Content for the Public

A newly released study from Express Legal Funding, conducted with the help of SurveyMonkey, reveals that while 34% of Americans say they trust ChatGPT more than human experts, the majority still draw a hard line when it comes to using generative AI for serious matters like legal or medical advice. The findings highlight a growing national tension between fascination with artificial intelligence and fear of misusing it for high-stakes decisions.

Key Findings from the ChatGPT Trust Survey:

• 60% of U.S. adults have used ChatGPT to seek advice or information—signaling widespread awareness and early adoption.
• Of those who used it, 70% said the advice was helpful, suggesting that users generally find value in the chatbot’s responses.
• The most trusted use cases for ChatGPT are:
  • Career advice
  • Educational support
  • Product recommendations
• The least trusted use cases are:
  • Legal advice
  • Medical advice
• 34% of respondents say they trust ChatGPT more than a human expert in at least one area.
• Despite its growing popularity, only 11.1% believe ChatGPT will improve their personal financial situation.
• Younger adults (ages 18–29) and Android and iPhone users report significantly higher trust in ChatGPT compared to older generations and Desktop (Mac/Windows) users.
• Older adults and high-income earners remain the most skeptical about ChatGPT’s reliability and societal role.
• When asked about the broader implications of AI, only 14.1% of respondents strongly agree that ChatGPT will benefit humanity.

Expert Insight:

“This study highlights how many Americans are navigating the fast-growing influence of generative AI and natural language processing agents in their daily lives and that ChatGPT is far from being just a fringe use tool,” said Aaron Winston, PhD, Strategy Director at Express Legal Funding and lead author of the report. “Most people are open to using ChatGPT for advice—and over a third even say they trust it more than a human expert. But when it comes to high-stakes decisions involving legal, financial, or medical matters, most still prefer real-world professionals. It’s a sign that while AI is gaining ground quickly, trust is still tied to context.”

Why It Matters:

As AI tools like ChatGPT become more integrated into everyday life, understanding where people draw the line between curiosity and trust is critical. This distinction helps reveal not only how Americans are using AI today but also where they’re still relying on human expertise for reassurance and accuracy.

About Express Legal Funding:

Express Legal Funding is a leading pre-settlement funding company headquartered in Plano, Texas, serving plaintiffs nationwide. Recognized for its commitment to ethical funding practices and consumer advocacy, the firm provides non-recourse financial support to individuals involved in personal injury and civil lawsuits—helping clients cover essential living expenses while their legal claims move forward. Beyond funding, Express Legal Funding is a trusted voice in the legal tech and finance space, publishing original research and data-driven insights that inform public discourse and guide industry best practices.

The following was contributed by Ken Rosen Esq, Founder of Ken Rosen P.C. Ken is a frequent contributor to legal journals on current topics of interest to the bankruptcy and restructuring industry.

The necessity of disclosing litigation funding remains contentious. In October 2024, the federal judiciary’s rules committee decided to create a litigation finance subcommittee after 125 big companies argued that transparency of litigation funding is needed. 

Is there a problem in need of a fix?

Concerns include (a) Undisclosed funding may lead to unfair advantages in litigation. Allegedly if one party is backed by significant financial resources, it could affect the dynamics of the case. (b) Potential conflicts of interest may arise from litigation funding arrangements. Parties and the court may question whether funders could exert influence over the litigation process or settlement decisions, which could compromise the integrity of the judicial process. (c) The presence of litigation funding can alter the strategy of both parties in negotiations. Judges may be concerned that funders might push for excessive settlements or prolong litigation to maximize their returns. While litigation funding can enhance access to justice for under-resourced plaintiffs, judges may also be wary of the potential for exploitative practices where funders prioritize profit over the plaintiffs’ best interests.

A litigant’s financial wherewithal is irrelevant. A litigant’s balance sheet also addresses financial resources and the strength of one’s balance sheet may affect the dynamics of the litigation but there is no rationale for a new rule that a litigant’s balance sheet be disclosed. What matters is the law and the facts. Disclosure of litigation funding is a basis on which to argue that anything offered in settlement by the funded litigant is unreasonable and to blame it on litigation funding. 

Ethics rules

The concerns about litigation funding are adequately dealt with by The American Bar Association’s Model Rules of Professional Conduct, as well as various state ethical rules and state bar associations. An attorney’s obligation is to act in the best interests of their client. Among other things, attorneys must (a) adhere to the law and ethical standards, ensuring that their actions do not undermine the integrity of the legal system, (b)  avoid conflicts of interest and should not represent clients whose interests are directly adverse to those of another client without informed consent, (c) fully explain to clients potential risks and implications of various options and (d) explain matters to the extent necessary for clients to make informed decisions. 

These rules are designed to ensure that attorneys act in the best interests of their clients while maintaining the integrity of the legal profession and the justice system. Violations of these ethical obligations can result in disciplinary action, including disbarment, sanctions, or reprimand. Disclosure of litigation funding is unnecessary because the ethics rules adequately govern an attorney’s behavior and their obligations to the court. New rules to enforce existing rules are redundant and unnecessary. Plus, disclosure of litigation funding can be damaging to the value of a litigation claim.

Value maximization and preservation

Preserving and enhancing the value of the estate are critical considerations in a Chapter 11 case. Preservation and enhancement are fundamental to the successful reorganization, as they directly impact the recovery available to creditors and the feasibility of the debtor’s reorganization efforts. Often, a litigation claim is a valuable estate asset. A Chapter 11 debtor may seek DIP financing in the form of litigation funding when it faces financial distress that could impede its ability to pursue valuable litigation. However, disclosure of litigation funding- like disclosure of a balance sheet in a non-bankruptcy case- can devalue the litigation asset if it impacts an adversary’s case strategy and dynamics.

The ”364” process

In bankruptcy there is an additional problem. Section 364 of the Bankruptcy Code sets forth the conditions under which litigation funding – a form of “DIP” financing- may be approved by the court. 

When a Chapter 11 debtor seeks DIP financing, several disclosures are made. Some key elements of DIP financing that customarily are disclosed include (a) Why DIP financing is necessary. (b) The specific terms of the DIP financing, including the amount, interest rate, fees, and repayment terms. (c) What assets will secure DIP financing and the priority of the DIP lender’s claims. (d) How DIP financing will affect existing creditors. (e) How the proposed DIP financing complies with relevant provisions of the Bankruptcy Code. 

Litigation funding in a bankruptcy case requires full disclosure of all substantive terms and conditions of the funding- more than just whether litigation funding exists and whether the funder has control in the case. Parties being sued by the debtor seek to understand the terms of the debtor’s litigation funding to gauge the debtor’s capability to sustain litigation and to formulate their own case strategy.

