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An LFJ Conversation with Steve Nober, Founder/CEO of Consumer Attorney Marketing Group

By John Freund |

An LFJ Conversation with Steve Nober, Founder/CEO of Consumer Attorney Marketing Group

Steve Nober, the founder and CEO of Consumer Attorney Marketing Group (CAMG), has been a significant force and innovator in the legal marketing industry for over 15 years. Often hailed as the Mass Tort Whisperer℠, Nober earned his reputation through over a decade of spearheading successful mass tort campaigns and fostering close relationships with top handling firms, showcasing unparalleled expertise in the mass tort arena. He is a sought-after speaker, presenting at over 40 conferences annually, across the United States and globally, covering a range of topics, including best marketing practices, ethics in advertising, and litigation funding. Under Nober’s leadership, CAMG has grown into the largest fully integrated legal marketing agency in the United States, steadfastly committed to its core values of ethics first, transparency, innovation, and efficiency. With a remarkable career spanning over 30 years, Steve Nober has demonstrated executive leadership and innovation in marketing, media management, and digital and computer technologies. His experience includes managing mergers and acquisitions, corporate turnarounds, and startups. In the advertising sector, his specialties include direct response marketing, digital and offline advertising, and lead generation strategies, as well as media buying and analysis, particularly focused on the legal sector. Below is our LFJ Conversation with Steve Nober: CAMG breaks down mass tort claims into early, mid and late stage. These are segmented by expected time to settlement, with early being 30-48 months, mid being 18-30 months, and late being 6-18 months.  How does the value-add of CAMG change as cases make their way from early to mid to late stage?   The value CAMG brings to each stage is a bit different and I will explain. The first value proposition CAMG bring to clients for early-stage cases is similar to the answer to your question 3 below in regards the modeling, leveraging historical data, targeting and projecting what the origination costs will look like is key to being ready to jump into a new and early tort. Also, understanding criteria that leadership handling law firms would like to see used to qualify an injured victim is critical to have knowledge before starting.  Also, in this early stage knowing who the key handling law firms that are going to make a move to be in leadership for the various torts is a key decision that needs to be made as all things are set up to begin.   These are all part of the CAMG process to help our clients begin deploying capital into the early stage torts.
I am often referred to as “The Mass Tort Whisperer®” which really means we are usually very early in hearing about early new torts, late-stage torts that may be settling soon, etc.
This information can be traded on so it’s quite valuable as we can help our clients use much of this information to make capital deployment decisions. The value for mid stage is a combination of value we bring for early and some of the value propositions mentioned in late stage. Knowing the handling firms that have been really serious about the tort and in leadership is key.  The modeling financials can get more detailed with projections and less guessing since the tort will have moved from early to mid-stage.  Following the tort activity in the litigation is key to understanding the direction that leadership sees for each tort and how bullish they are is key to an investor deciding to deploy capital for the tort.    Our value for the mid stage is key being the tort is mid-way thru the life cycle and so many variables need to be considered prior to investing. The value of late stage is knowing which law firms would be considered the best handling firm to work with that can maximize settlement values or which firms are in settlement negotiations and can still take more cases would be two good examples. Also, having the data to model out what fallout/attrition looks like with late-stage cases is key since it may be higher than the earlier stages.   The late-stage torts are a great opportunity but financial modeling and picking the right partners are key.  Also, the marketing/origination of cases needs to be handled very precise and almost scientific like to make sure cases can still be acquired at costs that make sense taking the criteria in mind of the possible handling firms.  There’s quite a bit of value we bring to these late-stage campaigns for our clients. At which stage of the case life are you currently finding the most attention from litigation funders?  Where is there the most room for growth?  The most attention goes to late-stage torts due to the projected shorter time to settlement vs. the early and mid-stage torts.  If there’s more capital to spend annually, we see more diversification with the heavy weight still on late stage and smaller percentages of total capital going to the mid and early stages. We educate our clients on costs and risk for each stage tort.  The late stage is typically higher, but risk of a settlement is much lower since it’s a mature tort, there’s more history and analysis that can be done on how the tort has progressed.   The early torts are just emerging or will have recently passed Daubert so being early the costs are much lower and risk a bit higher since the litigation will be early in starting.  Mid stage gives you a bit of all with costs not as high as late stage and risks a bit lower than the torts just starting out.
