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An LFJ Conversation with Neil Purslow

April 29, 2024

An LFJ Conversation with Neil Purslow

Neil Purslow co-founded Therium in 2008 and is a director of Therium Capital Management Limited and the firm’s Chief Investment Officer. Neil is a solicitor with over 26 years’ experience and was previously Litigation Counsel in-house for Marsh & MacLennan Companies, Inc. (MMC). Prior to this he was in practice in the City of London with US firm Reed Smith and Withers. Neil is Chair of the Executive Committee and on the management committee of ILFA, he is also a board member of the Association of Litigation Funders, the self-regulatory body for the litigation funding industry in England and Wales. Neil has given expert evidence on litigation funding and speaks regularly at conferences and is often quoted in the media on issues related to the industry and asset class. He gained an MA in Jurisprudence from the University of Oxford (1995). Neil Purslow was ranked as a Tier 1 individual in litigation finance by Chambers and Partners, Leaders League, Law Dragon and other directories. Below is our LFJ Conversation with Neil Purslow: As the PACCAR situation continues to develop, how do you think this will ultimately play out?  Will the litigation funding industry face enhanced regulation in the UK going forward? The steps the Government has taken in response to PACCAR have been very positive and reaffirm the Government’s recognition of the importance of the litigation funding industry in supporting access to justice and the UK legal sector. The Litigation Funding Agreements (Enforceability) Bill (LFA Bill), which is presently going through Parliament, will reverse the PACCAR decision and reestablish the Government’s original policy intent, ensuring continued access to third-party funding in the UK.  The Bill is expected to be passed before the summer recess at the end of July. The benefits of funding were highlighted throughout the recent debate on the Bill in the House of Lords, in particular that funding enables access to justice and upholds the rule of law, enabling ordinary individuals and SMEs to bring claims against better resourced companies and institutions, such as the Post Office. Several Lords even made the point that funders’ returns were fair, given the significant risks involved in funding litigation, especially against large and deep pocketed defendants. This week, the Civil Justice Council (CJC) published the terms of reference for its review of third party litigation funding. It is extremely encouraging that the CJC is committed to making litigation funding more accessible in order to improve access to justice and fairness for all, so that claimants like the sub-postmasters, can seek redress against large corporations.  The litigation finance industry shares that aim. Whatever the outcome of the review, regulation will need to align with the government’s goals of furthering access to justice. The risk with any regulatory regime is that it can have unintended consequences, which could ultimately disadvantage claimants by limiting the availability of funding and curtailing access to justice. How should the industry respond to calls for regulation? Some stakeholders are suggesting that litigation funders should lead the charge here. Do you agree or disagree, and why?  The industry has always taken a proactive approach to regulation through the UK’s Association of Litigation Funders (ALF) and its Code of Conduct which has been influential in setting standards in litigation funding, both for members and non-members alike in the UK and elsewhere.  Litigation funders are already subject to Court’s oversight.  The industry has nevertheless rightly welcomed the CJC review as an opportunity to take a fresh look at the sector and the positive role that it plays in the legal system and how the review can improve access to litigation funding. Consistent with many of the speeches in the House of Lords on the LFA Bill as well as the CJC’s stated objective, the starting point for the review must be the recognition that in the absence of legal aid and with the high cost of litigation, litigation funding is an important and essential tool to provide access to justice.  Any proposals arising from the review should promote the potential for litigation finance to perform that role. The review of the industry provides an opportunity to examine any other changes that would improve the availability of funding to claimants and also deliver better financial outcomes for claimants in litigation.  For instance, empowering the Courts to order defendants to pay successful claimants’ funding and insurance costs would result in significantly improved financial outcomes for claimants and disincentivise the defence strategy of running up costs to stifle claims, seen so starkly in the Post Office litigation. Any regulatory proposals should seek to address a problem and there should be clear evidence that such a problem exists.  