Section 107 needs revision

Subsection (a) of section 107 provides that except as provided in subsections (b) and (c) and subject to section 112, a paper filed in a case and on the docket are public records. Subsection (b) (1) provides thaton request of a party in interest, the bankruptcy court shall protect an entity with respect to a trade secret or confidential research, development, or commercial information.Applications for relief that involve commercial information are candidates for sealing or redaction by the bankruptcy court. 

But the Bankruptcy Code does not explicitly define “commercial information.” 

The interpretation of “commercial information” has been developed through case law. For instance, in In re Orion Pictures Corp., 21 F.3d at 27, the Second Circuit defined “commercial information” as information that would cause an unfair advantage to competitors.” This definition has been applied in various cases to include information that could harm or give competitors an unfair advantage, and it has been held to include information that, if publicly disclosed, would adversely affect the conduct of the bankruptcy case. (In re Purdue Pharma LP, SDNY 2021). In such instances allowing public disclosure also would diminish the value of the bankruptcy estate. (In re A.G. Financial Service Center, Inc.395 F.3d 410, 416 (7th Cir. 2005)). 

Additionally, courts have held that “commercial information” need not rise to the level of a trade secret to qualify for protection under section 107(b), but it must be so critical to the operations of the entity seeking the protective order that its disclosure will unfairly benefit the entity’s competitors. (In re Barney’s, Inc., 201 B.R. 703, 708–09 (Bankr. S.D.N.Y. 1996) (citing In re Orion Pictures Corp., 21 F.3d at 28)). 

Knowledge of litigation funding and, especially, the terms and conditions of the funding can give an adversary a distinct advantage. In effect the adverse party is a “competitor” of the debtor. They pull at opposite ends of the same rope. Furthermore, disclosure would adversely affect the conduct of the case- which should be defined to include diminution of the value of the litigation claim. 

The Federal Rules of Bankruptcy Procedure should be amended to clarify that information in an application for litigation funding may, subject to approval by the bankruptcy court, be deemed “confidential information” subject to sealing or redaction if the court authorizes it.

Conclusion

A new rule requiring disclosure of litigation funding is unnecessary and can damage the value of a litigation claim. If the rules committee nevertheless recommend disclosure there should be a carve out for bankruptcy cases specifically enabling bankruptcy judges to authorize redaction or sealing pleadings related to litigation funding. 

Garrett is a seasoned attorney and head of Scale LLP’s Litigation Finance Team. With extensive experience across both commercial and consumer litigation finance sectors, Garrett brings a uniquely comprehensive perspective to the field. He has developed specialized expertise in sourcing, evaluating, structuring, and managing diverse funding arrangements, from single-case investments to complex law firm portfolio facilities. Throughout his career, Garrett has successfully navigated intricate and often contentious workouts involving various stakeholders, including claimholders, attorneys, funders, and medical providers.

Beyond traditional litigation finance, Garrett has emerged as a thought leader in legal innovation. He advises on sophisticated structuring and ethics issues for startups in litigation finance, LegalTech, JusticeTech, and advises on a broad range of ethics issues including emerging issues relating to the use of artificial intelligence to deliver legal services to both consumers and businesses. His expertise extends to alternative business structures and two-company models that enable innovative legal service delivery while maintaining ethical compliance. Garrett is licensed to practice in New York, Illinois, and Arizona.

Garrett began his career as a litigator at Wachtell, Lipton, Rosen & Katz, engaging in significant litigation and white collar matters. He then transitioned to one of the pioneering commercial litigation funders, Lake Whillans Litigation Finance, as a managing director. At Lake Whillans, Garrett participated in tens of millions in litigation finance deals including asset purchases, law firm lending portfolios, and claimholder funding. His articles on litigation finance topics have been widely published, and he was recognized as one of Lawdragon’s Global 100 Leaders in Litigation Finance.

Garrett then joined Mighty Group, Inc., as its General Counsel following the company’s Series B raise. He handled all legal aspects of Mighty’s significant consumer litigation finance portfolio, which included investments in medical receivables, pre-settlement advances, and law firm lending. Garrett also played a pivotal role in helping Mighty create an innovative tech-forward competitor to existing personal injury law firms.

Since joining Scale, Garrett has focused his practice on helping innovative companies in the legal and litigation finance spaces. As head of the Litigation Finance Team, Garrett has helped litigation finance companies with fund structures, commercial and consumer transactions, and ethics and regulatory advice. Garrett has also advised a wide variety of LegalTech and JusticeTech companies on structuring their businesses in order to achieve their goals in an ethical and compliant manner, including doing so through the use of AI.

Prior to practicing, Garrett graduated from the University of Chicago Law School where he was Editor-in-Chief of the University of Chicago Law Review, and clerked on the Northern District of Illinois and the Second Circuit Court of Appeals. Garrett maintains an active pro bono practice and recently secured the vacatur of his client’s manslaughter conviction. Prior to law school, Garrett worked as a newspaper reporter and investigative journalist.

Company Name and Description: Scale LLP, a full-service, national law firm that rethinks the traditional law firm model. Scale provides a tech-forward, distributed platform that reduces overhead and increases efficiency to offer the best legal talent at a competitive price-point.

Company Website: scalefirm.com

Year Founded: 2017

Headquarters: San Francisco, CA

Area of Focus: Scale LLP’s Litigation Finance Team delivers comprehensive solutions across the entire litigation funding ecosystem. We provide specialized counsel to litigation finance companies, claimholders, law firms, and investors, drawing on our team’s firsthand experience having worked on all sides of litigation finance transactions. Our services encompass fund formation, deal structuring, portfolio construction, regulatory compliance, and workout solutions and litigation related to distressed assets.

Our practice uniquely bridges both commercial and consumer litigation finance sectors, allowing us to develop innovative hybrid approaches that maximize return while managing risk appropriately. We combine deep litigation experience with sophisticated financial structuring capabilities to deliver practical advice on complex transactions ranging from single-case investments to multi-jurisdictional portfolio facilities.

Beyond traditional litigation finance, we lead the field in advising LegalTech and JusticeTech companies on cutting-edge business models that navigate regulatory complexity while promoting greater access to justice. We provide guidance on artificial intelligence implementation in legal services, addressing both the transformative potential and ethical challenges presented by these technologies. Our attorneys have pioneered compliant structures for alternative business arrangements in both traditional and emerging jurisdictions, helping clients develop sustainable competitive advantages through regulatory innovation.

Member Quote: “I work at the intersection of law, finance, and technology because I believe these convergent forces can transform our legal system. By leveraging litigation finance, legal innovation, and AI tools thoughtfully, we can build a more equitable legal landscape where outcomes are determined by merits rather than resources. Every day, I work with visionaries who are dismantling outdated structures and creating something more efficient, accessible, and just. This evolution not only enhances access to justice but also creates compelling investment opportunities in a market ripe for transformation.”