There are a limited number of injured victims in each tort, and we always need to be careful not to put more capital than we project we can spend, or costs of a case will drive higher pretty fast.
With larger capital clients we are moving into other torts whether late stage as well or mid and early stages to help diversify. One interesting note as we diversify clients is deploying capital into some torts that are closer to personal injury cases vs. traditional mass torts like Asbestos and Sex Abuse as two examples.  The time to settlement in these are closer to what we see in auto accidents being around 18 months, these are interesting torts to diversity capital and see shorter settlement times that some of the longer mass torts. The answer to the question about where room for growth is would be from the early-stage torts in being that there typically has not been a large amount of marketing yet to acquire cases so the possible total cases available would be quite high and with costs being fairly low.   This is usually where we can deploy the most capital vs. the other stages. When it comes to modeling out the expected costs, timeline and return, you look at a variety of factors here.  Can you explain what those factors are, and how do you weight each of those from case to case (is there a standard algorithm, or is the weighting bespoke to each case?)  When modeling out the expected costs, timeline, attrition and projected return, we consider a variety of factors to ensure a comprehensive analysis. These factors can include:
  1. Historical Data: Past performance and outcomes of similar cases provide a baseline for expectations.
  2. Targeting Data: We subscribe to very sophisticated targeting and demographic syndicated services such as Kantar and Neilson.  Once we have targeting details on who the injured victims are, these targeting services help is see which advertising mediums and channels index the highest to reach them.
  3. Active Campaigns: We are typically running active campaigns for most of the more popular mass torts so building up recent cost details is something we are looking at every day to optimize the performance response data which keeps costs of origination lower by being very quick to move capital where response and quality of cases are best and stop the capital spend in areas that are not showing a response that makes sense to continue.  This is Moneyball for Marketing, and I speak about this often at conferences.
  4. Market Conditions: Current trends in the legal market and any external factors that might affect the case.
  5. Attrition or Fallout: This is key with modeling out costs of originating a real quality case.  We watch very close as the tort matures from early to mid to late stage how the fallout or attrition of the new signed case is trending.  Once a claimant is signed with a law firm, some of these will not turn into a case as all of things are verified.  Medical records for example will always have a percentage of cases where there are no medical records or the records show a different injury, etc.  These need to be projected into the modeling at the very beginning and they vary from tort to tort.
  6. Intel from Leadership Firms: Our relationship with firms in leadership allow us to receive regular updates on the estimated timeline and estimated settlement values.
As for the weighting of these factors, it tends to be bespoke rather than algorithmic. Each case is unique, and while we do use historical data and standard metrics as a starting point, the specific circumstances of each case require a tailored approach.  The key metrics are seeing where the full costs are to originate compensable case and what the projected settlement range looks like so the various torts can be compared from an ROI analysis. You provide a wealth of intelligence through your Legal Marketing Index.  What can law firms and litigation funders expect to find there, and how is this intelligence useful?  We publish what we call the Legal Marketing Index or LMI for short and this is what we use to provide some of the data we collect that we share with the industry.  This data is broken down by each mass tort and includes extensive details that we have aggregated from large case volume so the data tends to be spot on as a baseline on what we see and can be expected if a law firm or fund wants to move to be active in a particular tort.  