An LFJ Conversation with Philippa Wilkinson, Associate Director, S-RM

Ken Epstein is a co-founder and principal of Backlit Capital Solutions and brings 25 years of experience in bankruptcy law, commercial litigation, restructuring and finance. Ken leverages his deep industry expertise to provide tailored solutions for companies, law firms, investors, and individuals navigating complex litigation and financial restructuring challenges.
Prior to co-founding Backlit, Ken was a Senior Investment manager and Legal Counsel in the New York office of Omni Bridgeway, a legal finance and risk management company, where he led the company’s U.S. insolvency litigation finance platform. In this role, he originated, structured, and managed a diverse portfolio of legal assets, playing a key role in many of the firm’s most significant transactions. Prior to his tenure at Omni Bridgeway, he was a managing director at MBIA, a public financial services company, where he led large-scale initiatives and crisis management efforts. He was also on the board of directors of MBIA Services Corp. Ken started his career as a lawyer at Cadwalader, Wickersham & Taft, where he specialized in financial restructuring and corporate bankruptcy law.
Ken graduated from Brooklyn Law School (cum laude) and holds an accounting degree from the University of Maryland. Ken has also served as an adjunct professor of bankruptcy law at Cardozo Law School. He has been recognized in Who’s Who Legal: Thought Leaders – Third Party Funding Guide and the LawDragon Global Restructuring Advisors & Consultants Guide.
Matt Leland brings over 20 years of experience in commercial litigation and litigation finance to Backlit Capital Solutions. Most recently, Matt was as an Investment Manager and Legal Counsel in the Washington, D.C. office of Omni Bridgeway. There, Matt sourced and evaluated funding opportunities, negotiated deal terms, and monitored funded matters through to resolution.
Before Omni Bridgeway, Matt served as partner and as a commercial litigator for nearly two decades at AmLaw 100 firms King & Spalding LLP and McDermott Will & Emery LLP, experienced in all facets of civil litigation, including appeals, trials, arbitrations, and mediations. He successfully represented corporate clients engaged in diverse legal issues including government reimbursement claims, contractual disputes, unfair business practices, deceptive trade practices, civil RICO, and trademark infringement. Over his career, Matt helped clients recover hundreds of millions in damages and has extensive experience working closely with corporate executives and in-house counsel to develop budgets, fee structures, and strategies for all phases of litigation, including early case assessment, discovery, trial, and settlement. He has repeatedly been recognized in peer-reviewed guides including The Best Lawyers in America, Legal 500, and Super Lawyers.
Matt received his Juris Doctor from Georgetown University Law Center, where he was the Publications Director for The Tax Lawyer and The State and Local Tax Lawyer. He earned his B.A. in Political Science from the University of New Hampshire.
While earning his law degree, Matt was as a top aide for former U.S. Senator and Congressman John Sununu, after serving previously as the Deputy Campaign Manager on Mr. Sununu’s first campaign.
Below is our LFJ Conversation with Ken and Matt: Could you elaborate on Backlit Capital's approach to fundraising support for law firms, particularly start-ups, and what key factors contribute to successful fundraising in today's market?There’s been no better time to be a law firm seeking financing, as new investors enlarge the funding universe and options multiply. However, the landscape can be daunting and complex. We invite those firms to take advantage of our experience. We have spent years on the funding side of negotiations - evaluating claims and risks - and understand the nuanced distinctions between a fundable investment and one that gets passed over by litigation funders, lenders, and alternate investment sources.
Rather than simply connecting lawyers to potential sources of capital, we collaborate with firms, no matter their experience level, to implement comprehensive strategies that achieve specific financing goals. We showcase the potential of their assets with smart strategic positioning and precise financial modeling to address the investment concerns of potential funding sources. And to drive successful fundraising, we help firms provide transparency with risk profiling, highlight their operational credibility, and seize upon tactics to mitigate unpredictability so that the firm can showcase high-grade opportunities.
Finally, to ease the burden of this process, we provide end-to-end transaction management. We take on all of the complex and time-consuming tasks associated with legal funding so that clients can focus on providing first-rate legal services.
With the increasing complexity of legal finance, what innovative risk management strategies does Backlit Capital employ to mitigate potential losses for investors and lenders?We appreciate that these are high-stakes transactions for both the investor and the claimant and our review is disciplined, transparent and robust. Each transaction is different and we provide additional services depending on the client’s need, but here’s how we approach every opportunity:
By combining deep legal and financial expertise with market tools, Backlit ensures that risk is not just identified, but actively managed.
How does Backlit Capital stay ahead of emerging trends in legal finance, and what future developments do you anticipate will significantly impact the industry?We’re always focused on potential shifts in the market. At Backlit, our experience comprises not only litigation finance, but also decades of credit analysis, restructuring, commercial litigation, and government policymaking. This expertise enables us to identify how trends in financial, legal, and public sectors might influence litigation funding, and this positions Backlit extremely well for what we see as the biggest catalyst in the market – the addition of significant new funding capacity driven by new investors in the sector, like hedge funds, family offices and middle-market institutions. This provides a great opportunity for claimants and law firms looking for funding, but also injects unprecedented complexity into the marketplace.
At Backlit, we developed our services to not only identify, but capitalize, on opportunities for clients on either side of these transactions. Our connections with and understanding of the private capital space allow Backlit to find and structure deals that address the financial, operational and reporting requirements of all parties. As this market continues to grow, we’re positioned to create exciting new investment opportunities for funders and drive strong deals for clients seeking capital.
