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The 5 Most Popular Episodes of the Litigation Finance Podcast

The Litigation Finance Podcast features guests from across the global commercial and consumer litigation funding landscapes. With over 60 podcasts spanning five years of archives, we thought it would be interesting to take a look at the five top podcasts in terms of viewer traffic.

It should be noted that the Litigation Finance industry is growing by leaps and bounds, and as new entrants emerge into the space, many come to our site and listen to recent episodes of the LFJ Podcast, hence there is a recency bias in the traffic numbers (the earliest episode on our list comes from March of 2020).

That said, below are some key takeaways from our five most popular episodes:

#5) Dan Bush, CIO and Director of Innovation, Law Finance Group

As CIO and Director of Innovation, Dan Bush wears many hats. He has been with Law Finance for more than a decade, and helped develop one of its most popular products: AR Now.

AR Now was created to solve a specific and widespread problem for law firms—clients who won’t, or can’t, pay their bills. Increasingly, clients are approaching law firms demanding steep discounts on legal bills they can’t make good on. Law Finance Group (LFG) offers firms the ability to establish payment plans with clients without impacting the firm’s bottom line. Law firm invoices can be monetized, avoiding sending clients to collections. After all, non-paying clients can impact more than operating budgets. Lines of credit, bonuses, recruitment, even firm salaries may be affected.

Perhaps best of all, LFG’s involvement in the creation of payment plans remains clandestine. While this plan was developed due to COVID-related circumstances, Bush sees it outliving the impending return to normalcy. “Everybody was presented with kind of a dire situation, right? With the pandemic, the shutdown, all the economic fallout from that really provided the impetus to get this going. We really see how the product works beyond the COVID pandemic to help law firms help their clients while still bringing money into the firm.”

LFG works with firms of all sizes from boutique to leading law firms. It will look at cases in any stage of the litigation process, to see how funding can help. LFG has the equity needed to invest in a wide array of cases and portfolios. It may even offer terms with partial recourse to keep fees down and percentages low. As Bush explains, flexibility is key. “A lot of firms are taking more risks than they would in the past–taking some contingent upside risk, if not a full contingency. They’re coming up with hybrid arrangements, taking some percentages of the hourly fees, which has some contingent upside.”

Firms can apply to the AR Now program with a short application that is followed by due diligence and the signing of an NDA. AR Now agreements may cover a single client, small groups, or other arrangements as needed. The bottom line is that firms can take more risks when facilitating payments. It’s a ‘better late than never’ philosophy that works for firms and their clients alike.

#4) Elena Rey, Partner, Brown Rudnick

In addition to being a Partner at Brown Rudnick, Elena Rey is a member of the Litigation Funding Working Group—which, at the time of this interview, was in the process of creating standardized documentation for funding contracts.

Why focus on standardized documentation? Rey explains: “We’ve been seeing a number of trends in the Litigation Finance market in Europe recently. This includes the diversification for funders. So, besides the core of traditional litigation funders, more and more lenders are coming into the space.”

Standardizing funding documentation promises many benefits, including shortening the onboarding process and allowing firms to services a wider range of case types. It increases the level of protection for all parties, and speeds the development of secondary markets. Standardized documentation can also be used as part of the negotiation process, as a viable starting point when hammering out details.

The current working group has grown into 80 members, including major funders, family offices, insurers, leading law firms and barristers, and private funders. Essentially, professionals from all over the industry are making their voices heard—with the unexpected advantage of encouraging cross-disciplinary discussion on major industry issues.

And there is certainly a need for flexibility. As Rey details, all funding is bespoke at its core. Client needs are unique to each case. Commercial funders may be most impacted by standardized documentation, which promises to improve transparency and the quality of terms overall.

The first set of documentation from the Working Group is set to be released as early as June of this year. It will focus on insurance, and will serve to demonstrate how impactful this advancement can be on the overall industry. 

#3) Christopher DeLise, Chief Executive Officer, Delta Capital Partners 

Having been founded in 2011, Delta was an early entrant into the funding industry. Delta sets itself apart by getting term sheets to potential clients with blazing speed after a very short vetting process. Many cases at Delta are vetted and have funding deployed within 48-hours—an extremely fast turnaround in the Commercial Litigation Finance space. The use of standardized documentation also leads to greater clarity and speed—helping clients make more informed decisions about their options. DeLise explains that when it comes to funding, the speed of the process can have a huge impact on origination and client satisfaction.

Because Delta has been in the funding game for so long, the company has been at the forefront of the industry’s development since its inception. DeLise explains, “Part of the excitement of this industry, for me personally, is having been an early pioneer and seeing all the changes that have occurred.” In the beginning, much time was spent educating law firms and investors about the benefits of funding—now, that’s less necessary, as funding has grown increasingly popular.

Some of the more sweeping changes in the funding industry include an increased number of products available, as well as the trend of personalizing funding terms to better meet client needs. Because more recent graduates and old-school industry pros are becoming more aware of the benefits of working in Litigation Finance, sourcing new talent is easier than it’s ever been.

