London Law Society said “this is an ongoing unsatisfactory state of affairs”. The Class Representatives Network said the current state of uncertainty is “untenable”. The Forum of Complex Injury Solicitors wants to “reinstate the position of prePACCAR”. It goes on. 

ILFA and ALF joint response 

ILFA and ALF’s submission is based on the views of its members who are among the largest and most experienced funders in England and Wales. 

In summary, the views of ILFA and ALF are as follows: 

1. Litigation funding plays a critical role in enabling access to justice. For many claimants, including consumers and SMEs, it provides the only route to redress. For others, litigation funding allows businesses to use their capital to grow their core business and create jobs instead of tying up budgets for litigation costs.
2. Litigation funding has worked well in England and Wales. As well as providing access to justice, litigation funding promotes equality of arms between parties. Funding also brings other benefits such as promoting the public interest through exposing corporate wrongdoing, driving good litigation behaviour and supporting the development of English jurisprudence. Commonly stated concerns about litigation funding supporting frivolous or vexatious claims are not supported by evidence; in fact, the evidence is that funders are highly selective in the cases they fund, providing a reality check which benefits parties beyond the funded client and helping direct resources towards meritorious claims.
3. As well as enabling access to justice, litigation funding has developed into a crucial pillar supporting the UK’s leading global role as a legal and financial centre. To ensure this continues, urgent legislation is needed to address the uncertainty caused by the PACCAR judgment.
4. In the absence of evidence of harm that needs to be addressed and given the detriment that would be caused by additional regulatory burdens, the current self-regulatory approach strikes the right balance. It will continue to evolve by, for example, potential updates to the ALF Code of Conduct in consultation with the CJC.
5. Funders’ returns should not be capped. The existing, competitive funding market is best placed to assess and price the many risks involved and the practical effect of an (inflexible) cap would be to make fewer meritorious cases fundable and have a negative effect on access to justice.
6. Litigation funding helps to control costs (via funder scrutiny and oversight of budgets) but costs are subject to many factors including the defendant’s conduct of the case. Arbitrators have discretion to order that the cost of litigation funding should be recoverable as a cost in proceedings. The courts should have the same discretion.
7. Recoverability of adverse costs and security for costs applications increase the costs of litigation, costs that are ultimately borne by successful claimants. These costs restrict access to justice and diminish claimants’ net recovery. Permitting flexibility in how adverse cost risk is addressed is beneficial for access to justice.
8. Funders have less control over proceedings than other third parties that provide economic support for litigation. Concerns relating to control by litigation funders are unfounded.
9. Beyond representative proceedings in the CAT, there is no need to incur the cost, delay and uncertainty of having the court approve settlements of funded proceedings.
10. Claimants in funded cases are always represented by lawyers, who owe duties to their client alone, which provides protection for claimants when entering a litigation funding arrangement and throughout their litigation. Measures to address conflicts are adequately reflected in best practices and professional regulation.

About the International Legal Finance Association

The International Legal Finance Association (ILFA) represents the global commercial legal finance community, and its mission is to engage, educate and influence legislative, regulatory and judicial landscapes as the voice of the commercial legal finance industry. It is the only global association of commercial legal finance companies and is an independent, non-profit trade association promoting the highest standards of operation and service for the commercial legal finance sector. ILFA has local chapter representation around the world. 

For more information, visit www.ilfa.com and find us on LinkedIn and X @ILFA_Official.

The following article was contributed by Kirstine Rogers, Legal Director at Certum Group, and Molly Pease, Managing Director at Curiam Capital.

Both are also on the steering committee for Women of Litigation Finance (WOLF). WOLF is an organization intended to give women in and around the litigation finance field a space for support, mentorship and connections. WOLF holds quarterly zoom meetings focused on specific relevant topics and hosts various networking events throughout the year.  Please find out more through our LinkedIn page or by contacting any member of the steering committee. WOLF welcomes the support and participation of all industry members. 

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As our country continues to debate the pros and cons of diversity, equity, and inclusion programs in the government and private sectors, the litigation finance industry would be well served by remembering that diverse teams make companies better.  Indeed, several studies have explored the link between diversity initiatives and increased profitability in organizations and found that a more diverse workforce can positively impact business performance, innovation, and profitability.

There are many reasons for this.  First, representation matters.  Whether it is getting a phone call for a potential new investment opportunity from a female general counsel who wants to see diversity in the team she might be working with or being able to hire top talent who want to work with a diverse team, better opportunities present themselves to litigation finance market participants when those firms present a diverse and capable team.  Second, a diverse team allows for more diverse networking opportunities, which encourages investment opportunities from a wide variety of sources.  And finally, and potentially most importantly, diversity of backgrounds, skills, and expertise allows for a risk assessment in underwriting investment opportunities that is less likely to miss potential risks or pitfalls that a more narrow-minded team might not see.  Better underwriting decisions result in better investments, which results in more revenue for the company.

Diversity need not be a mandate for it to be an intentional and profitable choice.

“If you build it, they will come.” 

Does your company reflect the world of your counterparty or their counsel?  

Research has shown that consumers are more likely to buy from or engage with businesses that appear to understand their specific needs, often through shared demographic traits like race, gender, or age.  Businesses that reflect their target consumers' characteristics and values are more likely to foster trust and client loyalty.   The same is true in commercial transactions with counterparties and their counsel.  In entering into a funding agreement, you are forming a potentially long-term partnership.  Communication and trust are essential to the success of that relationship.  You only maximize the likelihood of that success with the diversity of the decision makers on your team.   

Companies with inclusive environments are also more likely to attract top talent and retain employees.  Why wouldn’t a firm cast the widest net possible?