Can you share insights into a recent successful deal Backlit Capital facilitated, highlighting the unique challenges and solutions implemented?We expect that over time, most of our business is likely to be on the brokerage side and we are actively working with numerous clients to develop solutions to their diverse funding needs. In the short period since our launch there are two particular engagements that demonstrate the breath of the services we offer beyond traditional funding.
In the first, we have been engaged as an expert in a multibillion-dollar, high-profile bankruptcy litigation to assist a private equity client in the valuation of a complex litigation asset. Backlit has provided counsel, analytics and testimony in support of the client’s position. Our broad in-house capabilities and market expertise allow us to quickly analyze and deliver valuations that support our clients’ goals and survive deep scrutiny.
We have also been engaged on a project basis to help a large multi-billion dollar investment fund evaluate, structure and close a large loan transaction backed by a legal claim. The borrower’s existing lending relationship ended when the share collateral was involuntarily converted into a legal claim due to litigation surrounding a merger of the entity that had issued the shares. This was a time sensitive transaction with high stakes for all involved. Selecting legal counsel, working through conflicts, providing assistance on the unique features of legal finance - a discreet asset class - as part of the diligence and in-house deal team was a rewarding experience.
In the context of distress and insolvency, what specific pre- or post-Chapter 11 assistance strategies have proven most effective for Backlit Capital in maximizing creditor trust and claims management?While we work across sectors, we have a proven specialty in maximizing litigation assets for entities in financial distress and insolvency. Claimants facing the challenges of bankruptcy often have few other meaningful assets, and are extremely capital-restricted in their ability to effectively pursue damages. Additionally, these parties have fiduciary duties that need to be satisfied fully and transparently. Running a robust marketing process and ensuring best pricing is in the best interest of the estates, will enable the trustees to defend their fiduciary decisions if challenged, and given the multiple interests in the case, ensure a fair process and optimization of assets.
With such complex interests to manage, these clients demand specialized approaches that differ significantly from traditional commercial litigation support.
Bo Moss is the Co-Founder and President of Bridgehead Legal Capital. A former litigator in Atlanta and Charlotte, Bo earned a reputation for being a tough but fair adversary. His deep understanding of the legal landscape led him to a Charlotte-based litigation funder, where he leveraged his litigation background to successfully underwrite and tailor loans for contingency fee law firms nationwide.
Since co-founding Bridgehead with Scott Richards and Megan Baer in 2021, Bo has spearheaded the company's mission to provide accessible capital to contingency fee lawyers. Under his leadership, Bridgehead has engaged in over 150 transactions, demonstrating his strategic vision and operational excellence. Bo is a graduate of The University of the South (Sewanee) and Samford University Cumberland School of Law.
Below is our LFJ Conversation with Bo Moss:
Bridgehead Legal Capital emphasizes "Freedom Through Funding" and aims to be a long-term partner. Can you elaborate on how this mission guides your approach to client relationships and what specific long-term benefits firms can expect beyond just capital?
"Freedom Through Funding" isn't just a catchy phrase for us; it's the core of how we do business. As former litigators ourselves, we see every client relationship as a real partnership, all about helping you achieve sustained growth. So, beyond just giving you capital, here's what else firms gain:
Your services include both Portfolio Loans and Asset Purchase Loans. For a small to mid-sized plaintiff law firm, how do you help them determine which product is the most advantageous for their specific financial needs and case pipeline?
Great question. When it comes to choosing between Portfolio Loans and Asset Purchase Loans, it really comes down to your firm's specific needs and what your case pipeline looks like. We don't do cookie-cutter solutions; instead, we go through a thorough, collaborative process:
Ultimately, our job is to guide you in making a smart, strategic decision that truly aligns with your unique business model.
Bridgehead Legal Capital highlights its ability to unlock greater funding for plaintiff law firms by recognizing the value of their case portfolios. Could you explain the unique aspects of your underwriting process that allow you to assess and leverage these portfolios more effectively than traditional lenders?
Our ability to unlock more funding really comes down to our unique underwriting process, which is a big departure from traditional lenders who often just don't have our legal finance expertise:
This unique blend of legal expertise, sophisticated modeling, and a forward-looking, relationship-based approach is what allows us to leverage your case portfolio so much more effectively than traditional lenders.
The website mentions categories of loans such as "Start-up," "Case Investments," and "Growth Loan." How do you tailor the terms and support for a start-up firm compared to an established firm seeking a growth loan?
We know a brand-new firm has totally different needs than an established one looking to expand. That's why we tailor our loan terms and support accordingly:
For Start-up Firms:
For Established Firms (Growth Loan):
Our whole philosophy is about making sure you get the right capital at the right time, with the right level of tailored support, so your firm, no matter its stage, can hit its full potential.
Given the fast approval process and funds typically delivered within two weeks, what are the key factors that contribute to this efficiency, and what advice would you give to firms to ensure a smooth and rapid funding experience?
Our quick approval process and getting funds to you within two weeks really comes down to our specialized focus and streamlined operations:
To make sure your funding experience is as smooth and fast as possible, here's my best advice:
By partnering with Bridgehead Legal Capital, you're not just getting capital; you're gaining a strategic ally genuinely committed to your long-term success.