We are publishing date on topics such as injury details, demographics, geographics, case concentration in cities around the country, media details, call details, etc. Some of the intelligence is useful and some just interesting to review.  An example of how the data is critical to know before moving into acquiring cases for a tort would be the following:  If you wanted to acquire hernia mesh cases but knew that only a few manufactures are defendants and the rest of the hernia mesh devices do not make sense hold onto as a case, knowing what percentage of cases of every 1,000 are which manufacturer’s would be key to calculating the real costs of finding the right hernia mesh cases with the right manuf. Product vs. all others not making sense to keep.    People who have had hernia mesh surgeries usually have no idea which manufacture mesh device was used so when signing these cases there is no way to know how many are actually going to be what you were looking for until medical records are pulled which can me many months down the line.  So, being able to predict before starting what those percentages will be is critical to calculating costs on cases and to see if the ROI is enough to move ahead or not. One more example would be Talc cases which cause ovarian cancer and defendant is Johnson & Johnson.  This litigation has gone on for quite a while so now many of the cases signed end up not being a good case to keep so there’s fallout or what we call attrition after medical records are pulled.  Having this recent fallout data from the medical records with a sampling of a large pool of records is key to the modeling ahead of time and again, to see if ROI makes sense to move ahead given the fallout may be quite high. A third example would be for the litigation PFAS and the leadership handling firms have set a fixed criteria on which cancers they would accept and sign a claimant vs. others they would not sign.  We collect the data on “type of cancer” for thousands of calls and have published the breakdown of each cancer callers have in descending order.  A review of this data would help see for every 10 or 100 calls from victims who may qualify, how many from the total would have a qualifying cancer.  Again, this helps project out costs of a case to sign using the data to help model correctly. These are just a few quick examples of how some of the data we publish is quite valuable to firms looking to move into the various mass torts. What are some of the main questions / concerns you receive from litigation funders, and how do you address these?  Here are a few of the more common questions we get from litigation funders: What are your investment minimums? While we have no minimums, we don’t think the funding program makes sense for less than $2m-$3M as a minimum if that helps the fund with getting started.  Averages tend to be more like $5m-$10M as first run and many come to us with $20M+ as first year to start.   How long does it take for you to deploy capital? That depends on market conditions and performance of each tort but typically we are starting and originating cases within a week of receiving capital so it’s usually quite fast to start.   We have weekly meetings with our clients to discuss the most intelligent deployment strategy taking all things into consideration at that time. We are always sensitive to scaling while keeping acquisition costs within the forecasted range What is your primary role? The primary role is to manage the curated program which includes many pieces.  I would say the actual origination of cases which includes the marketing, call center screening & case signing is primary.   Not to take away from how critical the financial modeling, handling firm choices and leveraging our relationships with these handling firms is key.  There are many key value pieces we bring to a client of ours so tough to answer since we think all are so important. Does a funder client of CAMG have to use a handling law firm CAMG introduces or can we they use their own existing relationships?
We are happy to collaborate with your existing law firm relationships, but we really try to stick to the requirements we think make for a great handling firm and we would want to see if the law firm you may want to use meets the standard.
The key things we look for are the following:
  • Are they in leadership in the MDL for the tort being discussed.
  • Are they a real trial firm with a rich history of litigating cases and a threat to the defendants?
  • Do they have the infrastructure to take on more cases from this program
  • Will they agree to an equity split on the partnership that we think makes sense
  • Are they good people to work with in general
Choosing the right handling firm has never been more important considering how many of the settlements have been structured the last few years.
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John Freund