Scott focuses on intellectual property litigation, representing clients in courts throughout the U.S. He has had great success both obtaining relief for intellectual property owners and defending suits in a wide range of technical fields in cases involving patent, trade secret, unfair competition, employment agreement, copyright, DMCA, trademark, trade dress, product configuration, and false advertising claims.

Scott has litigated cases involving chemical, mechanical, medical device, internet, software, encryption, computer, clean energy, automotive, apparel, food, agricultural, and pharmaceutical technologies. Representing some of the largest companies in the world as well as smaller businesses and start-ups, he has succeeded for clients such as Adobe, British Airways, Columbia River Knife & Tool, Capsugel, Costco, Danner, DexCom, Intuit, Microsoft, Nightforce, Phibro Animal Health Corporation, SAP, SunModo, and Yelp.

Describing his past success and approach with the Klarquist litigation team, IAM Patent 1000 recently lauded Scott’s ability to assess the best strategies and his talent for understanding and simplifying complex technology, and noted that Scott will “always put your objectives first and act like a part of your team.”

Company Name and Description: Klarquist is a full-service intellectual property (IP) law firm with services including IP counseling, patents, trademarks, copyrights, litigation, and post-grant USPTO proceedings. Because we focus our practice exclusively on intellectual property, our prosecution professionals leverage a thorough understanding of our clients’ cutting-edge technology to an extent not seen in general practice firms. Our technical expertise covers biotechnology, physics and optics, chemistry, electrical and mechanical engineering, software and computer science, plants, and semiconductors.

Klarquist is one of the oldest and largest intellectual property law firms in the Pacific Northwest. For more than 80 years, the firm has provided intellectual property legal services to innovators of all stripes and sizes. The firm has over 60 attorneys and patent agents, more than 90% of whom hold technical degrees and many with doctorates in their respective fields. Klarquist professionals are adept at handling all phases of intellectual property matters, from procurement to transfer to litigation of disputes and post-grant review proceedings. Our roster of clients includes some of the most innovative companies and institutions in the world, from Amazon and Microsoft to the U.S. Government, which chooses Klarquist to procure its patents more than any other firm in the nation. As a full-service intellectual property boutique, Klarquist is uniquely equipped to handle any matter, for any innovator, in virtually every area of modern technology.

Website: www.klarquist.com

Year Founded: 1941

Headquarters: Portland, Oregon

Areas of Interest: Dispute resolution, litigation, and patent post grant proceedings.

Member Quote: “Litigation funding provides a key to unlock access to civil justice.”

Dean Gresham is a Managing Director who oversees the evaluation, underwriting, and risk management of all the company’s risk transfer solutions, including litigation finance and contingent risk insurance. With 25 years of experience in complex litigation and legal risk analysis, Dean ensures rigorous underwriting standards and strategic risk mitigation across the company’s risk transfer solutions.

Before joining Certum Group, Dean was a trial lawyer for more than 21 years handling complex commercial, catastrophic injury, qui tam, and class action litigation across the country. While practicing, Dean litigated on both sides of the docket and developed a keen ability to analyze and assess risk from both the plaintiff’s and defendant’s unique perspectives.

In 2020, Dean was awarded the Elite Trial Lawyer of the Year award by the National Law Journal for his trailblazing work on a complicated wrongful adoption case. Dean is consistently chosen by his peers as a Texas Super Lawyer (2009-2024); one of the Best Lawyers in Dallas by D Magazine (2009-2024), one of the Top 100 Trial Lawyers in Texas by the National Association of Trial Lawyers (2011-2024), and in the Nation’s Top One Percent by the National Association of Distinguished Counsel (2019-2024).

Dean is the 2025 Chair of the Dallas Bar Association’s prestigious Business Litigation Section and sits on the DBA’s Judiciary Committee.

Company Name and Description: Certum Group offers a next-generation litigation risk transfer platform that provides bespoke solutions for companies, law firms, and funders facing the uncertainty of litigation. Latin for “certainty,” Certum represents the core benefit the company delivers to its clients across its entire suite of risk transfer solutions.  Certum is the full-service funding and insurance partner for law firms and their business clients.

Company Website: www.certumgroup.com

Year Founded: 2014 

Headquarters:  Plano, Texas

Area of Focus: Member: Head of Underwriting and Chair of the Investment Committee.

Member Quote: “Litigation funding doesn’t just fuel cases—it fuels justice. Power should never trump merit.”

On March 27th, LFJ hosted a virtual town hall featuring key industry stakeholders giving their perspectives on investment within the legal funding sector. Our esteemed panelists included Chris Capitanelli (CC), Partner at Winston and Strawn, LLP, Joel Magerman (JM), CEO of Bryant Park Capital, Joe Siprut (JSi), Founder and CEO of Kerberos Capital, and Jaime Sneider (JSn), Managing Director at Fortress Investment Group. The panel was moderated by Ed Truant (ET), Founder of Slingshot Capital.

Below are highlights from the discussion:

One thing that piqued my interest recently was the recent Georgia jury that awareded a single plaintiff $2.1 billion in one of 177 lawsuits against Monsanto. What is your perspective on the health of the mass tort litigation market in general?

JSn: Well, I think nuclear verdicts get way more attention than they probably deserve. That verdict is going to end up getting reduced significantly because the punitive damages that were awarded were unconstitutionally excessive. I think it was a 30 to 1 ratio. I suspect that will just easily be reduced, and there will probably be very little attention associated with that reduction, even though that’s a check that’s already in place to try to prevent outsized judgments that aren’t tied as much to compensatory damages. I expect Monsanto will also likely challenge the verdict on other grounds as well, which is its right to do.

The fact is, there are a whole number of checks that are in place to ensure the integrity of our verdicts in the US legal system, and it’s already extraordinarily costly and difficult for a person that files a case who has to subject himself to discovery, prevail on motions to dismiss, prevail on motions for summary judgment, win various expert rulings related to the expert evidence. And even if a plaintiff does prevail like this one has before a jury, they face all sorts of post-trial briefing remedies that could result in a reduction or setting aside the verdict, and then they face appeals. The fact is, I think corporate defendants have a lot of ways of protecting themselves if they choose to go to trial or if they choose to litigate the case.

And I think, oftentimes when people talk about the mass tort space, their disagreement really isn’t with a specific case, but with the US Constitution itself, which protects the right to juries, even in civil litigation in this country. The fact is that there is a rich tradition in the United States that recognizes tort is essential to deterring wrongdoing. And ensuring people are fairly compensated for the injuries that they sustained due to unsafe products or other situations. So, broadly speaking, we don’t think in any systematic a way that reform is required, although I suspect around the margins there could be modest changes that might make sense.

Omni has made a number of recent moves involving secondary sales and private credit to improve their earnings and cash flow. What is your sense of how much pressure the industry is under to produce cash flow for its investors?

JSi: I think there is some pressure for sure, but more than pressure, I think it’s a natural thing for self-interested managers to want to give their investors realizations so that they can raise more capital, right?

