News and analysis dedicated to the commercial litigation funding sector including regulatory issues, case developments, funding activities, and more.

On Wednesday October 16th (Thursday the 17th, in Australia), LFJ hosted a virtual town hall titled ‘Spotlight on Australia.’ The event featured Michelle Silvers (MS), CEO at Court House Capital, Stuart Price (SP), CEO and Managing Director of CASL, Maurice Thompson (MT), Global Head of Litigation Funding at HFW, and Jason Geisker (JG), Head of Claims Funding Australia. The event was moderated by Ed Truant, Founder of Slingshot Capital.

Unfortunately, Jason Geisker was unable to join the panel due to technical difficulties. However, the other three panelists covered a broad range of topics relating to litigation funding in Australia. Below are key takeaways from the event:

ET: Australia is a pioneer in the use of litigation finance. Can you provide an overview of the Australian market?

MS: Australia has been involved in litigation funding for over 20 years, since the late 1990s. At the moment it’s an interesting environment, we have listed and private funders, hedge funds, law firms and private insurers. Our market is dominated by litigation funders, not necessarily alternative capital sources, which is what tends to happen overseas. We’ve witnessed the market globalizing with offshore funders entering, and local funders expanding abroad, but a lot of the offshore funders have withdrawn from the market in recent years.

The market is small – Australia’s population is 25-28 million, so you can imagine that the way we operate here is quite different than overseas. We have about 10 players operating in the Australian market at the moment. Our environment is quite different than overseas, it’s smaller and well-knit. We all know each other quite well, we compete for the same cases. It’s fierce competition, and an exciting environment.

ET: In terms of return profile, I ‘ve been privy to a lot of litigation finance resolutions on a global basis, and in my review of the data, it strikes me that Australian funders are some of the best in terms of producing consistent returns, albeit the quantum of financing is a little bit smaller than what you might find in the US. Generally speaking, do you agree with that? And to what would you attribute the performance of Australian funders?

SP: I attribute that to the predictability of outcomes, and that really comes from the jurisdiction being established for a long time. Some of the growing pains that other jurisdictions are having, are dealing with new issues and new laws. Most of our bench that deals with litigation funding and new actions, they were senior and junior lawyers, partners, barristers, and now have become judges. So there is an ingrained knowledge of the system, and an appreciation of the importance of litigation funding to provide access to justice.

That in itself also goes with the Australian civil justice system, which is an absolute Rolls Royce. It is gold-plated, it is costly, so you need to be able to navigate that in a way where duration risk doesn’t become an issue to you. So when you talk about performance, I absolutely agree Australia is up there as one of the better performing markets in the world. We select our cases well and we settle cases before trial (about 95% of cases settle before trial – that brings duration risk down). That combination of factors are all a reflection of the 25 years-plus of existing in this market.

ET: Up until recently, outside of the class action space, lawyers have not been able to engage in contingent fee arrangements, but jurisdictions like Victoria have changed this dynamic. Can you discuss the current state of contingent fee arrangements and its likely trajectory, and the implications for the litigation funding market?

MT: Everything Stuart mentioned about this being an isolated part of the world, and the impacts that has on doing business here, is absolutely correct. A flip on that though, is that degree of isolation that we’ve had as a nation has always had us looking closely outside of our borders. So we observe what’s happening in other parts of the world and that influences how we think.

Some of the comments you’ve heard might suggest that we’re a slightly immature legal market, in the sense that politics have impacted the courts and there has been some degree of uncertainty since 2020. But I’d flip that and say that this is a case of us looking hard at what we need moving forward and what will suit Australia. The largest differential between us and the United States, for instance, is that we never want to see a situation in Australia where the overweight child might sue the fast food chain because some lawyer provides contingent fee arrangements, all those sorts of things. We’ve laughed at that scenario overseas, and we don’t want that here. So the whole idea of contingent fees stirs up all sorts of feelings in our legal environment, and in having to deal with those negative perceptions, we have to think very carefully about how we structure things moving forward.

In the period between 2020 and now, there’s been a proliferation of class actions in Victoria to take advantage of the contingent fee arrangements. Not all law firms have done that – my law firm, for instance, we’re running three large plaintiff class actions at the moment, we’ve got a few others in the pipeline. We’re currently not fixated on Victoria, because among other things, the way it’s been dealt with – generally if you want to take full advantage of a contingent arrangement sanction by the court and legislation, you have to bear all the risk of the costs and a security for costs order against the law firm. And most law firms won’t stomach that at all (because this is so new). But other law firms see this as an opportunity – particularly large national firms like Maurice Blackburn for instance. Large firms like that will take advantage because they can finance the risk. If I’m going to sell that to my partners in London, Asia or elsewhere, it’s a different proposition.

So we are inching closer to a wider opportunity for law firms to take on contingent risk, but we’re not there yet. I don’t think it’s going to be the free for all that people have been concerned about. That’s not to say there hasn’t been class actions flooding into Victoria as opposed to other states, but I think that will slow down. And so a firm like us is looking beyond the Victoria borders.

To view the entire 1-hour discussion, please click here.

Top legal finance firm, Nera Capital, is expanding its presence in Holland by opening a new office in Amsterdam, due to its involvement in several high-profile legal claims in the WAMCA. 

The strategic move into innovative and renowned offices in the prestigious Zuidas district is largely driven by significant legal actions that will proceed through the Holland court system.

In January 2020 the Netherlands introduced a new piece of legislation known as the Wet Afwikkeling Massaschade in Collectieve Actie (WAMCA) which translates to the Settlement of Mass Damages in Collective Action Act.

It allows for collective legal actions, enabling multiple claimants to combine similar cases into a single lawsuit, and is a key factor in Nera Capital’s decision to increase its presence in the region.

Firm Director, Aisling Byrne, explained that this approach not only streamlines the legal process but also increases the efficiency and impact of group claims. 

Ms Byrne added: “For Nera Capital, this system means a more robust and coordinated effort in legal pursuits, ensuring clients benefit from a comprehensive and streamlined legal strategy.