Self-regulation of the industry has worked well in practice for over 10 years and litigation finance arrangements have many checks and balances already built in, not least the involvement of lawyers advising claimants on their litigation funding arrangements.  There is an important role for the International Legal Finance Association (ILFA) and the ALF to provide the CJC with an understanding of how claims are funded in practice. Any proposal for regulation must also be workable and effective.  The industry witnessed the impact of the clumsy and inappropriate regulation brought in by the Liberal government in Australia which significantly impeded the proper functioning of the industry for a period until the regulation was withdrawn.  The UK should be wary of falling into that trap. ILFA and ALF are ideally placed to assist the CJC in understanding the practice of litigation finance and the opportunities that exist to make the best use of its potential in upholding the rule of law.  Both organisations will work constructively with policy makers to ensure that the review supports greater access to justice for consumers and SMEs and maintains the UK’s place as a leading global legal centre. Has PACCAR influenced your investment thesis at all? Are you adapting your underwriting standards in any way – either in the UK, or globally?  In common with the entire UK market, Therium has had to take steps as far as possible to mitigate the potential effects of PACCAR.  That in itself has been time consuming and there has been opportunistic satellite litigation which has both wasted Court time and cost money.  The LFA Bill however will restore the pre-PACCAR position for both existing and future funding arrangements, which will remove the uncertainties that PACCAR has created and restore the ability of funders to offer funding to as many cases as possible.  It also preserves the viability of the CAT collective proceedings regime, which is reliant on funding. The Government’s response to PACCAR has demonstrated that it understands and values the benefits that the litigation finance sector brings and that it reinforces the attractiveness of the UK as a jurisdiction in which to invest.  From a public relations perspective, what more can the industry do to convince legislators and the general public that litigation funding is ultimately a force for positive change in the world?  The Post Office scandal has been an important example of how civil litigation can play a pivotal role in righting a huge miscarriage of justice. In turn, the media coverage has been a game changer in increasing awareness of the vital role that litigation finance plays in providing access to justice.  That example continues to resonate with the public and with legislators, with its effects felt both domestically and also internationally. ILFA plays an essential role in helping legislators and policymakers to understand litigation finance and in countering misinformation about the industry pedalled by corporate lobbyists such as the US Chamber of Commerce and their proxies like Fair Civil Justice and its forerunner, Justice Not Profit, which unsuccessfully tried to derail the introduction of the collective proceedings regime in the CAT in 2015. Their objective is to limit access to justice and frustrate litigation against big corporate wrongdoers. It is also important that the benefits of litigation funding to upholding the rule of law are appreciated more widely. Lord Sandhurst made the point in the House of Lords that the absence of legal remedies damages our economic system and the society in which we live.  Finding funding mechanisms to achieve legal remedies for individuals and small and medium sized businesses who do not have the resources to achieve this is of social value and in the public interest. Being able to enforce legal rights is essential for a functioning market economy.  According to Bain and Co’s Transatlantic Confidence Index, the rule of law remains one of the most appealing reasons to invest in the UK. At an event at Gray’s Inn that was supported by The Law Society and the Bar Council, Shadow Justice Secretary, Shabana Mahmood made her first major speech since assuming the role in which she expressed her desire for the UK be home to the fastest growing legal sector in the world. The availability of litigation funding will undoubtedly help to ensure that the UK retains its position as a leading global disputes hub that currently contributes £34 billion to the UK economy each year.
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LFJ Conversation