John Freund

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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.  
LFJ Conversation

An LFJ Conversation with Ankita Mehta, Co-founder, Lexity.ai

By John Freund |
Ankita Mehta is the co-founder of Lexity.ai, a platform that accelerates deal execution. It enables leading litigation funds to vet 3x more opportunities and expand capacity with a plug-and-play AI-powered solution tailored to how funders operate. A seasoned entrepreneur, Ankita has built and scaled technology-driven businesses to multi-million-dollar revenues across nine countries. She brings deep expertise in bridging technology with business outcomes, with a sharp focus on adoption, measurable impact, and scaling innovation in high-stakes industries. Below is our LFJ Conversation with Ankita: While AI is increasingly common in legal practice, litigation funders have been slower to adopt it. From your vantage point, what makes funders uniquely positioned to benefit from AI right now? For funders, time is capital. Every extra week in case assessment means idle capital and lost deals.  AI inverts that dynamic, trimming assessment cycles by up to 70% and standardizing evaluation criteria. This allows investment teams to vet 3-4x more opportunities with their existing headcount, directly increasing capital deployment velocity. Unlike law firms, funders don’t bill hours - they monetize disciplined throughput and risk pricing. That’s why AI isn’t peripheral here; it’s a direct lever on ROI. In a market growing quickly and attracting more competition, speed and consistency aren’t just efficiency gains - they’re competitive advantages. Larger funds are using AI to handle more deals, while new funds can build scalable systems from day one. How do you see these two paths diverging—and what does that mean for competition and efficiency in the funding market? These two paths- larger funds integrating AI into existing operations versus new funds building AI-native systems from the outset, likely lead to a more stratified and competitive funding market, ultimately driving greater efficiency across the board. Big funds are bolting AI into legacy workflows. Gains are incremental but powerful: less manual grind, faster diligence, more disciplined portfolio monitoring. Their primary advantage lies on their established market presence, larger capital pools, and existing deal flow. AI will help them process their high volume of cases more efficiently and potentially expand their capacity without a proportional increase in headcount. New funds, by contrast, have a distinct advantage-they are now able to be AI-native from day one: lean teams, tech-driven, scalable assessment without additional overhead. Their challenge will be establishing a track record and building trust in the market, but their AI-native approach will give them a significant edge in speed and cost-efficiency. The divergence will lead to increased market share: incumbents defend market share with volume and more precise investment decisions, leveraging AI, while challengers will disrupt with velocity, lower overheads and faster decision-making cycles. What’s clear is that “manual first” funds will be squeezed from both sides, leading to consolidation in the market or decline in profitability with less technologically advanced firms. In essence, AI acts as an accelerator - faster deal cycles, sharper risk calls, healthier portfolios, pushing the whole market toward higher efficiency and eventually, increased access to justice. In your experience, which areas of deal assessment, diligence, or monitoring are already seeing measurable efficiency gains from AI integration, and which areas are still more hype than reality? In our work with litigation funders, we see a clear and effective division of labor emerging. AI is delivering transformative efficiency in the early, data-intensive stages of deal assessment and diligence, while the core strategic decisions and the art of funding remain firmly in the hands of expert funders. Where AI Is Delivering Measurable Gains Now:
  • Intake & Triage: Instantly extracting and structuring key data like parties, claims, and timelines from initial documents.
  • Diligence Support: Automating timeline creation, document clustering, and red-flag analysis in minutes, not days.
  • Portfolio Monitoring: Delivering automated docket alerts and portfolio-wide signals without consuming analyst hours.
Where Expert Judgment Remains Paramount:
  • Predicting Final Outcomes: No algorithm can accurately price in the nuance of judicial temperament, witness credibility, or complex negotiation dynamics. AI can surface the data, but the final risk assessment is a human judgment call.
  • Automating Core Legal Strategy: The core elements of persuasion and legal argument require a human touch. AI serves as a powerful tool for the strategist, not a replacement of the strategist.
In short, AI is proving invaluable for automating the routine, data-intensive tasks that precede an investment decision. This frees up funders to focus their expertise on the strategic, judgment-heavy calls where they create the most value. Lexity is not a fund, but you work directly with funders to process more opportunities consistently. Can you share a concrete example of how Lexity has improved throughput or accuracy for a fund without requiring additional headcount One fund put it simply: “95% of an investment manager’s day is reviewing cases we’ll never fund. Can Lexity solve that?” Lexity Clickflows do exactly that. In practice, analysts upload documents, and within minutes Lexity outputs structured summaries: parties, jurisdictions, claims, damages, timelines, and red flags. The impact for their team was immediate: Review times were cut by 70%, from hours to minutes. As a result, they can now vet 3-4x more cases with the same team, applying consistent criteria to every opportunity. This increased capacity significantly for the fund. Instead, their existing team could focus on the 5% of cases that truly mattered. That’s technology acting as a force multiplier. Litigation funders often ask about tangible returns before adopting new tools. What real-world ROI have you seen from funds already using Lexity’s platform, whether in terms of faster decision cycles, better risk assessment, or portfolio monitoring? The ROI from integrating AI is immediate and manifests in several key areas of the funding operation:
  • Accelerated Decision Cycles: The 'time to a yes/no' is a critical metric. We've seen funds cut this down by weeks, allowing them to pursue more opportunities and deploy capital faster.
  • Early Loss Prevention: The system automatically flags fatal flaws like expired statutes of limitation or critical missing documents during intake. This saves enormous costs in wasted diligence and external counsel fees on deals that were never viable.
  • Increased Operational Leverage: Funds can significantly increase their deal vetting capacity without a proportional increase in headcount or overhead costs.
Ultimately, the goal is to use an outcome-focused, plug-and-play solution that’s so simple and intuitive, users don’t even realize they’re working with AI. Lexity delivers funder-focused automation that is structured, auditable, and tied to outcomes. It is a practical capacity expansion that makes funders faster, sharper allocators of capital. In litigation finance, that is the difference between keeping pace and leading.
LFJ Conversation