“Our expansion into Amsterdam reinforces Nera Capital’s desire to establish a stronger foothold in a key European financial and legal hub, positioning us at the centre of key industry developments and opportunities. 

“Leveraging our cutting-edge technology and embracing legal frameworks like the WAMCA reflects Nera’s dedication to ensuring that we remain at the forefront of the industry.

“The move marks more than just a new office – it’s another strategic step in our expansion, giving us the platform we need to further scale our operations and continue delivering top-tier service for our clients and partners.”

The change comes at a fruitful time for the legal funder, which is undergoing a period of heavy growth.

In recent months Nera Capital has continued to build its success through acquiring positions in a number of cartel and anti-trust claims in various jurisdictions, including the USA whilst also onboarding several new prominent funding partners. 

Reflecting on Nera’s recent success, Ms. Byrne noted that the expansion into Amsterdam aligns with the company’s core priorities of fostering collaboration and expanding strategic networks.

Viren is a Partner in Milbank’s New York office where he leads the international arbitration practice in the US.  He specializes in international arbitration (construction, commercial, and investment arbitration) as well as enforcement of awards and judgments in U.S. courts. 

He has nearly two decades of experience acting as counsel for parties in a broad range of industries, with a particular focus on energy and mining disputes. His investment treaty experience includes representing investors in disputes against Argentina, Azerbaijan, Bosnia-Herzegovina, Bolivia, Ecuador, India, Italy, Mexico, Nigeria, Peru, the Philippines, the Russian Federation, Timor-Leste, Uruguay, and Venezuela.  He has advised litigation funders on whether to underwrite prospective matters and also obtained litigation funding for his clients.  He sits as arbitrator in commercial arbitrations and teaches international arbitration at Columbia Law School. 

Viren has been recognized for his accomplishments in international arbitration by Chambers Global, Chambers USA, Legal 500, Who’s Who Legal: Arbitration, The Best Lawyers in America:  International Arbitration, Euromoney (commercial arbitration), Latinvex (disputes in Latin America), Law360 (energy disputes), Lawdragon (500 Leading Global Litigators, 2021, 2023, 2024), The New York Law Journal, Crain’s Business New York,The LGBT Bar Association, the South Asian Bar Association, and the American Bar Association.  His client reviews in Chambers include, “Viren is talented, smart, and quick on his feet.  He is a lawyer you want in your corner”; “His attention to detail and commitment made him stand out – he was always thinking of next steps and briefing us often”; “Viren is bright, capable and a really strong advocate.”  Legal 500 identified Milbank as one of three firms to watch in the international arbitration space, noting, “Milbank continues to grow its profile in international arbitration since the late 2022 arrival of Viren Mascarenhas.  The team is particularly noted for its activity in the energy and infrastructure areas.”

Company Name and Description:  Milbank LLP is an international law firm headquartered in New York with offices in Washington, DC, Los Angeles, Beijing, London, Frankfurt, Munich, Tokyo, Hong Kong, Sao Paulo, Seoul, and Singapore.  Chambers USA ranks Milbank in Band 1 for a range of practices, including Bankruptcy/Restructuring, Capital Markets, Metals & Mining, Projects, and Transportation.

Company Website: www.milbank.com

Year Founded:  1866.  Company rebranded to Milbank in 2019.

Headquarters:  New York

Area of Focus: Milbank is a full services international law firm.  Viren is a member of the Litigation & Arbitration Practice Group.

Member Quote:  “Litigation funders want lawyers who can chart a course of action from filing a claim to collecting on the award/judgment, and then engage with the wide variety of players involved (client, opposing counsel, co-counsel, witnesses, experts, investigators, the adjudicators, and the funders themselves!) to make it happen.”

Westbrooke Associates announces its expansion into the burgeoning litigation funding sector, marking a new chapter in its legacy of connecting investors with high-growth, socially impactful opportunities.

As a brokerage known for identifying innovative investment vehicles, Westbrooke Associates is now expanding into litigation funding, a niche asset class that has seen rapid growth in the UK and globally. Litigation funding provides financial backing to individuals and small businesses that would otherwise be unable to afford legal representation. This growing financial tool has proven essential in levelling the playing field in the legal system, enabling claimants to pursue justice against larger, well-funded opponents.

With rising litigation costs and increasingly complex cases, the demand for litigation funding has surged, particularly in markets such as the UK, which boasts one of the most advanced regulatory environments for this asset class. The global litigation funding market is experiencing extraordinary growth, with revenues projected to reach $43 billion by 2033, up from $17.1 billion in 2023.

As one of the most compelling alternative investment opportunities today, litigation funding offers investors a low-risk, high-return asset class that remains largely uncorrelated with traditional financial markets. This makes it an attractive option for portfolio diversification, especially during times of market volatility.

A report by Reynolds Porter Chamberlain LLP highlights that the top 15 litigation funders in the UK saw assets grow to a record £2.2 billion in 2020/21, an 11% increase from the previous year. With such exponential growth, Westbrooke Associates is poised to help investors capitalise on the robust potential of this asset class.

Westbrooke Associates’ expertise in sourcing profitable investments that align with strong ESG (Environmental, Social and Governance) standards makes this a natural step forward. The firm has already established a successful collaboration with Addlington-West Legal Limited, offering investors access to litigation funding opportunities that prioritise both financial returns and social impact.

Litigation funding not only delivers strong returns but also plays a pivotal role in supporting justice. Westbrooke’s unique investment model ensures a rigorous due diligence process, with cases thoroughly vetted to back only those with strong chances of success. Investors benefit from fixed returns—typically generated within 18 months—while also supporting businesses that face significant financial barriers due to litigation costs.

Moreover, Westbrooke Associates’ commitment to protecting investor capital is evident via the surety bond offered by Addlington-West Legal. This guarantees 100% capital protection in the event of unsuccessful claims, ensuring investor security and peace of mind. This level of risk mitigation, combined with relevant regulatory compliance, makes litigation funding a particularly attractive opportunity for Westbrooke Associates’ clients.