How Nera Capital Reached $150M in Investor Returns

By John Freund |
Aisling Byrne is a Director at Nera Capital, a leading litigation funder with a global footprint, where she plays a central role in driving the firm’s growth and strategic initiatives. With extensive experience in litigation funding and investor relations, Aisling focuses on building strong partnerships with law firms, funders, and stakeholders while overseeing the operational efficiency of the firm. Her leadership combines a pragmatic, solutions-driven approach with a deep understanding of both consumer and commercial claims.
Below is our LFJ Conversation with Aisling Byrne:
Nera recently passed $100 million in investor repayments, citing a “data-driven approach to case selection and risk management” as a key factor. What specific data-centric approaches have contributed the most impact?
At Nera, we see data not as a supporting tool but as the backbone of our decision-making. Our proprietary models assess thousands of variables across historical case outcomes, jurisdictional nuances, law firm performance metrics, and even the efficiency of courts. By feeding this data into predictive analytics, we can more accurately model recovery timelines and probabilities. What’s been most impactful is combining quantitative scoring with qualitative oversight—data helps us remove emotional bias, while our team of experienced professionals ensures the analysis is grounded in real-world legal and enforcement dynamics. That dual approach has allowed us to deliver consistent investor repayments while scaling responsibly.
Nera has now reached $150m in investor returns.
You secured a £20 million funding line from Fintex Capital, bolstering Nera’s ability to support consumer claims and expand funding sources. How do such funding lines influence your ability to take on riskier or less predictable claims, including those where pre-judgment attachment might play a role in enforcement?
Regardless of how many new funding lines we secure, it doesn’t mean our approach changes. In the consumer division, our strategy of supporting proven, legal precedent set claim types and claim selection criteria remains exactly the same—and that high bar has been fundamental to our success and our ability to deliver substantial repayments to investors. The additional capital simply allows us to scale what we already do well, without diluting our standards.
For investors with a different criteria, the commercial division may be better suited. Those cases can sometimes have less predictable timelines, but also offer higher potential returns. In this way, we can align capital sources and timelines with the most appropriate claim types, ensuring consistency in performance while broadening the opportunities we can pursue.
Many financialized legal claims carry the potential for post-judgment or post-award interest and/or enforcement costs. Could you speak to how Nera evaluates the enforceability of judgments, including the likelihood of successful asset attachments (domestic or abroad), in structuring returns for investors?
Enforceability is as important as the merits of the case itself. A favourable judgment is meaningless without a realistic pathway to recovery. At Nera, we always seek to avoid claims where enforceability is in doubt. Before committing, we carry out a comprehensive enforceability assessment, which includes mapping the defendant’s asset profile, reviewing local enforcement regimes, and stress-testing recovery prospects. This rigorous upfront analysis is a cornerstone of our underwriting approach, and in our 15 years of business, we have not experienced enforcement issues—a strong validation of the discipline and prudence built into our process.
Given that litigation finance is often argued to be an “uncorrelated asset class,” how does Nera balance its portfolio of consumer mass claims, commercial disputes, and potential cross-border enforcement matters to provide both stability and high upside for investors?
Diversification is central to our portfolio construction. Consumer claims tend to generate steady, repeatable outcomes that provide stability and heavy settlement cash flows. Commercial disputes, on the other hand, carry larger ticket sizes and higher upside, but sometimes involve greater complexity and longer timelines.
When it comes to cross-border enforcement matters, we take a very cautious stance. We look to avoid supporting claims where enforceability could present difficulties and always conduct an upfront enforcement assessment. By working with leading lawyers and advisers in each jurisdiction, we ensure risks are fully evaluated and mitigated before committing capital.
Because these different claim types are not only uncorrelated with traditional markets but also with one another—thanks to variations in claim structure, jurisdiction, and duration—we can actively balance short-term liquidity against long-term growth. This layered approach allows us to deliver both stability and meaningful upside, while staying true to the uncorrelated nature of litigation finance.
 
As Nera has expanded into the Netherlands and joined the European Litigation Funders Association (ELFA), what regulatory, ethical, or procedural hurdles have you confronted? How do these shape your funding models?
Europe presents both opportunities and challenges. In the Netherlands, collective redress mechanisms are still evolving, and with that comes heightened regulatory and judicial scrutiny. By joining ELFA, we’ve committed to the highest standards of transparency, governance, and ethical practice, which we see not as a constraint but as a competitive advantage.
One hurdle has been adapting our funding structures to meet jurisdiction-specific requirements, such as disclosure obligations and court oversight of funder involvement. These challenges have made us more deliberate in how we design our funding contracts and financial models, ensuring they are robust, compliant, and aligned with the long-term sustainability of the sector. Ultimately, we welcome this direction—it elevates the industry and builds trust with investors, law firms, and claimants alike.
LFJ Conversation

An LFJ Conversation with Jim Batson and Robert Le of Siltstone Capital

By John Freund |

Jim Batson serves as Managing Partner, General Counsel, and Chief Investment Officer of Siltstone Capital’s legal finance strategy, where he leads investment origination, diligence, and portfolio management for global dispute-related opportunities. With over a decade of experience in legal finance, Jim brings a unique blend of legal expertise and investment acumen to Siltstone’s expanding platform.

Before joining Siltstone, Jim served as the Chief Operating Officer at Westfleet Advisors, a litigation finance advisory company, and before that, as the Co-Chief Investment Officer – U.S. at Omni Bridgeway, a global litigation finance fund manager. At Omni, Jim was instrumental in expanding the firm’s U.S. presence, implementing the U.S. investment strategy, and developing one of the most respected teams in the industry.

Jim began his career as a trial lawyer. He later became a partner at Liddle & Robinson in New York, where he handled groundbreaking cases, including the seminal e-discovery case Zubulake v. UBS Warburg. His experience as both a litigator and investor enables him to evaluate risk and opportunity from multiple angles, making him a trusted partner to law firms, claimholders, and investors.