An LFJ Conversation with Elena Rey, Partner, Brown Rudnick

By John Freund |
Elena Rey heads the firm’s Litigation Funding group and is a co-head of the European Special Situations team. Elena represents funders, private equity funds, family offices, law firms and claimants on complex cross border litigation funding, investment & special situations transactions, and is recognised by The Legal 500 as a leader in the litigation funding space. Elena is a founder of the Firm’s annual European Litigation Funding conference held in London, as well as the Litigation Funding industry working group, which was created with the aim of preparing model documentation for the litigation funding market. Elena is also a co-author of the Loan Market Association book on real estate finance. Elena is admitted to practice in England & Wales. She holds a master's degree from Harvard Law School and is fluent in French and Russian. Below is our LFJ Conversation with Elena Rey: What was the driving vision behind launching the European Litigation Funding Conference, and how does this year’s agenda reflect the most pressing issues for funders and practitioners in 2025?  At the time there was no forum in Europe for funders and those connected to the litigation funding industry to come together and share ideas. Given our relationships and experienceon both sides of the Atlantic, it felt like a natural step for Brown Rudnick to launch a European conference dedicated to this nascent but growing industry. Our conference is an opportunity to bring together leading players across the litigation funding industry from around the world to discuss trends and developments in different jurisdictions, focus on deals in this space and their origination as well as share knowledge and develop networks. As an advisor to investors, funders and claimants on all matters litigation funding related, we have reflected the issues, opportunities, trends and strategies that we see day to day in the panels. From your perspective, what are the most significant developments in litigation funding across the UK and continental Europe over the past year, and how are those shaping the conversations you expect at the conference?  In the UK,  funders have had to contend with PACCAR and the risk of that decision to historic funding agreements. However, it is anticipated that the CJC recommendations will pave the way for a fix to be enacted that will provide reassurance and certainty for users of funding as well as funders themselves,  which has been lacking and an unnecessary distraction for an industry that is still nascent. Continental Europe is discovering the benefits of funding, slowly but surely, and there is a lot of focus on countries such as Spain, Germany, Netherlands, Italy and the Nordics. There are several promising developments in jurisdictions including in Spain which is looking to introduce opt out collective redress regime for consumers that won’t be possible without funding.  We are also continuing to see strong demand for funding in the Netherlands where the regime is more established. Regulatory reform continues to be a key topic in the sector—how will the conference address differing approaches in the UK, EU, and U.S., and what takeaways do you hope attendees will gain from that dialogue? We have thought leaders from the UK, EU and US who will be sharing their insights on the regulatory developments and potential headwinds facing funders, investors, law firms and claimants who are also impacted. The industry is evolving, and our conference has been successful because attendees gain fresh insights and perspectives from their peers and users of funding as well as investors. The panel discussions cover a broad range of topics. Which are you most excited about, and why?  This is an impossible question to answer for me and it’s our fantastic panelists that make the sessions compelling and very relevant every year. Panels on Group Actions, Law Firm Funding, and European Developments address the key structures and legal issues that are central to the industry and to advancing funded cases. The Private Credit Panel is also consistently one of the most engaging, given the strong interest we are seeing from private equity and distressed debt funds, family offices, and other sources of capital. It is particularly valuable to hear how multi-strategy investment funds view the litigation funding space and how they weigh its risk and return profile against other alternative asset classes Each year we try to include a more light-hearted panel. Last year it focused on the funding of cryptocurrency cases. This year we’ve added a panel called “Trouble” — looking at what happens when a hostile action is taken by one of the parties to a funding arrangement, when a dispute arises, or when some other unusual challenge puts both the funder’s experience and the robustness of the funding documentation to the test. Several recent high-profile deals that went through restructurings have brought these issues into the spotlight, so I expect this will be a particularly engaging panel For many attendees, conferences are as much about relationships as content. What unique opportunities will this event offer for funders, lawyers, and investors to connect and potentially initiate deals? It’s rare for a conference to bring together industry leaders from around the worldconsistently,  and that is the secret of this conference’s success and what is has a strong reputation for. Funders, investors and users of funding know this and that is why they attend, so yes, I expect a lot of deals will be originated at the conference. And because we are not a commercial conference organisation, we are completely focused on the quality of our content and all of our panels are carefully curated to tackle important subjects and panelists are invited because they have something important and relevant to say on that topic. We expect that like in previous years, it will be a standing room only event. -- Click here for more information on the European Litigation Funding Conference 2025.  The event will take place on Thursday, October 9th, and panel discussions will include: 1. State of the Market and Managing Regulatory Uncertainty 2. Private Credit Investment Interest in Litigation Funding 3. Portfolio Diversification and Law Firm Funding Strategies, Risks and Returns 4. Co-funding and Secondary Syndication Strategies 5. Group Actions Landscape - Recent and Upcoming Decisions that Impact Funding 6. Developments in the European Litigation Funding Market 7. Trouble - What Happens When Things Go Wrong & Value Loss Mitigation