For investors seeking a safe, high-potential asset class, litigation funding through Westbrooke Associates represents an ideal investment opportunity. The firm’s longstanding reputation for identifying forward-thinking ventures is further bolstered by this new foray into the litigation funding space. Westbrooke Associates continues to demonstrate its ability to deliver innovative and socially responsible investment opportunities that align with the evolving needs of its investor base.

As the litigation funding market continues to grow, Westbrooke Associates is at the forefront of offering investors access to this dynamic and impactful sector. Whether you’re a seasoned investor or looking to diversify your portfolio, Westbrooke Associates ensures that every investment opportunity provides both profitability and a positive societal impact.

For more information about how to invest in litigation funding through Westbrooke Associates or to request the Investment Memorandum, please visit www.westbrookeassociates.com or call 0203 745 0294.

Treviso – FiDeAL®, a leader in litigation finance consulting, is pleased to announce a new strategic partnership with Outmatch, a renowned French financial boutique specializing in M&A operations and in legal disputes resolution.

This collaboration marks a significant step in further strengthening FiDeAL’s litigation finance consulting services and in expanding its operations into the French legal market, one of the main European markets for complex legal disputes.

FiDeAL and Outmatch will combine their respective expertise to provide tailored solutions to French law firms and companies, supporting them with access to innovative financial tools and optimizing their legal strategies in high-profile litigation.

This partnership represents a milestone for both companies, opening new opportunities in the French market and offering a broader range of services to companies involved in complex disputes.

The International Legal Finance Association (ILFA), the global voice of commercial legal finance, has welcomed the findings of the newly published European Law Institute (ELI) report ‘Principles governing the third-party funding of litigation’. 

The report, authored by UK High Court Judge Dame Sarah Cockerill and Professor Susanne Augenhofer, is the product of more than two years of investigative work to develop principles and guidance for the TPLF market, and represents a new, independent contribution to the legitimate and effective use of TPLF. 

Following the publication of the report, Neil Purslow, Chairman of the Executive Committee of ILFA, commented:

‘This new report, authored by seasoned legal observers, recognises that commercial legal finance increases access to justice for European businesses and consumers and provides ‘vital improvement in access to justice’ (pg.19) when made available. Contrary to the repeated claims of big business, funding helps level the playing field for those exercising their rights against multinationals with almost unlimited resources’. 

The report also cautions against imposing new regulations on the TPLF market. Instead, it advances a ‘complementary approach’ involving guidance to funders on issues to be taken into account before entering into a TPLF agreement, together with publishing a new Appendix drawing together the recommended minimum content of a funding agreement.

Purslow commented: 

‘ILFA agrees with the report’s conclusion that proscriptive one-size-fits-all regulation isn’t appropriate for a sector like ours. It risks funders ceasing to offer funding, inevitably leading to what the authors rightly identify as ‘serious access to justice issues’.’

The full report from ELI can be read online here. 

About ILFA

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 global 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 like us on LinkedIn and X @ILFA_Official. 

About ELI 

The European Law Institute (ELI) is an independent non-profit organisation established to initiate, conduct and facilitate research, make recommendations and provide practical guidance in the field of European legal development. The ELI secretariat is hosted by the University of Vienna, Austria.

The report team was led by Susanne Augenhofer (Professor of Law, Austria), Dame Sara Cockerill (High Court Judge, UK), and Henrik Rothe (Professor of Law, Denmark) (until July 2022). 

With federal lawmakers following in the wake of some state legislatures in introducing draft legislation to impose new regulations on litigation funding, it is perhaps no surprise that the US judiciary has now seen fit to take a more proactive approach in examining the role of third-party legal funding in the country.

An article in Reuters covers the news that the U.S. Judicial Conference’s Advisory Committee on Civil Rules agreed last week to begin a study into litigation finance, to ascertain whether a federal rule governing disclosure of third-party funding was necessary. The decision followed a panel meeting last Thursday in Washington, D.C., and notably comes shortly after over 100 companies signed a letter calling on the judiciary to introduce greater transparency measures for litigation funding. 

The chair of the Advisory Committee, U.S. District Judge Robin Rosenberg, said that the debate over third-party legal funding “is an important issue” and that it “is not going away.” Following the committee’s decision, a subcommittee will be created to study the issue but as the Reuters article highlights, this does not provide a timeline on when, or even if, a new rule governing disclosure would be introduced. U.S. District Judge John Bates, chair of the Committee on Rules of Practice and Procedure, seemed to make a distinction between the “theoretical problem” that litigation finance could pose, and the study’s purpose to uncover whether there were “actual problems”.

In response to the committee’s decision, Page Faulk, senior vice president of legal reform initiatives at the U.S. Chamber of Commerce Institute for Legal Reform, called on the judiciary “to move forward swiftly in adopting mandatory disclosure requirements.” In contrast, the International Legal Finance Association (ILFA) said that it welcomed “the opportunity to be a part of the conversation to demonstrate how legal finance is a valuable part of the legal economy and has not resulted in any of the negative outcomes that the U.S. Chamber has cut from whole cloth.”

Andi Mandell is a partner and co-head of Schulte Roth & Zabel’s Tax Group, where she advises on the tax aspects relating to structured finance, securitization and fund formation. Her practice is focused on esoteric assets, including litigation funding, structured settlements, lottery receivables, secured and unsecured consumer loans and timeshare loans.

Andi has over 30 years of experience providing skilled tax advice to the securitization industry. In addition to her work in the esoteric space, Andi is recognized as an authority in the securitization of residential and commercial mortgage-backed securities and real estate structured finance, including the structuring of REO-to-rental financings, servicer advance facilities, debt re-packaging, securitization of non-performing and re-performing mortgage loans, re-securitizations, distressed asset funds and MSR purchases and sales.

Andi works with other industry leaders who are shaping the securitization industry as a member of the Board of Directors of the Structured Finance Association (SFA), and is serving her fifth year as the co-chair of the Tax Policy Committee.

