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Community Spotlight: Viren Mascarenhas, Partner, Milbank

By John Freund |
October 16, 2024

Community Spotlight: Viren Mascarenhas, Partner, Milbank

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

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

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

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

Company Website: www.milbank.com

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

Headquarters:  New York

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

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

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John Freund

John Freund

Commercial

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Commercial

WilmerHale Critiques VC-Style Patent Funding for Misaligned Incentives

By John Freund |

In a provocative new white paper, WilmerHale attorneys argue that venture capital–style strategies applied to patent litigation funding are fueling a wave of meritless lawsuits and stifling innovation in the U.S. tech economy.

An article in JD Supra outlines the firm's concerns about how litigation funders increasingly adopt a venture capital mindset when backing large portfolios of patent suits with the expectation that one or two major wins will offset the losses.

The paper contends that this model encourages the pursuit of weak or overbroad claims by non-practicing entities (NPEs), often through shell companies that obscure the funders' identities and incentives. In one example cited, a single defendant was forced to defend against dozens of claims, most of which were later dropped or invalidated, resulting in significant financial and operational burdens.

The authors also raise national security concerns, pointing to the lack of transparency around foreign investors that may leverage U.S. litigation as a strategic tool. In response, WilmerHale recommends mandating up-front disclosure of litigation funders, expanding fee-shifting mechanisms under laws such as 35 U.S.C. § 285, and amending the Federal Rules of Civil Procedure to improve accountability.

These calls for reform arrive at a moment of increased scrutiny on third-party litigation finance, particularly in the intellectual property space. With transparency and disclosure at the center of WilmerHale’s proposed solutions, the paper adds to a growing chorus of voices calling for more regulatory oversight in the litigation finance ecosystem.

Announcements Commercial

ILFA Welcomes Commissioner McGrath’s Rejection of EU Regulation for Third-Party Litigation Funding

By John Freund |

On 18 November 2025, European Commissioner for Justice Michael McGrath closed the final meeting of the EU’s High-Level Forum on Justice for Growth with a clear statement that the Commission does not plan new legislation on Third Party Litigation Funding (TPLF). 

He added that Forum participants also indicated that there is no need to further regulate third-party litigation funding.

Instead, Commissioner McGrath said the Commission will prioritise monitoring the implementation of the Representative Actions Directive (RAD) over any new legislative proposals. 

(video from 2.32 here). 

Paul Kong, Executive Director of the International Legal Finance Association (ILFA), said:  “We’re delighted to see Commissioner McGrath’s clear statement that EU regulation for third-party litigation funding is not planned. This appears to close any talk of the need for new regulation, which was completely without evidence and created considerable uncertainty for the sector.

Over several years, ILFA has consistently made the case that litigation funding plays a critical role in ensuring European businesses and consumers can access justice without financial limitations and are not disadvantaged against larger and financially stronger defendants. New legislation would have choked off the availability of financial support to level the playing field for claimants. 

We will continue to work closely with the Commission to share the experiences of our members on the implementation of the RAD across the EU, ensuring it also works for claimants in consumer group actions facing defendants with deep pockets.”

About ILFA

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

About the High-Level Forum on Justice for Growth

European Commissioner for Justice Michael McGrath launched the High-Level Forum on Justice for Growth in March 2025 to bring together legal industry experts to “focus on and discuss together how justice policies can contribute to – and further support – European competitiveness and growth”. The final meeting of the Forum took place on 18 November 2025, in Brussels. 

Commercial

Litigation-Funding Investment Market to Hit USD 53.6B by 2032

By John Freund |

A new report projects that the global litigation-funding investment market will reach approximately USD 53.6 billion by 2032, growing at a compound annual growth rate (CAGR) of about 13.84 percent. This robust growth forecast is driven by increasing demand for third-party financing in commercial litigation, arbitration, and high-stakes legal disputes. Investors are seeking exposure to legal-asset strategies as an uncorrelated return stream, while funders are scaling up to handle more complex, higher-value outcomes.

According to the article in Yahoo News, the market’s expansion is fueled by several structural shifts: more claimants are accessing capital through non-traditional financing models, law firms are leaning more on outside capital to manage cost and risk, and funders are expanding their product offerings beyond single-case funding. While the base market size was not specified in the summary, earlier industry data suggests significant growth from previous levels, with the current projection indicating a several-fold increase.

Still, the path forward is not without challenges. Macroeconomic factors, regulatory ambiguity, and constraints within the legal services ecosystem could affect the pace and scale of growth. Funders will need to maintain disciplined underwriting standards and carefully manage portfolio risks—especially as the sector becomes increasingly mainstream and competitive.

For the legal funding industry, this forecast reinforces the asset class's ongoing maturation. It signals a shift toward greater institutionalization and scale, with potential implications for pricing, transparency, and regulatory scrutiny. Whether funders can balance growth with rigor will be central to the market’s trajectory over the coming decade.