So, even if no one had ever told me, boy, it would be nice to get money back at some point in the future, that would obviously still be what I’m incentivized to do because the sooner I can get realizations and get cash back, the sooner people can have confidence that, wow, this actually really works, and then they give you 2x the investment for the next vehicle.

So the pressure is, I think, part of it. But for a relatively new asset class like litigation finance, which is still in middle innings, I think, at most, you want realizations. You want to turn things over as quickly as you can, and you want to get capital back.

In terms of what ILFA is doing, do you feel like they’re doing enough for the industry to counter some of the attacks that are coming from the US Chamber of Commerce and others?

CC: I think there has been a focus from ILFA on trying to prevent some of the state court legislation from kind of acting as a test case, so to speak, for additional litigation. So there’s been, you know, they’ve been involved in the big stuff, but also the little stuff, so it’s not used against us, so to speak.

So I think in that regard, it’s good. I wonder at what point is there some sort of proposal, as to if there’s something that’s amenable, is there something that we can all get behind, if that’s what’s needed in order to kind of stop these broad bills coming into both state legislatures and Congress. But I think overall, the messaging has been clear that this is not acceptable and is not addressing the issue.

Pretium, a relative newcomer to the market, just announced a $500 million raise. At the same time, it’s been rumored that Harvard Endowment, which has traditionally been a significant investor in the commercial litigation finance market, is no longer allocating capital to the Litfin space. What is your sense of where this industry continues to be in favor with investors, and what are some of the challenges?

JSi: On the whole, I think the answer is yes, it continues to be in favor with investors, probably increasing favor with investors. From our own experience, we talk to LPs or new LPs quite frequently where we are told that just recently that institution has internally decided that they are now green lighting initiatives in litigation finance or doing a manager search. Whereas for the past three or four years, they’ve held off and it’s just kind of been in the queue. So the fact that that is happening seems to me that investors are increasingly interested.

Probably part of the reason for that is that as the asset class on the whole matures, individual managers have longer track records. Maybe certain managers are on their third or fourth vintage. And there are realized results that can be put up and analyzed that give investors comfort. It’s very hard to do that on day one. But when you’re several years into it, or at this point longer for many people, it becomes a lot easier. And so I think we are seeing some of that.

One of the inherent challenge to raising capital in the litigation finance asset class is that even just the term litigation finance itself is sort of shrouded in mystery. I mean, it’s very unclear what that even means and it turns out that it means many different things. The media on the whole, not including LFJ obviously, but the media on the whole has not done us many favors in that regard because they often use the term litigation finance to mean one specific thing, oftentimes case finance, specific equity type risk on a single case, when in fact, there are many of us who do all kinds of different things: law firm lending, the credit stuff, the portfolio finance stuff. There’s all kinds of different slivers. And so the effect of that is that an LP or factions within an LP may have a preconceived notion about what litigation finance is, which is completely wrong. And they may have a preconceived notion of what a particular manager’s strategy is. That’s completely wrong.

I also think that litigation finance provokes an almost emotional reaction sometimes. It’s often the case that investments get shot down because someone on the IC says that they hate lawyers, or they got sued once, and so they hate lawyers. And so they want nothing to do with litigation finance. And so whether that’s fair or unfair is irrelevant. I think it is something that is a factor and that doesn’t help. But I’d like to think that on the whole, the good strategies and the good track records will win the day in the end.

The discussion can be viewed in its entirety here.

Manolete Partners Plc (AIM:MANO), the leading UK-listed insolvency litigation financing company, is pleased to announce it has signed a new Revolving Credit Facility (“RCF”) with its existing provider, HSBC UK Bank Plc ( “HSBC”). 

The new RCF provides Manolete with the same level of facility as the previous arrangement, at £17.5m. However, the margin charged to Manolete by HSBC on the new RCF is at a reduced rate of 4.0% (previously 4.7%) over the Sterling Overnight Index Average (SONIA) and has a reduced non-utilisation fee, from 1.88% to 1.40%. 

The new RCF is a 3.25-year facility with an initial maturity of 27 June 2028. Manolete has the option to further extend the facility on its current terms by an additional year. 

The covenants remain unchanged except for the Asset Cover covenant which has been relaxed for the next six months. 

Steven Cooklin, CEO commented: “We are delighted to have secured a new long-term commitment to the business from HSBC, which is testament to the strong partnership we have established since 2018. The improved terms of the facility demonstrate confidence in the Manolete business.” 

This announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). 

James Koutoulas is the CEO of JurisTrade as well its asset management affiliate, Typhon Capital Management, which is a multi-strategy hedge fund with US and Cayman private fund platforms. He is also Managing Member of Koutoulas Law, LLC, a law firm specializing in high-profile financial services litigation.

James founded Typhon in 2008 and it has since grown to 25 staff members, 15 (including many award-winning) trading strategies with operations in 4 countries and 8 cities. While running Typhon, he served as lead customer counsel in the MF Global bankruptcy, leading the recovery of all $6.7 billion in customer assets.

He has successfully litigated a multi-billion cryptocurrency fraud class action, a statistical arbitrage IP theft arbitration, a breach of contract jury trial against a billion-dollar asset management, and a capacity-rights guarantee contract dispute against a quantitative hedge fund. He is a frequent contributor to CNBC, thestreet.com, CoinDesk, and other prominent media outlets. He served on the Board and Executive Committee of the National Futures Association, the derivatives self-regulatory organization, where he helped implement the Dodd-Frank rules on the multi-trillion-dollar swaps market and has advised Congress on commodity and bankruptcy laws and regulations.

James has a JD from the Northwestern University School of Law with a securities concentration.

Company Name and Description: JurisTrade has designed a Litigation Asset Marketplace (operated by trading affiliate, Typhon Capital Management) to package and/or securitize litigation finance solutions to law firms, owners of bankruptcy, mass tort, and other litigation claims, and third-party investors looking for exposure to the asset class. JurisTrade offers a new and disruptive solution: it allows law firms, plaintiffs, and/or those with a financial interest in litigation the opportunity to sell or assign an interest in litigation outcomes to qualified investors in a much more efficient manner than is currently available.

Typhon Capital Management is a multi-strategy hedge fund specializing in tactical trading strategies designed to be uncorrelated to traditional markets under most market conditions and have strong negative correlation during periods of stress. Typhon dedicates itself to developing unique strategies that are truly differentiated and perform when almost everything else fails. Typhon uses unique, modular strategies as building blocks to design bespoke products to meet each investor’s individual needs.

Company Website: https://juristrade.com/ & https://typhoncap.com/

Year Founded: JurisTrade – 2023 & Typhon – 2008  

Headquarters:  1691 Michigan Ave Suite 200, Miami Beach, FL 33139

Area of Focus:  JurisTrade – Litigation Finance & Typhon Capital Management – Finance, Alternative Investments

Member Quote: “By adding standardization, liquidity, and transparency to the nascent but growing litigation finance market, we will institutionalize one of the final frontiers in asset management.”