Company Name and Description: With a firm focus on private capital, Schulte Roth & Zabel LLP is comprised of legal advisers and commercial problem-solvers who combine exceptional experience, industry insight, integrated intelligence and commercial creativity to help clients raise and invest assets and protect and expand their businesses. The firm has offices in New York, Washington, DC and London, and advises clients on investment management, corporate and transactional matters, and provides counsel on securities regulatory compliance, enforcement and investigative issues.    

Company Website: https://www.srz.com/

Year Founded: 1969  

Headquarters: New York, New York, U.S.A.  

Area of Focus: Tax, Finance, Structured Finance  

Member Quote: “Navigating the intricacies of litigation funding requires a deep understanding of both the financial and the legal landscape. As a tax lawyer, my role is to ensure that funding arrangements are properly structured to allow a broad range of investors to participate as funders in this asset class in a tax efficient manner. Litigation funding presents unique tax challenges to non-US investors and tax exempts and having the tax expertise to help guide our clients allows for greater participation in this space.”

Today, EvenUp, the market leader in personal injury AI and document generation, announced it has raised a $135 million Series D round of funding and significantly expanded its AI workflow and product suite. The round was led by Bain Capital Ventures, with participation from Premji Invest, Lightspeed Venture Partners, Bessemer Venture Partners, SignalFire, and B Capital Group. This brings the company’s total funding to $235 million, with $220 million raised over the last 18 months. One of the largest funding rounds in legal AI history, it puts EvenUp’s valuation at over $1 billion.

“At EvenUp, our mission is to close the justice gap through the power of technology and AI,” said Rami Karabibar, CEO and co-founder of EvenUp. “We empower personal injury firms to deliver higher standards of representation, with the goal of ultimately helping the 20 million injury victims in the U.S. achieve fairer outcomes each year. With our latest products, funding, and proprietary data, we’re now better equipped to serve our customers. We’re also excited to continue investing in our talent, expanding our world-class leadership team with recent executive leaders from public companies.”

Over 1,000 law firms use EvenUp, which has helped them claim over $1.5 billion in damages. EvenUp has flagged $200 million in missing documents, leading to settlement increases of up to 30% – putting more money back in plaintiffs’ pockets faster. Based on internal data analysis, EvenUp’s flagship product, Demands, is 69% more likely than non-EvenUp demand letters to achieve a policy limit settlement.

EvenUp’s all-in-one Claims Intelligence Platform™ is powered by its AI model known as Piai™, which is trained on hundreds of thousands of injury cases, millions of medical records and visits, and internal legal expertise. The company’s new suite of products span across the personal injury case lifecycle and include:

Equip case managers and attorneys with the tools for successful representation 

• Case Preparation: Law firm staff manage large volumes of cases and engage in painstaking document review tasks. Despite this, an alarming rate of claims are submitted with missing supporting documents. Case Preparation is the first product of its kind to proactively help case managers make the best decisions across the lifecycle of their cases, including identifying missing documents early and simplifying the review of records, improving the quality of case preparation, and reducing time to settlement.
• Negotiation Preparation: Negotiation Preparation helps injury professionals ensure they’re never caught off guard in negotiations with insights on strengths, weaknesses, and key facts. Attorneys are then empowered with Case Companion, a state-of-the-art AI case assistant for real-time answers to complex questions, to quickly navigate their documents and return sourced-based answers.

Enable firms to reach new levels of performance

• Executive Analytics: Executive Analytics makes rich insights and powerful benchmarks from EvenUp’s proprietary dataset easily accessible. AI insights across key case metrics like treatment continuity, demand delays, and more ensure executives have the data they need at their fingertips to unlock new best-in-class performance.

Equip attorneys with new visibility into their historical settlements

• Settlement Repository: With over 95% of cases settled privately, firms have lacked clean internal data to evaluate potential offers or inform negotiations on behalf of their clients. Settlement Repository solves this challenge.

EvenUp’s engineering and product teams, which span 100+ people, have shipped 50+ releases this year alone. Twenty percent of its customers are already multi-product users, and EvenUp drafts 1,000+ documents per week for its customers, positioning EvenUp as the largest AI-document drafting platform in the U.S. Revenue has grown over 100% year-over-year, and EvenUp has also more than doubled its workforce in the U.S. and Canada in the past 12 months.

“Everyone is looking for ways that Gen AI can help people in the real world, and EvenUp’s multi-product approach is the perfect example of that,” said Aaref Hilaly, partner at Bain Capital Ventures. “The work Rami and his team are doing in the legal technology space is unmatched, especially given the quality of data they provide to customers and their new workflow products. We are excited to double down and invest again in EvenUp as they embark on this new chapter.”

“We are beyond excited to partner with EvenUp, which is streamlining the day-to-day tasks of attorneys and case managers. The product velocity here is like no other – EvenUp will soon serve as the singular technology platform addressing nearly every pain point personal injury attorneys face,” said Sandesh Patnam, Managing Partner at Premji Invest.

“EvenUp’s powerful insights have reshaped how we make decisions,” said Steve Mehr, founder & partner at Sweet James. “Access to this type of business intelligence solidifies our position as the market leader. Their platform enables us to stay ahead of the competition while scaling with precision and confidence.”

“With first-of-its-kind transparency into case settlement outcomes, EvenUp truly lives up to its name by empowering advocates with accurate data, ensuring injured victims receive fair and full compensation,” said Bob Simon, co-founder of The Simon Law Group.

Find out more about EvenUp’s new products here: https://www.evenuplaw.com/

About EvenUp

EvenUp is on a mission to level the playing field in personal injury cases. EvenUp applies machine learning and its AI model known as Piai™ to reduce manual effort and maximize case outcomes across the personal injury value chain. Combining in-house human legal expertise with proprietary AI and software to analyze records. The Claims Intelligence Platform™ provides rich business insights, AI workflow automation, and best-in-class document creation for injury law firms. EvenUp is the trusted partner of personal injury law firms. Backed by top VCs, including Bessemer Venture Partners, Bain Capital Ventures (BCV), SignalFire, NFX, DCM, and more, EvenUp’s customers range from top trial attorneys to America’s largest personal injury firms. EvenUp was founded in late 2019 and is headquartered in San Francisco. Learn more at www.evenuplaw.com.