“Nobody puts baby in a corner.” 

Having a diverse workforce also increases opportunities for connection and visibility in the market.  It provides a vehicle for commonality – a shared experience, history, or perspective.  This is because similar backgrounds make it easier to communicate, share common goals, and find mutual interests, which in turn can lead to individual career opportunities and company-wide growth.

Diversity-based industry groups like the Women of Litigation Finance (WOLF) facilitate interaction between market peers, provide leadership and speaking opportunities, and lead to collaboration between companies seeking to work together.  Bar associations also frequently have smaller diversity-based committees that provide a smaller community from which to network and form connections.  Bigger fish. Smaller pond.  Stronger bond.  And these genuine connections formed on shared experiences can lead to exponential networking growth.  A familiar face at one industry event only leads to more familiar faces at the next one.  

This is true for thought leadership too.  If every member of a panel of speakers looks the same and does not reflect the different faces in the audience, there are people in that audience your panel is not reaching.  If every article is written from the same perspective, there are readers who are not listening.  

“You’re gonna need a bigger boat.” 

At its core, the litigation finance industry assesses risk.  The better a firm can do that – whether it is a funder, a broker, or an insurer – the more profitable it will be.  Risk assessment involves seeing things that others might miss and making sure no stone gets left unturned.  

There are many components of a due diligence risk assessment, including reviewing the strength of the legal merits of the claims, assessing the credibility and testifying potential of key witnesses, and predicting what arguments or defenses will be presented by opposing counsel.  A diligence team with diverse backgrounds, experiences, and perspectives will be better at identifying risks and assessing the value of potential claims.  For example, a funder will often speak extensively with key witnesses to assess how they would present testimony at trial and whether a jury would find that testimony credible and persuasive.  If a trial team were conducting a mock jury to test these points, it would assemble a diverse panel of men and women from different ages and backgrounds to get various views on the testimony.  Similarly, a funder trying to make its own internal assessment will be better served by a diverse team with a variety of perspectives.  If everyone in the room has the same basic background, characteristics, and experiences, they are likely to see things similarly and thus miss key factors that could be important in determining the impact of the testimony.  And this is only one aspect of a risk assessment.  Each step of the diligence and risk assessment process would benefit from analysis by a diverse team.  The biggest concern in the litigation finance industry is that a funder, broker, or insurer misses a significant risk in their assessment of a legal asset and finds themselves funding an investment that has a low chance of success in hindsight.  A diverse team will protect against this outcome and therefore drive revenue for industry participants.

"You talkin' to me?" 

At the end of the day, the value of meaningfully implemented diversity initiatives is clear.  Having the benefit of differing experiences and perspectives makes companies better.  And, as to litigation finance in particular, diversity without question strengthens the return on investments. 

But just having a diverse workforce does not necessarily result in a better company or improved profitability.  The company needs to foster an inclusive environment where diverse perspectives are valued and integrated into decision-making processes and where those selected as thought leaders demonstrate how diversity is implemented, prioritized, and integrated into company culture.

In honor of International Women’s Day, make this a call to action – what can you do at your company to ensure you have the broadest perspectives represented?  Ask yourself, does the panel you are sponsoring completely reflect your target client base?  Does your leadership team include those with different perspectives?  Does your company provide women with networking and mentoring opportunities? 

After all, diversity presents an opportunity for someone at your company to collaborate with other market participants to write an article just like this.  

About the authors:

Molly Pease is Managing Director and Chief Compliance Officer at Curiam Capital, and Kirstine Rogers is Legal Director at Certum Group. They both serve on the Steering Committee for WOLF, the Women of Litigation Finance.  They can be reached at molly.pease@curiam.com and krogers@certumgroup.com. 

Pretium, a specialized investment firm with more than $57 billion in assets under management, has closed its inaugural Legal Opportunities Fund, securing approximately $500 million in equity capital commitments from a group of new and existing investors.

The Fund will provide liquidity to plaintiffs, entitlement holders and law firms pursuing a broad range of corporate claims, including patent infringement, anti-trust, and general commercial and contract litigation. For investors, the Fund offers the potential for attractive risk-adjusted returns that are minimally correlated to traditional markets.

"The demand for this Fund underscores not only the evergreen opportunities in legal finance, but the strength of Pretium's investment approach," said Don Mullen, Founder and CEO of Pretium. "We are specialists in unlocking value in complex investments with high barriers to entry. Having developed that expertise through our work in residential real estate, we are applying it to legal opportunities, which we believe will create significant benefits for our investors."

Matthew Cantor, Senior Managing Director leading Pretium's Legal Opportunities strategy, added, "Intellectual property is the capital driving the growth of the digital economy and the development of legal finance. By providing bespoke capital solutions to fund the monetization of legal entitlements, we're supporting law firms, corporations, and other sophisticated parties to help more efficiently and effectively manage their legal risks."

Paul, Weiss, Rifkind, Wharton & Garrison LLP served as legal counsel to the Pretium Legal Opportunities Fund.

About PretiumPretium is a specialized investment firm focused on U.S. residential real estate, residential credit, and corporate credit. Pretium was founded in 2012 to capitalize on investment and lending opportunities arising as a result of structural changes, disruptions, and inefficiencies within the economy. Pretium has built an integrated analytical and operational ecosystem within the U.S. housing, residential credit, and corporate credit markets, and believes that its insight and experience within these markets create a strategic advantage over other investment managers. Pretium's platform has more than $57 billion of assets, comprising real estate investments across nearly 90 markets in the U.S., and employs approximately 7,000 people across 50 offices, including its New York headquarters, Miami, London, Seoul, and Sydney. Please visit www.pretium.com for additional information.