Angeion Group (“Angeion”), the industry leader in end-to-end group litigation support, announced today its merger with Case Works, a premier provider of case data management solutions, including client engagement, medical record retrieval, medical review, and inventory analysis. Neutral, but never passive, this strategic integration of Case Works reinforces Angeion’s forward thinking approach to providing seamless tech-enabled support for complex litigation firms and leading law departments, with efficiency and precision.

The merger of Angeion and Case Works follows majority investments into both companies by private equity firm Renovus Capital Partners (“Renovus”) in 2024. Angeion also acquired bankruptcy administration solutions provider Donlin Recano in late 2024. Renovus worked alongside the companies’ founders and management teams to unify the businesses and deliver a seamless experience for clients and employees throughout the integration.

Case Works has earned a reputation of excellence by ensuring accuracy, completeness, and applicability of case data to support legal requirements. By combining their core capabilities with Angeion’s advanced technology and data-driven approach, this merger further solidifies Angeion’s position as the most trusted partner for navigating complex, high-stakes litigation and settlements.

Effective large-scale litigation and settlements rely on comprehensive, well-organized data and the ability to apply that data effectively within the context of a particular project. Combining Case Works’ proven excellence in capturing and managing critical case information with Angeion Group’s expertise in technology, process efficiency and claims management, provides a more structured, more transparent, and more effective approach to large-scale litigation and settlement management.

“Case Works brings deep expertise and a proven track record of supporting firms with large data and medical record retrieval needs. They are known for their dedication to precision, care and bedside manner,” said Steven Weisbrot, CEO of Angeion Group. “Together, we are raising the bar for what clients can expect—faster, more accurate processes and a commitment to white glove service.”

Angeion Group and Case Works share a common vision: to set the new standard for how large-scale litigation and group settlement support can combine technological efficiency with thoughtful human interaction. Both organizations are driven by a commitment to innovation, precision, and efficiency and are mindful that litigants should expect and receive compassion and respect throughout the group litigation process. This merger will elevate industry standards and ensure that all parties, their council, and the courts benefit from a more streamlined, thoughtful and effective process.

“We’re excited to join forces with Angeion Group,” said Susan Barfield, Founder of Case Works. “Their commitment to innovation and client service aligns perfectly with our own, and we look forward to delivering even greater value to the firms and clients we support.”

“We’re honored to have partnered with these leading companies, building upon our strong track record in tech-enabled legal services,” added Lee Minkoff, Managing Director at Renovus. “We’d also like to thank founders Steve Weisbrot and Susan Barfield for their leadership throughout this game changing merger for the group litigation support industry.”

Angeion remains steadfast in its mission to completely modernize and optimize complex litigation management to the benefit of all stakeholders.

About Case Works

Case Works is the leading provider of tech-enabled litigation support solutions to the country’s premier plaintiff law firms. Based in Austin, Texas, the Company was created with a single mission: To Help Lawyers Help People. Case Works provides a full suite of case management services including claims qualification, intake, medical records retrieval & review, case development, and ongoing plaintiff engagement.

About Angeion Group

Angeion Group is a leading provider of legal notice and settlement administration services, leveraging advanced technology, proven best practices, and expert consulting to manage class actions, mass torts, and collective redress administration. Recognized for its innovation, efficiency, and unwavering client commitment, Angeion Group continues to redefine industry standards.

Moneypenny, the world’s customer conversation expert, proudly marks 25 years of delivering exceptional service and innovation. As part of this milestone, Moneypenny is unifying all of its brands across the US, including VoiceNation, Alphapage, Sunshine Communication Services, and Choice Voice, under one internationally recognized name. 

This transition reinforces Moneypenny’s dedication to a clear and dynamic future for its clients and people while reflecting the values and passion that have driven its success. Started in 2000 after a pivotal missed phone call resulted in a missed business opportunity, Moneypenny has since delivered world-class customer conversations to thousands of global businesses. Over the past 10 years, Moneypenny has expanded its presence across the US, growing under the Moneypenny, VoiceNation, Alphapage, Sunshine Communication Services, andChoice Voicebrands. Now, all will operate under the beloved Moneypenny brand in its Atlanta and Miami offices, as well as virtually in hubs across the country. This unification enhances the ability to offer seamless customer communication solutions and strengthens Moneypenny’s position as the world’s customer conversation experts. 

“As we celebrate 25 years of service, we are excited to express more clearly and concisely our passion to those we serve. By bringing the best of all of our businesses together under one brand, we make it easier for businesses to see the full range of solutions we offer, while also enhancing opportunities for our people. This transition underscores Moneypenny’s commitment to excellence, innovation, and a unified global strategy.” said Richard Culberson, CEO of Moneypenny North America. 

“As a company proudly headquartered in Wrexham UK, a city with a rich history and a growing international profile, Moneypenny is proud to represent that same spirit of fellowship, excellence, and focus on what matters most, people,” said Jesper With-Fogstrup, Group CEO of Moneypenny. “Just as Wrexham soccer has captured hearts across the US, Wrexham’s own Moneypenny has captured hearts by connecting businesses, technology, and people on both sides of the pond. We couldn’t be more excited to have all our teams driven by this shared spirit.”

To mark its silver anniversary, Moneypenny will celebrate with a throwback “year 2000” prom for its US teams – a tribute not only to Moneypenny’s remarkable quarter-century history, but also to a time before smartphones, live chat, and a global pandemic put companies on call 24-7. By embracing a unified brand, celebrating its legacy, and continuing to invest in its people and AI-driven solutions, Moneypenny is setting the stage for an even stronger future.

About Moneypenny

As the world’s customer conversation experts, Moneypenny’s unique blend of brilliant people and AI technology integrates seamlessly to deliver customer conversations that unlock valuable opportunities for businesses, 24/7. Available across all voice and text channels, Moneypenny responds to and fulfils requirements for thousands of UK and US clients who value their reputation and recognize that the key to sustainable growth is working with a partner who allows them to scale in an agile way. This year, Moneypenny proudly celebrates 25 years of service, having been named one of the “100 Best Companies to Work For” seven times and earning recognition as a Great Place To Work (GPTW). Moneypenny was also named as ‘Best Global Support’ in The Forbes Advisor – The Best Answering Services of 2024.

The following was contributed by Drew Hathaway, Founding Partner of Ignitis

Litigation funding has become a powerful tool for leveling the playing field in legal disputes, particularly in large-scale collective redress and mass litigation. However, traditional litigation funding models generally focus on established claims, leaving many meritorious cases stranded without the resources to move forward. ESF changes that dynamic, ensuring that strong claims don’t fail due to a lack of early investment.

What is Early-Stage Funding (ESF)?