About Bain Capital VenturesBain Capital Ventures (BCV) is a multi-stage VC firm with over $10B under management investing across seven core domains—AI applications, AI infrastructure, commerce, fintech, healthcare, industrials and security. Leveraging the unique resources of Bain Capital, BCV deploys targeted support at every stage of the company-building journey. For over 20 years, BCV has helped launch and commercialize more than 400 companies including Attentive, Apollo.io, Bloomreach, Clari, Docusign, Flywire, LinkedIn, Moveworks, Redis and ShipBob. For more information, visit www.baincapitalventures.com.

Renovus Capital Partners (“Renovus”), a private equity firm based in the Philadelphia area, announced today that it has acquired a majority stake in class action case management solutions provider Angeion Group, LLC (“Angeion”). Founder & Chief Executive Officer, Steven Weisbrot, and senior members of the management team have maintained a significant ownership stake in the Company and will continue to drive the growth of the platform in partnership with Renovus. Marks Baughan Securities LLC served as the exclusive financial advisor to Angeion Group in the transaction.

Angeion, which is also headquartered in Philadelphia, is the leading innovator in the class action settlement industry. As a global provider of notice and claims administration services, the company has built a technology platform that enables its legal experts to manage the largest and most complex class action settlements.

The Renovus partnership will enable Angeion to accelerate the buildout of its management, client service, and delivery teams and increase investment in its proprietary class action technology solutions. Angeion plans to grow its leadership position in the US market and continue to develop its international business through a combination of key hires, new solutions, and strategic acquisitions.

Angeion was founded in 2013 by Steve Weisbrot, Esq. and Christopher Chimicles, with a mission to modernize the class action settlements industry. With over 160 team members, the Company provides high-quality service and innovative technology solutions in settlement administration, adapting to the constantly evolving legal services ecosystem. To date, its team has managed more than 2,000 class action settlements and distributed over $10 billion to class members.

“This partnership marks a major milestone in Angeion’s growth journey,” said Weisbrot. “The investment from Renovus is a testament to the dynamic team that has propelled Angeion into the great company that it is today and that will continue to drive its growth into the future. I am extremely proud of what we have accomplished, and I am even more energized for the years ahead.”

“Angeion is one of the most differentiated and fastest growing players in class action services,” said Renovus Managing Director Lee Minkoff. “Renovus has a track record of identifying unique tech-enabled legal services companies, aligning with management on a growth thesis, and making investments to execute that thesis. This is the exact opportunity we have with Angeion, and we could not be more excited to partner with Steve and the management team.”

Marks Baughan served as exclusive financial advisor to Angeion Group.

About Angeion Group

Angeion Group stands at the forefront of settlement administration and legal noticing services. Leveraging advanced technology, proven best practices, and expert consulting, Angeion specializes in managing class actions and other types of mass litigation. Angeion’s dedication to efficiency, accountability, and excellence instills confidence in counsel and the court alike. 

About Renovus Capital PartnersFounded in 2010, Renovus Capital Partners is a lower middle-market private equity firm specializing in the Knowledge and Talent industries. From its base in the Philadelphia area, Renovus manages over $2 billion of assets across its several sector focused funds. The firm’s current portfolio includes over 30 U.S. based businesses specializing in education and workforce development and services companies in the technology, healthcare and professional services markets. Renovus typically makes control buyout investments in founder owned businesses, leveraging its industry expertise and operator network to make operational improvements, recruit top talent and pursue add-on acquisitions. Visit us at www.renovuscapital.com and follow us on LinkedIn.

Clients trust Phillip Goter to enforce and manage their valuable intellectual property. Phil counsels organizations – ranging from startups to Fortune 100 companies – around the world, managing litigation through trial and appeal, thoughtfully obtaining patents and trademarks, conducting pre-suit investigations, advising on regulatory issues, conducting due diligence and freedom to operate analyses, and resolving complex disputes.

Phil leverages his business and industry experience when working with his clients, and they value his strategic thinking and trust his counsel regarding IP strategies that protect R&D investment and product markets.

Phil, who practices in the firm’s Minneapolis office, frequently works with high-tech clients in the computer software and hardware space. His keen familiarity with computer hardware, standards-essential cellular infrastructure, 5G, GPS, mobile apps, autonomous vehicles, artificial intelligence, machine learning, computer and network security, VoIP, wireless networking, home automation, medical devices, and cloud computing aid him in providing successful outcomes for his clients.

He has deep experience providing counsel to international businesses on U.S. intellectual property matters, including representing European and Asian consumer electronics, networking and telecommunications, and pharmaceutical companies in global IP disputes. His practice includes patent litigation in U.S. district courts around the country and before the U.S. Court of Appeals for the Federal Circuit, with the majority in key patent litigation venues such as Texas, Delaware, and California.

Phil also has significant experience with complex economic matters and his cases have included competition law issues, such as monopolization, attempted monopolization, and Walker Process and sham litigation claims. He has successfully obtained lost profits verdicts in pharmaceutical cases and has commissioned and used numerous expert surveys in litigation to prove infringement, indirect infringement, rates of infringement, apportionment, lost profits, and value of the invention.

He also has in-house counsel experience. Prior to joining Barnes & Thornburg, Phil was an investment manager and legal counsel for a global, publicly traded litigation finance and legal risk management company. He advanced the company’s IP initiatives globally and handled U.S. litigation matters through the entire life cycle of the litigation funding relationship, including sourcing, evaluating, and monitoring IP and commercial investments through to resolution.

Outside of his legal practice, Phil teaches intellectual property at the University of Minnesota Law School and can often be found at the hockey rink, coaching his three children’s youth hockey teams.