Robert Le is a Founder and Managing Partner of Siltstone Capital. Prior to founding Siltstone, Mr. Le was a Portfolio Manager at an investment platform of Millennium Partners, a hedge fund located in New York. Mr. Le managed a portfolio of public investments in the energy sector. Before Millennium, Mr. Le helped launch the E&P strategy at Zimmer Lucas Partners (“ZLP”), a Utility and Master Limited Partnership (“MLP”) focused hedge fund. During his tenure, the E&P portfolio became the top performing strategy.

Prior to ZLP, Mr. Le worked as an Analyst at Canyon Capital. Prior to Canyon, Mr. Le was an Investment Banking Analyst at Morgan Stanley in the Global Energy Group. Mr. Le graduated from the University of Pennsylvania magna cum laude and as a Benjamin Franklin Scholar. Mr. Le also received a Rotary Ambassadorial Scholarship for postgraduate studies in Sydney, Australia.

Below is our LFJ Conversation with Jim Batson and Robert Le:

How does Siltstone integrate legal considerations into your investment strategies, particularly in the niche asset classes you focus on?

At Siltstone, legal analysis is at the heart of every decision we make. Before we commit capital—whether it’s in complex commercial disputes, or intellectual property—we start by looking at the case through a legal lens.

We’ve also developed proprietary software that allows us to quantify and track those risks in a disciplined way. By integrating legal considerations directly into our financial models, we’re able to bridge the gap between legal strength and economic value. Bringing on Jim Batson further strengthens our focus on diligence, given his breadth of experience.

Siltstone emphasizes 'organically sourced alternative investment opportunities.' Can you elaborate on the process of identifying and securing these unique opportunities?

When we talk about “organically sourced alternative investment opportunities,” we mean opportunities that come to us through the network we’ve built and cultivated.  Over the years, we’ve developed deep relationships across the litigation finance ecosystem, including law firms, businesses, claimants, insurers, experts, and brokers.  Those connections give us access to opportunities early, often before they hit the broader market.

We’ve also worked hard to create platforms that connect the industry more broadly, most notably LITFINCON—the premier litigation finance conference. LITFINCON has become a central gathering point for funders, law firms, insurers, investors, and thought leaders. In January 2026, we’ll host our fifth iteration in Houston, where we will once again be at the center of conversations shaping the industry and making connections.

By combining long-term relationships, our collective experience, and the connections we form at LITFINCON, we’re able to consistently identify and secure unique, high-quality opportunities that align with our investment strategy.

Siltstone aims to provide 'uncorrelated risk-adjusted returns.' What strategies do you employ to ensure the portfolio remains uncorrelated and resilient to market fluctuations?

At Siltstone, when we talk about delivering “uncorrelated risk-adjusted returns,” we mean building a portfolio that’s insulated from broader market swings. Case outcomes move on their own timelines and are driven by judicial processes, not by macroeconomic headlines.

Our proprietary risk-assessment tools enable us to model duration, damages, appeal exposure, and recovery probabilities, which provides discipline in portfolio construction and helps keep correlations low.

This mix of uncorrelated assets, disciplined structuring, and diversified exposure makes the portfolio resilient, regardless of broader market fluctuations.

Could you share insights into any recent developments or trends you're observing in the legal finance sector, and how Siltstone is adapting to these changes?

One of the biggest developments we’re seeing in legal finance is the continued professionalization and institutionalization of the space. What was once a niche, under-the-radar asset class is now drawing attention from major investors who are looking for uncorrelated returns. That shift brings both opportunity and competition.

We’re also watching growth in secondary markets—funders and investors are increasingly finding ways to trade exposure midstream, whether through portfolio sales, insurance solutions, or securitized products. That liquidity dynamic is changing how capital flows into the sector and how risk is managed.

Another important development is the ever-changing landscape of insurance. The use of insurance to protect downside risk has become far more sophisticated, with products ranging from adverse costs coverage to judgment preservation insurance. For funders like us, insurance provides an additional tool to de-risk investments and expand our ability to structure creative solutions for clients and investors alike.

We’re also seeing the rise of technology and data-driven tools. From case analytics to AI-driven damages modeling, the sector is moving toward greater use of predictive insights. At Siltstone, we’ve leaned into this by building proprietary software to better quantify and track litigation risk, which enhances both origination and portfolio management.

Finally, the regulatory conversation is becoming more active. We’re paying close attention to potential disclosure requirements and other legislative proposals. Our approach is to stay ahead of the curve by structuring deals with transparency in mind and building flexibility into our agreements so that regulatory changes don’t disrupt performance.

LITFINCON has quickly established itself as a premier event in the U.S. Now that it’s expanding globally, what factors drove that decision?