ESF is a litigation seed funding model designed to provide capital before a case is mature enough for traditional funders. Unlike standard litigation finance, which typically invests after a case has been filed and is well-developed, ESF supports cases at their most critical early phase—covering investigation, legal groundwork, expert reports, and strategic planning.

For many high-stakes claims this early-stage investment is the difference between a case moving forward or being abandoned due to financial constraints.

How Can ESF Be Used?

ESF can be used in various ways. Some examples are:

• Case Investigation & Viability Assessments: Financing expert reports, forensic analysis, and economic modeling to strengthen claims.
• Initial Legal Work: Supporting law firms in preparing legal arguments, securing lead claimants, and initiating regulatory engagement.
• Claimant Outreach & Bookbuilding: Funding the early-stage efforts to build a robust claimant pool in opt-in and opt-out actions.
• Litigation Structuring & Strategy: Ensuring that the case is structured in a way that will later attract traditional (Round B) litigation funders.

Who Benefits from ESF?

ESF benefits injured parties, law firms, and traditional litigation funders in the following ways:

Claimants: Claimants generally do not have the means to finance their own litigation. For individuals or businesses harmed by corporate misconduct, access to ESF means:

• Non-recourse capital to get the claim off the ground (meaning the ESF only needs to be paid back if the case is fully funded). 
• The case moves forward faster, without waiting for full-scale funding.
• Access to top-tier legal representation capable of success against well-resourced defendants.
• The claims are properly developed and strategically executed, increasing their chances of success.

Law Firms: Law firms working on large-scale litigation often struggle with taking on the full risk and high costs of early-stage case development. This stage generally takes significant work, bookended with long timelines to securing Round B funding before capital begins to be deployed. For law firms, access to ESF means:

• They have immediate access to capital to help with law firm cash flows.
• They no longer must take on full risk for their time and upfront resources needed to secure funding.
• They can focus their attention on developing the best legal arguments possible rather than worrying about their up-front time commitment.
• They have a better developed case to present to Round B funders, making it more efficient to secure full funding.

Round B Funders (Traditional Litigation Funders): Frequently Round B Funders are presented with cases that they believe are simply too early for investment. Traditional litigation funders benefit from ESF because:

• They receive well-developed cases that have already passed viability assessments.
• They have immediate access to expert reports and legal opinions to better analyze the case and risks.
• The risk of investment is reduced, since much of the groundwork has been completed and expert opinions are available.
• Their duration risk is significantly reduced because ESF has been deployed to jump start the case and litigation is ready to commence. 

Conclusion

As litigation finance evolves, ESF is emerging as an essential tool for claimants, law firms and funders alike. By enabling early-stage legal work and de-risking high-potential claims, ESF ensures that justice is not delayed or denied due to financial constraints.

If you are exploring funding options for an early-stage case, ESF could be the solution to unlocking its full potential. 

About the Author

Drew Hathaway is a Founding Partner of Ignitis, where he leads case development, business strategy, and litigation funding initiatives. A U.S.-trained class action lawyer, Drew brings nearly two decades of experience navigating complex, high-stakes disputes and has built a reputation for advancing impactful litigation across borders.

After beginning his career defending medical malpractice cases, Drew transitioned to the plaintiff side in 2016, where he later became a key figure in the growth of international collective redress. He played a central role in launching and scaling European collective actions, helping to secure and deploy over €100 million in funding for cases aimed at holding multinational corporations accountable. Drew has helped millions of Europeans gain access to justice.

Drew’s expertise spans the full lifecycle of cross-border collective litigation—from claim foundation setup and funding structures to jurisdictional strategy, cost and tax modeling, and claims management. His comparative knowledge of U.S. and European systems allows him to operate effectively at the intersection of law and finance, where he regularly collaborates with leading law firms, economists, litigation funders, and academic experts.

He is a frequent speaker on international collective redress and litigation finance and is deeply committed to expanding access to justice for individuals and consumers harmed by systemic corporate misconduct.

He earned his B.A. from the University of North Carolina at Chapel Hill and his J.D. from Campbell University School of Law, where he was a National Moot Court Team member, Order of Old Kivett inductee, and editor of the Campbell Law Observer.

Drew is admitted to practice law in North Carolina, multiple U.S. federal and appellate courts, and in England and Wales.

Based in Sydney, Australia, Vicky Antzoulatos is the Joint Head of Class Actions at Shine Lawyers. Vicky has spent her career championing the rights of those adversely affected by corporate malfeasance across Australia. She has navigated the complexities of the niche area of class action dispute resolution for over 25 years, taking on some of the world’s most formidable corporate entities, including international and Australian banking institutions, shipping conglomerates, and prominent fast-food chains.

Vicky has been involved in the conduct of class actions in Australia since 1999 and her deep knowledge in this area spans a broad range of class actions including employment, consumer, human rights, shareholder and financial services. Through her expertise and unwavering commitment to the pursuit of truth and accountability, Vicky continues to redefine the boundaries of legal excellence in class actions, making an impact on the lives of countless individuals across Australia.

Company Name and Description: Shine Lawyers is an Australian law firm specialising in personal injury compensation and class actions. As one of Australia’s leading class actions firms, Shine Lawyers passionately fights to obtain justice for those who have been wronged and suffered loss at the hands of institutions or corporations.  

Company Website: https://www.shine.com.au/ 

Year Founded: 1976

Headquarters: Brisbane, Queensland, Australia

Area of Focus: Class Actions

Member Quote: Third party litigation funding has allowed class actions to be brought that would never have seen the light of day. It is a critical aspect of modern-day litigation assisting to recalibrate the power imbalance between individuals seeking redress from large corporations or government.

Certum Group, the first and only company in America providing both litigation finance and insurance solutions for companies facing the uncertainty of litigation, has added Patrick Dempsey as Director of Commercial Litigation Strategy.  Mr. Dempsey will oversee all facets of Certum’s commercial litigation business, including originating, structuring, and monitoring single-case financing products and portfolio solutions for law firms, corporates, and other litigants.  Mr. Dempsey will also help build out Certum’s consulting services for companies that are looking to invest in or value legal assets but may not have the requisite underwriting expertise. 

A veteran of the legal finance industry, Mr. Dempsey joins Certum from Burford Capital, where he served as a director responsible for originating new investments with law firms and corporates alike.  Prior to Burford, Mr. Dempsey served as the Chief Investment Officer of Therium Capital Management’s U.S. operations.  In private practice, Mr. Dempsey was a litigator at Hogan Lovells and Proskauer, where he regularly took cases through to trial and arbitral hearings across a broad number of industries.

“We are thrilled to have Patrick join our team,” said Joel Fineberg, Certum’s founder and managing director. “His extensive experience across multiple industries and complex commercial areas, along with his ability to build strong relationships with counterparties, will be a very valuable asset as we continue to innovate in the ever-evolving world of litigation funding.” 