Company Name and Description: With more than 800 attorneys and other legal professionals, Barnes & Thornburg is one of the largest law firms in the country. We serve clients worldwide from offices in Atlanta, Boston, California, Chicago, Delaware, Indiana, Michigan, Minneapolis, Nashville, New Jersey, New York, Ohio, Philadelphia, Raleigh, Salt Lake City, South Florida, Texas and Washington, D.C. We provide guidance in more than 50 dedicated practice areas, including litigation, intellectual property, labor and employment and corporate law. We are where you need us. Find out more at btlaw.com.

Company Website: btlaw.com

Year Founded: 1982

Headquarters: Largest office is in Indianapolis

Area of Focus: Intellectual property

Member Quote: Litigation finance has become an increasingly important financial tool for IP owners, who often find themselves disadvantaged by large, well-capitalized competitors. In this lopsided dynamic, non-recourse capital from trusted legal funders gives me the ability to right the harms inflicted upon my clients.

Litigation Capital Management Limited (AIM:LIT), an alternative asset manager specialising in dispute financing solutions internationally, announces a positive development on an investment within its Fund I portfolio.

LCM has funded a claim advanced in respect of an international arbitration claim brought against the Republic of Poland under the United Nations Commission on International Trade Law (UNCITRAL) Rules. The Tribunal has unanimously held in favour of the funded party that the Republic of Poland breached its obligations under the Australia-Poland Bilateral Investment Treaty and the Energy Charter Treaty.  

The quantum of the award entered in favour of LCM’s funded party totals A$490 million plus interest.

LCM’s funded party has therefore been successful in the claim. If the award is not subject to challenge and is not satisfied the dispute will move to an enforcement stage. We will assess any further funding requirements once the enforcement strategy has been finalised.

The total investment into the case to date is A$16.6 million (US$11.3 million). This investment comprises A$4.2 million (US$2.8 million) from LCM’s own balance sheet and A$12.4 million (US$8.5 million) of third party capital from Fund I. In line with our usual practice LCM’s returns are calculated as a rising multiple of invested capital over time.  

This investment is no longer attended with liability and quantum risk as that has been decided. Final performance will be announced to the market after conclusion of the investment. However, if the award is satisfied within a reasonable period without the need for enforcement, then based upon the contractual terms with the funded party as at the date of this announcement, LCM would be entitled to a multiple of 6 times its own invested capital plus significant performance fees on third party capital invested. 

Patrick Moloney, CEO of LCM, commented: “This announcement represents a very significant milestone in this investment. Subject to any challenge to the very favourable and unanimous award we now move to an enforcement stage. This investment is part of Fund I and therefore stands to benefit from significant performance fees giving it the potential to be the most successful investment in LCM’s history.”

About LCM

Litigation Capital Management (LCM) is an alternative asset manager specialising in disputes financing solutions internationally, which operates two business models. The first is direct investments made from LCM’s permanent balance sheet capital and the second is third party fund management. Under those two business models, LCM currently pursues three investment strategies: Single-case funding, Portfolio funding and Acquisitions of claims. LCM generates its income from both its direct investments and also performance fees through asset management.

LCM has an unparalleled track record driven by disciplined project selection and robust risk management. Currently headquartered in Sydney, with offices in London, Singapore, Brisbane and Melbourne, LCM listed on AIM in December 2018, trading under the ticker LIT.

www.lcmfinance.com

An investment vehicle advised by Tactical Management has successfully acquired Avyana Litigation Funding, further expanding its strategic portfolio in the legal financing sector.

Tactical Management, a globally active turnaround investor, specializes in unlocking the potential of underperforming companies, distressed real estate, and non-performing loans. The firm’s expertise lies in driving value and growth through strategic and operational support across a range of sectors and asset types.

Avyana Litigation Funding is dedicated to democratizing justice by providing financial support for complex legal disputes. As a trusted partner to minority shareholders, investors, and businesses, Avyana not only funds their fight to pursue rightful claims but also helps them monetize these claims, turning legal challenges into financial opportunities.

The acquisition aligns with Tactical Management’s strategic focus on supporting businesses with high-growth potential through innovative solutions. The acquisition of Avyana allows Tactical Management to strengthen its presence in the legal financing market, offering comprehensive services such as:

• Shareholder Disputes: Funding legal battles over shareholder rights, corporate governance, and mismanagement.
• Investor Claims: Supporting claims related to corporate misconduct, fraud, or breach of fiduciary duty.
• Bankruptcy Litigation: Financing litigation to recover debts or protect interests during bankruptcy proceedings.
• Individual or Collective Legal Actions: Providing funding for both individual and group legal actions.

Through this acquisition, Tactical Management enhances its ability to generate value for investors and stakeholders by tapping into the rapidly growing litigation funding market.

Bridge Legal, a leading provider of AI legal workflows, data management, and predictive analytics solutions for litigation funders and the high-volume law firms they support, is pleased to announce the appointment of Chris Dore as Managing Director, Strategic Opportunities.

With over 15 years of experience as a litigator and litigation funder specializing in mass torts, single-event, and class-action matters, Chris brings a wealth of expertise to Bridge Legal. Prior to joining the company, he served as a Partner at Edelson PC, a nationally recognized mass tort and class-action law firm, and most recently as a Director at Burford Capital, the world’s largest litigation funder.

In his new role, Chris will focus on expanding and managing Bridge Legal’s capital market strategies in high-volume consumer litigation. He will leverage the company’s industry leading marketing, intake, case maturation, and AI-driven software platform—Bridgify—to strengthen relationships within the mass tort, mass arbitration, and single-event space. His efforts aim to enhance the sophistication of services offered to Bridge Legal’s law firm and litigation funder clients, providing them with the tools and resources necessary to thrive amidst increasing data complexity and operational risk.

“Bridgify’s AI workflow capabilities are transforming the way litigation funders and law firms operate by providing unprecedented visibility over their investments and case portfolios,” said Ed Scanlan, Founder & CEO of Bridge Legal. “We are thrilled to welcome Chris to our leadership team. His extensive experience in mass torts and litigation funding aligns perfectly with our strategic vision. With his leadership, we aim to further enhance Bridgify’s AI-driven solutions to meet the evolving needs of litigation funders and the firms they support. Chris’s role will be pivotal in deepening our relationships within the industry and elevating the services we provide.”

