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US Development Sees Relaxed Rules for Law Firm Ownership

By John Freund |

Law firm ownership has been changing in recent years. Legal professionals in Australia and the UK are leading the world regarding ownership of legal firms. Recent developments in US states like Arizona, combined with a more liberal approach on ownership from the American Bar Association, means that the tide may be turning on this issue. Other US states are considering similar measures, including California, Utah, Florida, Illinois, and Michigan.

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NFL Concussion Lawyer Fights Order to Repay Litigation Funder

By John Freund |

Craig Mitnick is a New Jersey lawyer who represented hundreds of current and former players in a settlement with the NFL. After taking part in a $1 billion settlement, Mitnick is now fighting an order to repay loans from a litigation funder amounting to more than $2 million. He has asked a federal judge to vacate the award to the finance company Balanced Bridge (formerly Thrivest), which also made settlement advances to former NFL players.

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Financing Affirmative Recovery Programs

By John Freund |

Affirmative recovery programs are a growing trend, and with good reason. ARPs involve monetizing existing litigation once believed to be too costly or time consuming to pursue. Burford’s 2021 Legal Asset Report has some telling insights on ARPs. This year’s survey includes 378 senior financial officers of companies whose revenue is at least $50 million annually.

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Non-Attorney Ownership of Law Firms Attracts Litigation Funders

By John Freund |

With the elimination of ethics Rule 5.4, the state of Arizona loosened regulations prohibiting non-attorney ownership of law firms. Not unexpectedly, this has attracted interest from several prominent litigation funders. Comparable legislation is expected in multiple states in 2022, with Michigan, North Carolina, Illinois, New York, and California already considering it.

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Collective Action Likely as UK Customers Overcharged for Car Delivery

By John Freund |

This week, a hearing was held to determine whether a collective action against five car carriers based in Japan, Sweden, and Chile. The action will allege that more than 17 million cars were impacted by a price-fixing scheme run by the five firms that ship internationally. The case is being funded by Woodsford Litigation Funding.

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What’s in the New York Consumer Litigation Funding Act?

By John Freund |

Litigation Finance has grown exponentially in recent years, with legislation trying to catch up. Opponents of the practice warn of frivolous litigation and usurious lending rates—owing to involvement from venture capitalists and other high-end investors. A recent New York Post editorial demanded increased oversight and new legislation governing the practice.

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