“I am excited to join the fantastic team at Certum,” said Mr. Dempsey. “I believe the opportunity is substantial. With its full suite of funding solutions and insurance products, Certum is extremely well-positioned for this next phase of growth within the industry.  I’m looking forward to helping more clients figure out how Certum can help them achieve their litigation and business goals.”

Certum Group created the first and only litigation risk transfer platform that combines insurance, premium finance, and litigation funding to provide tailored solutions for companies, litigants, and law firms. Founded more than 10 years ago, the team is comprised of former litigators, judicial clerks, actuaries, and financial professionals who design risk transfer and funding solutions to meet legal, business, and financial objectives.

Mr. Dempsey earned his J.D. from Tulane University Law School and his B.S. from the University of New Orleans.

About Certum Group

Certum Group provides bespoke solutions for companies facing the uncertainty of litigation. We are the leader in providing comprehensive alternative litigation strategies, including class action settlement insurance, litigation buyout insurance, judgment preservation insurance, adverse judgment insurance, contingency fee insurance, capital protection insurance, litigation funding, and claim monetization. Our team of experienced former litigators, insurance professionals, and risk mitigation specialists helps companies remove the financial and operational volatility arising out of litigation by transferring the outcome risk. Learn more at www.certumgroup.com.

An early adopter of litigation finance with ten years of experience as a funding professional, David Kerstein uses his depth of knowledge and experience to serve as a trusted and strategic partner and advisor to lawyers and clients seeking to manage litigation risk and spend.

Dave is a sought-after speaker and recognized leader in litigation finance who has been named among Lawdragon’s “Global 100 Leaders in Legal Finance” and selected by Who’s Who Legal as a “Thought Leader in Third Party Funding.” Prior to founding Arcadia Finance in June of 2024 with fellow Managing Directors Ronit Cohen and Joshua Libling, he served as Validity Finance’s Managing Director and Senior Investment Officer.

In addition to co-leading Validity’s origination and structuring teams, he helped to guide Validity’s strategic growth into new and expanded markets and avenues for investment. Prior to joining Validity, Dave was a senior investment manager at Bentham IMF, now Omni Bridgeway. Before entering the world of litigation finance, Dave spent fifteen years as a trial lawyer handling complex commercial disputes at Gibson Dunn. With his deep experience as a litigator, Dave understands the landscape attorneys and their clients face when pursuing important claims and is uniquely positioned to help them navigate it. As a long-suffering Jets, Mets, Knicks and Islanders fan, Dave is keenly aware that facing adversity can build character. He knows that every litigation has obstacles that must be overcome but that those obstacles can be used as stepping-stones that guide us to achieving our goals.

Company Name and Description: At Arcadia Finance, we go beyond traditional litigation finance to provide frictionless funding, empowering clients and partners to achieve their legal goals through customized financial solutions and unparalleled support. Our seamless collaboration, clear deal terms, and broad mandate empower clients to navigate challenges, make informed decisions, and secure capital – fast. Led by industry veterans with over $400 million invested across 80+ deals, Arcadia Finance offers adaptable solutions for all–from litigation boutiques to AmLaw firms and corporations. Arcadia Finance’s mission is to invest in meritorious litigation, and with backing from multiple and flexible capital providers, we find new ways to help clients and law firms finance, monetize, and share risk on their legal assets. Our solutions include everything from traditional single-case funding and law firms portfolios, to purchasing companies or patent portfolios whose primary value is litigation. At every stage from pre-litigation to appeal and enforcement, Arcadia has the experience, flexibility, and capital to assist.

Company Website: arcadiafin.com

Year Founded: 2024

Headquarters: New York, New York

Area of Focus: With a focus on U.S.-based commercial and patent litigation and domestic and international arbitration, Arcadia Finance is open to the full spectrum of litigation-based assets, from mass torts to law firm lending to patent acquisition, including cross-border and offshore matters. We consider cases in all federal and state courts, as well domestic and international arbitrations.    

Member Quote: “Over my 25+ years of work in the legal and litigation finance industries, I’ve seen firsthand how meritorious claims can falter due to financial constraints. That’s why I’m passionate about litigation funding – it ensures that the strength of a case, not the size of a wallet, determines its outcome.”

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.

Georgios is a seasoned finance professional with extensive experience across investment banking, technology, and the Food & Beverage industry. With a strong academic foundation, he holds a master’s in finance from the London School of Economics (LSE) and a master’s in management from Cass Business School, equipping him with deep financial expertise and strategic insight.

He began his career at a boutique investment bank in London, where he honed his skills in deal structuring, financial modelling, and capital markets. His career includes a pivotal role at Diageo, where he contributed to the overall marketing strategy for its premium alcoholic products. He has also been actively involved in the tech space, leveraging his financial acumen to drive innovation and business growth.

Currently, Georgios holds a pivotal role at Heirloom Fair Legal, which specialises in legal financings in the individual and small business consumer claims sector. As the Director of Capital & Investor Relations, he coordinates Heirloom’s co-investment program, allowing families to benefit from Heirloom’s deep experience and expertise. Through his leadership, he helps families who are interested in the sector but don’t have the extensive internal resources needed to learn more about this space and access the opportunities within it.

Heirloom focuses on funding meritorious legal cases and firms with strong recovery prospects, leveraging deep industry expertise and a robust network of legal and financial professionals. Georgios helps co-investors and families understand this unique asset class, which offers attractive, risk-adjusted returns, independent of traditional market cycles.

Headquarters: London, UK

Area of Focus: Family office services, Legal finance 

Member Quote: “Countless claims fail to reach the courts – not for lack of validity, but due to financial constraints and the absence of expert guidance. At Heirloom, we are steadfast in our commitment to advancing access to justice by providing both the strategic expertise and financial backing necessary to bring deserving cases to light. As pioneers in motor finance claims, we are leading the charge in holding institutions to account and ensuring claimants receive the redress they rightfully deserve.“

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.

Based in Sydney, Australia, Craig Allsopp is the Joint Head of Class Actions at Shine Lawyers. Craig has over two decades of experience in class actions and large-scale litigation in both the private and public sectors. His unwavering commitment to justice has left an indelible mark on Australia’s legal landscape, positioning him as a trailblazer in shareholder dispute resolutions. Craig’s distinguished career is studded with triumphs that have shaped legal precedent. In every case he sees through, Craig strives to obtain justice for thousands of people impacted by the misconduct of corporations, the big banks and other major financial service institutions, and Australian governments. In particular, Craig has worked on some of Australia’s highest profile shareholder and social justice class actions.

Craig’s dedication to legal excellence and social justice is demonstrated by the profound impact he has on the legal landscape. He has set a standard for advocacy and achieving substantive change in the pursuit of fairness and accountability, particularly in corporate and government sectors.