“I’m excited to join the leading legal tech company in the industry,” said Chris. “Bridgify represents the future of high-volume legal services and litigation funding by integrating AI to streamline and enhance every facet of investment and case management. By focusing on expanding capital investments in high-volume consumer litigation and leveraging Bridge Legal’s innovative platforms, we can provide unparalleled value to our clients. I look forward to contributing to Bridge Legal’s mission of increasing human access to justice and helping to lead the company into its next chapter.”

About Bridge Legal

Bridge Legal is the leading provider of AI workflow and predictive analytics solutions for litigation funders and the law firms they support. From its Chicago office, the company also offers marketing and intake services to help firms build their dockets, as well as back-office support for rapid case prove-up, including Plaintiff Fact Sheets and medical record reviews. Combined with its flagship platform, Bridgify—which includes data management and normalization, AI-driven workflow automation, integration management, predictive analytics, client communication and asset monitoring and fund management—this provides a game-changing, flexible offering unmatched in the industry. By integrating advanced technology with industry expertise, Bridge Legal empowers its clients to streamline operations, enhance client services, and drive profitable growth in an increasingly complex legal landscape.

In the most significant demonstration of concern for secretive third-party litigation funding (TPLF) to date, 124 companies, including industry leaders in healthcare, technology, financial services, insurance, energy, transportation, automotive and other sectors today sent a letter to the Advisory Committee on Civil Rules urging creation of a new rule that would require a uniform process for the disclosure of TPLF in federal cases nationwide. The Advisory Committee on Civil Rules will meet on October 10 and plans to discuss whether to move ahead with the development of a new rule addressing TPLF.

The letter, organized by Lawyers for Civil Justice (LCJ), comes at a time when TPLF has grown into a 15 billion dollar industry and invests funding in an increasing number of cases which, in turn, has triggered a growing number of requests from litigants asking courts to order the disclosure of funding agreements in their cases. The letter contends that courts are responding to these requests with a “variety of approaches and inconsistent practices [that] is creating a fragmented and incoherent procedural landscape in the federal courts.” It states that a rule is “particularly needed to supersede the misplaced reliance on ex parte conversations; ex parte communications are strongly disfavored by the Code of Conduct for U.S. Judges because they are both ineffective in educating courts and highly unfair to the parties who are excluded.”

Reflecting the growing concern with undisclosed TPLF and its impact on the justice system, LCJ and the Institute for Legal Reform (ILR) submitted a separate detailed comment letter to the Advisory Committee that also advocates for a “simple and predictable rule for TPLF disclosure.”

Alex Dahl, LCJ’s General Counsel said: “The Advisory Committee should propose a straightforward, uniform rule for TPLF disclosure. Absent such a rule, the continued uncertainty and court-endorsed secrecy of non-party funding will further unfairly skew federal civil litigation. The support from 124 companies reflects both the importance of a uniform disclosure rule and the urgent need for action.”

The corporate letter advances a number of additional reasons why TPLF disclosure is needed in federal courts:

Control: The letter argues that parties “cannot make informed decisions without knowing the stakeholders who control the litigation… and cannot understand the control features of a TPLF agreement without reading the agreement.” While many funding agreements state that the funder does not control the litigation strategy, companies are increasingly concerned that they use their growing financial leverage to exercise improper influence.

Procedural safeguards: The companies maintain that the safeguards embodied in the Federal Rules of Civil Procedure (FRCP) cannot work without disclosure of TPLF.  One example is that courts and parties today are largely unaware of and unable to address conflicts between witnesses, the court, and parties on the one hand, and non-parties on the other, when these funding agreements and the financial interests behind them remain largely secret.

Appraisal of the case: Finally, the letter reasons that the FRCP already require the disclosure of corporate insurance policies which the Advisory Committee explained in 1970 “will enable counsel for both sides to make the same realistic appraisal of the case, so that settlement and litigation strategy are based on knowledge and not speculation.” The companies maintain that this very same logic should also require the disclosure of TPLF given its growing role and impact on federal civil litigation.

Besides the corporate letter and joint comment, LCJ is intensifying its efforts to rally companies and practitioners to Ask About TPLF in their cases, and to press for a uniform federal rule to require disclosure. LCJ will be launching a new Ask About TPLF website that will serve as a hub for its new campaign later this month.

On September 26th, LFJ hosted a virtual town hall titled “Spotlight on Insurance.” The panel discussion featured David Kerstein (DK), Founder and Managing Director at Arcadia Finance, Michael Perich (MP), Director, Head of Litigation Insurance at Lockton Companies, Steve Jones (SJ), Managing Director, M&A, Litigation and Tax Practice at Gallagher, and Jeremy Marshall, Chief Investment Officer and Managing Director, Winward U.K. Limited. The panel was moderated by Jim Batson (JB), Chief Operating Officer at Westfleet Advisors.

Below are some key takeaways from the event:

JB: As Arcadia is a relatively new player in the litigation finance space, how has Arcadia incorporated insurance products into your underwriting and claims selection processes?

DK: As we were raising capital earlier this year, we explored using insurance to wrap a future portfolio, to potentially help drive fundraising and lower cost of capital. We weren’t able to do that as a first-time manager, but it’s something we’d like to explore in the future. We’re currently exploring traditional insurance products like JPI, and wrapping portfolios that may be on the edge of our mandate, and wrapping them in insurance would help us get to ‘yes.’

JB: So wrapping portfolios will help you look at some deals you might not otherwise consider?

DK: Exactly.

JB: Steve, can you give us an overview of the current Legal Insurance market? Especially focusing on recent developments in Capital Protection Insurance.

SJ: At the moment, I’m seeing a lot of innovation, so it seems like no two deals are the same, as there is a lot of creativity to get deals done. Very high submission rates, which probably suggests that knowledge of the products is increasing. And I see insurers and funders collaborating. It’s very seldom we see funders approach portfolio deals without thinking of insurance, and capital protection insurance (CPI) is the most obvious example of that. The net result of all of that is increased choice for clients, which I think we can all agree is a good thing.