LITFINCON has quickly become the premier litigation finance event in the U.S., and expanding globally was the natural next step. As we continue to deploy capital and evaluate opportunities, we’re seeing that the market is increasingly international as claims, structures, and counterparties are emerging across multiple jurisdictions. To stay at the forefront, we need to be engaged globally.

We’re also seeing greater diversity in both the types of cases and the investment structures being developed around the world. Expanding LITFINCON beyond the U.S. allows us to explore those innovations directly, while also connecting with new partners and perspectives.

That’s why, in addition to hosting LITFINCON Houston on January 14–15, 2026, we’ll be taking the event global—with a conference in Singapore this July and another in Amsterdam this Fall. Ultimately, going global is about building on the momentum we’ve created by expanding relationships, opening new doors, and growing a broader, more connected LITFINCON community.

LFJ Conversation

An LFJ Conversation with Kris Altiere, US Head of Marketing, Moneypenny

By John Freund |
Kris Altiere is the US Head of Marketing at Moneypenny, the leading provider of customer conversation solutions for the legal sector. With more than 20 years of experience in marketing and brand development, she is an award-winning strategist who helps law firms and legal service providers enhance client experience, strengthen reputation, and drive growth.  Kris is passionate about blending creativity with data-driven insight, ensuring attorneys and their teams benefit from smarter, more efficient ways to connect with clients while maintaining the highest standards of professionalism. Below is our LFJ Conversation with Kris: Litigation funders and firms are under pressure to respond instantly to client inquiries. From your perspective, how can they meet these expectations without overburdening staff or creating burnout? Across both funding companies and law firms, clients expect clear, informed answers almost immediately. The solution isn’t to expect internal staff to be ‘always on’, that leads to fatigue and errors. Instead, the answer lies in building an intake structure that blends smart technology and AI with flexible human support. At Moneypenny, we see huge success when firms use tools like intelligent call routing or secure live chat to capture every inquiry, triage urgency, and pass only relevant conversations to specialists. By combining in-house capability with trusted outsourced teams, organizations maintain round-the-clock responsiveness without compromising staff wellbeing. Moneypenny’s model offers outsourced communication support. What role can outsourcing play in ensuring consistent, high-quality client interactions, and how do you balance personalization with scalability? Outsourced communication support should never feel outsourced. The best providers act as a seamless extension of your team. At Moneypenny, our receptionists are trained to represent the companies brand, understand escalation paths, and client sensitivities, so every caller feels known and valued. This hybrid model means law firms and funders alike can deliver a highly personalized experience, while still having the scalability to absorb surges in demand. That balance is what protects reputation in high-stakes, time-sensitive matters. What best practices have you seen for maintaining responsiveness while also protecting the wellbeing of in-house teams—especially in high-stakes, time-sensitive legal funding matters? 
  • Define clear service levels: agree internally which inquiries require immediate attention and which can wait.
  • Use shared dashboards and call logs so tasks are visible and distributed fairly.
  • Rotate responsibilities for after-hours or urgent coverage and protect genuine downtime.
  • Partner with specialists like Moneypenny for overflow support during campaigns, press interest, or large case volumes.
  • Celebrate client praise so people see the impact of their professionalism, reframing responsiveness as value, not just pressure.
As the litigation funding market becomes more competitive, pricing alone no longer sets players apart. How important is the client journey—from first inquiry through to resolution—in shaping brand reputation? As competition intensifies, fees alone won’t win loyalty. Clients are looking for reassurance and transparency from the very first call through to resolution. Whether it’s a funder evaluating a claim or an attorney guiding a litigant, the speed, clarity, and empathy of your communications define how your brand is perceived. At Moneypenny, we’ve seen firms use exceptional communication to build loyalty, generate referrals, and justify premium pricing, because a smooth, human-led journey builds trust that competitors can’t easily replicate. Many funders struggle to align their communications, marketing, and operations. What practical steps would you recommend to ensure a seamless and empathetic experience across every touchpoint? To align marketing, communications, and operations:
  1. Map the lifecycle for funded matters and legal cases, capturing every stage from inquiry to closure.
  2. Set a consistent tone and language so outreach, intake, and case updates are aligned.
  3. Adopt shared technology (CRM, case management, call notes) to prevent siloed touchpoints.
  4. Monitor & refine: listen to sample calls, gather client feedback, and adjust scripts or processes to stay aligned with brand values.
Moneypenny partners with firms at each of these steps, ensuring consistency across touchpoints and allowing legal teams to focus on the matters that really need their expertise.