Company Name and Description: Shine Lawyers is an Australian law firm specialising in personal injury compensation and class actions. As one of Australia’s leading class actions firms, Shine Lawyers passionately fights to obtain justice for those who have been wronged and suffered loss at the hands of institutions or corporations.  

Company Website: https://www.shine.com.au/ 

Year Founded: 1976

Headquarters: Brisbane, Queensland, Australia

Area of Focus: Class Actions

Member Quote: Third-party litigation funding has significantly improved access to justice in Australian class actions allowing individuals to pursue representative claims against corporations and governments for various alleged misconducts.

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.

Stephen is a seasoned litigation and contingent risk insurance broker and former practicing complex commercial litigator who joined WTW in February 2025 as Head of Litigation and Contingent Risk Insurance.  In his role, Stephen evaluates litigation-related risks and structures bespoke litigation and contingent risk insurance policies for litigation finance, hedge fund, private equity, law firm, and corporate clients. 

Prior to joining WTW, Stephen was a Managing Director and Senior Lawyer in Aon’s Litigation Risk Group.  Stephen joined Aon in 2019, and was the first insurance industry professional dedicated solely to the litigation and contingent risk insurance market, leading the Litigation Risk Group’s origination and business development work, in-house legal diligence, efforts to advocate for coverage with underwriters, and negotiation and structuring of insurance policies.  During his time at Aon, Stephen was a three-time Risk and Insurance Magazine “Power Broker” (2022, 2023, 2024); spearheaded the development of judgment preservation insurance and insurance-backed judgment monetization as well as the synergy of litigation and contingent risk insurance with litigation finance; and was responsible for placing billions of dollars in total coverage limits – including the largest ever litigation and contingent risk insurance policy, and several policies that each provided over $500 million in coverage limits – and delivering hundreds of millions of dollars in premium to insurers.  Stephen additionally provided consulting and broking services on litigation-driven, insurance capital-based investment opportunities and sales of litigation claims, insurance claims, and subrogation rights as part of the Aon Special Opportunities Group.

Prior to joining the insurance industry, Stephen was a complex commercial litigator in the New York City office of Boies, Schiller & Flexner from 2011 to 2019.  While at BSF, Stephen amassed significant trial, appellate, and arbitration experience representing both plaintiffs and defendants in the U.S. and abroad across a wide array of practice areas, including securities, antitrust, constitutional, insurance, first amendment, employment, government contracting, and criminal law, as well as in multidistrict and class action litigation.  Stephen’s clients included banks and other major financial institutions, private equity firms, technology companies, foreign sovereigns, professional sports teams, television networks, insurance companies, corporate executives, and other high-net-worth individuals.  

Stephen earned his J.D. from the New York University School of Law in 2010, and is a member of the New York State Bar.  He also clerked for the Honorable Tanya S. Chutkan in the United States District Court for the District of Columbia.

Company Name and Description:  Willis Towers Watson

Company Website: https://www.wtwco.com/en-us

Headquarters:  Stephen is based in New York

Area of Focus:  Litigation and contingent risk insurance for litigation finance, hedge fund, private equity, law firm, and corporate clients

Member Quote:  “I have been working with litigation finance firms to insure their litigation-related investments since I first entered the insurance industry in 2019, and I view litigation finance and funder-backed plaintiff-side litigation as the most important growth areas for the litigation and contingent risk insurance market, as well as the areas where coverage can be most value additive for clients. 

I have also been bringing litigation finance firms into insurance transactions as financing counterparties since I first devised the concept of insurance-backed monetization for judgment preservation insurance clients back in 2020, which concept has since expanded to the point where litigation finance capital has become inexorably intertwined with all forms of plaintiff-side insurance coverage.  

As the market for this insurance pivots away from single-case risks and towards portfolio-based policies for litigation finance firms and the law firms that they fund, litigation finance clients can trust that WTW will be at the forefront of innovating new coverage structures and concepts to address their unique risk management needs and ambitious financial goals, will deliver best-in-class client service utilizing our incomparably strong and longstanding relationships with underwriters, and will be a vocal champion of litigation finance both within and outside of the insurance industry.”

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. 

—

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. 

Caroline Taylor is a Founding Partner of Ignitis, an early-stage litigation funder focused on developing cases to assess viability and prepare them for full litigation. With over a decade of litigation experience, Caroline brings a unique blend of funding expertise and strategic legal insight, leveraging an extensive professional network to support cases from inception to resolution. Ignitis partners with claimants, foundations, corporate clients, lawyers, experts, funders, and other legal professionals to ensure that each case has what it needs to maximize its chance of success.

Before founding Ignitis, Caroline was a partner at a leading international collective redress firm. She played a key role in expanding the firm’s European operations, including opening offices across several countries, assembling and leading teams, and driving case development and management. Her work in securing litigation funding helped support the development of over 30 cases across Europe and the UK. Caroline’s ability to seamlessly integrate operations between U.S. and European offices proved instrumental in advancing initiatives on both sides of the Atlantic. Her deep understanding of collective redress procedures in multiple European jurisdictions, combined with her experience taking cases from concept to resolution, makes her well-suited for her role at Ignitis.

During her time in private practice, Caroline specialized in class actions, complex litigation, and personal injury cases, gaining firsthand experience of the impact corporate misconduct can have on individuals. This exposure sharpened her litigation skills and solidified her commitment to justice. Caroline also served in several leadership roles, including as a Board Member of the American Association for Justice, Chair of its Railroad Section, and as a Board and Executive Committee Member of the Tennessee Trial Lawyers Association. She has received numerous accolades, including recognition by The National Trial Lawyers, Best Lawyers in America, and Super Lawyers. Caroline is a frequent speaker at international legal conferences.

She is admitted to practice in Tennessee, Florida, and Kentucky state courts, as well as in numerous federal and appellate courts in the United States and England and Wales.

Company Name and Description: Ignitis AG is an early-stage funding company. Ignitis was founded to solve a critical challenge: parties often need initial capital to develop the case into something viable to attract larger litigation funders. Essentially, to secure funding, one must first invest capital. Drawing on decades of experience in litigation and institutional investment, we are uniquely positioned to provide the capital and expertise needed to kickstart cases and drive them toward resolution. We focus solely on early-stage funding, ensuring that quality cases get the financing they need to be successful while increasing access to justice.

Company Website: www.ignitisag.com

Year Founded: 2024

Headquarters: Zug, Switzerland

Area of Focus: We focus specifically on initial case development and early-stage funding. We put our money in at initial, risky stages, to develop the case and prepare it for full funding and filing. We not only inject capital, but we also provide expertise and advice along the way to ensure that the case has the greatest opportunity for success.

Member Quote: “Too many meritorious cases never make it to court, not because they lack merit, but because the injured parties lack the financial resources or the know-how to move forward. At Ignitis, we are committed to improving access to justice by investing in cases that other funders might overlook and offering the expertise needed for thorough case development—ensuring more individuals have their day in court.”

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.