JB: Jeremy, how do you view the relationship between funders and insurers? Some have thought of insurers as competitors to litigation funders – an example is in the appeal context, where the client has the option of taking funding and de-risking immediately, or taking insurance and de-risking at conclusion of the matter. How do you see the relationship between insurers and funders evolving?

JM: I view it very much as a collaborative venture, for at least two specific reasons: One is the competition appeal tribunal (CAT) in the UK. You couldn’t go into the CAT without the support of the insurers. And that morphs into the concept of co-funding, which is growing. And you wouldn’t be able to do this without insurers, particularly when you’ve got a policy with an insurer and you’re invited to participate with somebody else, it might be syndicated with more than one funder– all the insurers are going to have positions in relation to that and you’re not going to get it off the ground without the insurers involved. It really is a team effort, as cases have lots of ups and downs.

Without a good relationship with an insurer, you’re not going to get off the ground. And particularly in a client-facing situation, you want insurers and funders to be speaking with the same voice, and often you’ll see in points of tension where clients and law firms sometimes, will try to play the ‘divide and rule game’ with insurers and funders. And we need to speak with a unified voice if we can. And I think that will grow in time, where insurers will play a bigger role in both the front and back end of a transaction.

JB: Michael, from your perspective, what are you seeing as the most interesting trends in terms of the intersection of insurance and litigation funding?

MP: Litigation insurance has been in the transaction space for quite a long time. What we’ve been seeing lately is a substantial uptick in deal flow based on increased awareness and knowledge of the product base. Some of that deal flow are things that are not insurable (in the US market) – things like portfolios of personal injury or mass tort cases. Those won’t be insurable in the US. But we’re seeing more IP and antitrust cases, and more interest around building a sustainable market that involves portfolio risks and complex pieces of commercial litigation that helps make a more efficient transaction for everybody. And that’s where all of the parties are getting more aligned. So over the past six months, we’ve been noticing a lot more collaboration and innovation lately, which is a good thing.

For the full panel discussion, please click here.

Burford Capital, the leading global finance and asset management firm focused on law, has grown significantly since its founding in 2009. As part of ongoing recognition of the growth in legal finance and Burford’s industry leadership as it celebrates its 15^th anniversary, it today shares data from its own performance and releases new research based on one-on-one phone interviews with senior lawyers at global law firms who have a front seat to growing awareness and use of legal finance by their clients and firms.

Christopher Bogart, CEO of Burford Capital, says: “Jon Molot and I started Burford 15 years ago because of economic inefficiencies we saw in the business of law. We’re delighted that our business has since grown from niche to mainstream and is now truly ‘corporate finance for law.’ From day one, our priority has been to listen to clients’ needs, and as a result, we have a suite of tools that provide liquidity, de-risk contingent matters and enable more strategic affirmative recoveries. Burford has earned a reputation as the go-to firm for legal finance, and we’re excited about the road ahead. We’ll keep our focus on clients, innovation and advancing the business of law.”

Data from Burford’s business confirms its performance as a legal finance industry leader:

• Exceptional growth in our business: Burford began in 2009 as a $130 million fund; today, Burford has a portfolio of more than $7 billion.

• Increased demand for what we do: In 2009, Burford committed $11 million to legal finance assets; in 2023, that number was $1.2 billion on a Group-wide basis.

• Growing relevance to sophisticated businesses, with innovation to address corporate balance sheet and P&L needs: More than half our business now comes from corporate clients. Many seek monetizations ― where Burford provides businesses immediate capital by advancing some of the expected entitlement of a pending claim, judgment or award ― and we have committed very substantial capital over the past five years to monetization deals from $10 million to $325 million.

• Development of human capital and proprietary data: In 2009, we had five employees; today, we have seven offices and more than 150 employees. In addition, Burford has built an industry-leading proprietary database of commercial dispute outcomes and tools that harness machine learning, data analytics and artificial intelligence to benefit our clients and our performance.

• NYSE-listed in 2020: We have been public since 2009 and have been listed on the New York Stock Exchange since 2020.

Similarly, research released today by Burford reveals that legal finance has exploded in visibility and value with lawyers. Key findings include:

• 82% of law firm lawyers surveyed claim to have used legal finance, a ninefold increase since Burford first asked law firm lawyers this question in 2012. Although confirmation bias may result in overstatement of actual use, even accounting for this, legal finance’s enormous increased stated use reflects its visibility and acceptance in the business of law.

• Lawyers are using legal finance in more sophisticated ways: Many law firm lawyers affirm that legal finance is now used to strategically manage risk rather than because clients lack funds. Law firm lawyers and their clients see legal finance as a strategic tool across commercial litigation and arbitration as well as more complex financial structures like portfolio financing and funded patent divestitures.

• An Am Law 50 law firm partner said: “For some of the bigger clients, you see more portfolio deals rather than single transactions. Not many companies start with a portfolio, but as they see success, both law firms and corporations are pursuing portfolio transactions.”

• Law firms are embracing legal finance to fuel growth, as more than eight in ten of those surveyed report a more positive perception of legal finance than 15 years ago.

• A Global 100 law firm partner said: “The client’s mindset has completely changed, and they are now coming to their outside counsel and asking for litigation funding options. Offering the use of funding and using it is a validation of the merit of a claim and is a good pressure point.”

• Law firm lawyers confirm that corporate clients are increasingly using legal finance, as 82% of those surveyed said the use of legal finance by corporations has increased over this period.

• A litigation boutique partner said: “Litigation is a bottom-line cost. If corporations can spread that risk by sharing it with an outside capital provider, CFOs want to explore that option, especially because corporations hate litigation expenses. They are much more open to it if they can get some or all of it covered by legal finance.”

The research is based on one-on-one phone interviews conducted by Ari Kaplan Advisors with 44 senior lawyers from global law firms in August and September 2024. The participants included partners, department heads and practice group chairs. Of these respondents, 34% came from AmLaw 100 law firms and 30% from Global 100 law firms.