COVID has impacted all aspects of Litigation Finance. As DeLise says, “liquidity is tightening up globally.” This increases the need for funding—particularly commercial funding. This, in turn, leads to commercial entities eschewing traditional lines of credit in favor of non-recourse funding. DeLise expects that trend to continue into the future.

#2) Ben Moss, Asset Manager and Portfolio Advisor, Orchard Global Asset Management

Orchard Global is, as the name implies, a global finance entity with operating centers in the US, UK, and Singapore. Currently, Orchard Global has about 6.5 billion in assets under management.

In this interview, Moss explained Orchard Global’s basic investing philosophy and ideal investment size. Expounding on this, Moss detailed Orchard’s commitment to diverse portfolios, and a commitment to making room for non-traditional funding offerings.

In Europe, increased demand for litigation funding, particularly in the EU, Germany, and the Netherlands, as well as US markets, has flourished through the rise of collective actions and insolvency matters. As Moss explains, “In Europe, we see an increased awareness, appetite, and adoption of Litigation Finance.”

As the legal stage is set for a post-COVID return to normalcy (hopefully), backlogs are slowly being resolved. Class actions in particular were stymied by delays and closures—though some of this was mitigated through remote working and advancements in legal and financial tech. Moss opines that COVID has actually been helpful in terms of advancing Litigation Finance, particularly commercial funding. “In terms of opportunity going forward, we see a high demand for Litigation Finance for two reasons: There will be more claims generally, and also the increased use of Litigation Finance as a tool to fund claims.”

Orchard Global sets itself apart from competitors with a small team and clearly defined roles. Team members often take cases from origination through to completion—rather than handing off clients to different departments at different stages of the case. This, in turn, promotes client confidence and improves the experience of investors and clients alike.

The industry is buzzing with news of upcoming attempts at standardized documentation, which promises to increase transparency and worker efficiency. Arriving as quickly as Q2, these standardized documents will outline terms for a number of types of funding. This brings about concerns regarding bespoke agreements, and the overall need for flexibility.

Ultimately, Moss is expecting great things for the future of Litigation Finance, as it flourishes and develops in exciting new ways.

#1) Cesar Bello, Partner in charge of alternative asset and portfolio management, Corbin Capital Partners

Corbin Capital specializes in commercial multi-strategy and bespoke global portfolio investing. Currently, Corbin has nearly nine billion in assets under management.

In this interview, Bello summarizes the appeal of Litigation Finance as an investment, saying, “It’s particularly attractive in times of market volatility, where you expect more fat tails. We think there’s a good change that type of environment will persist in the near term.” The potential for outside returns and the sought-after nature of uncorrelated assets only enhances its appeal.

Describing what fund managers look at in terms of vital metrics, he explains that methodology, track record, and valuation are at the forefront. Knowing one’s place in the industry is an essential part of finding your market and sourcing cases. Risk assessment is also important, especially how risk is structured and whether or not it’s seen as completely binary, or more nuanced.

On the subject of ESG investing, Bello is clear that tackling environmental, social, and governmental issues through funding is an important factor in increasing access to justice. This can include mass torts, though the Volkswagen emission case was a very public miss. Still, the thoughtful application of funds toward ESG issues is vital for clients—and for investors looking toward lucrative investments that also support the public good.

Looking ahead, the industry can expect growth and price compression in the near future. Bello predicts that secondary markets will become increasingly important going forward.

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Therium Cuts UK Jobs as Part of Strategic Reorganisation

By Harry Moran |

Recent years have been described as a time of substantial growth and expansion in the global litigation funding market, yet new reporting suggests that one of the industry’s most well-known funders is downsizing its workforce.

An article in The Law Society Gazette provides a brief insight into ongoing changes being made at litigation funder Therium, reporting that the company is undertaking a number of layoffs as part of plans to restructure the business. The article states that these job cuts have been made to Therium’s UK workforce, with the business claiming the cuts are motivated by strategic reorganisation rather than financial pressures. 

There are no details currently available as to which employees have been let go, with Therium having removed the ‘Our People’ section of its website. The Gazette also discovered the incorporation of a new company called Therium Capital Advisors LLP on 15 April 2025, through a review of Companies House records. The new entity’s records list Therium’s chief investment officer, Neil Purslow, and investment manager, Harry Stockdale, as its two designated members. 

Companies House records also show that Therium filed a ‘termination of appointment of secretary’ for Martin Middleton on 19 March 2025. Mr Middleton’s LinkedIn profile currently lists his position as Therium’s chief financial officer, having first joined the funder as a financial controller over 15 years ago.

At the time of reporting, Therium has not responded to LFJ’s request for comment.

Litigation Funding in GCC Arbitration

By Obaid Mes’har |

The following piece was contributed by Obaid Saeed Bin Mes’har, Managing Director of WinJustice.

Introduction

A Practical Overview

Third-party litigation funding (TPF)—where an external financier covers a claimant’s legal fees in exchange for a share of any resulting award—has gained significant traction in arbitration proceedings across the Gulf Cooperation Council (GCC). Historically, TPF was not widely used in the Middle East, but recent years have seen a notable increase in its adoption, particularly in the United Arab Emirates (UAE). The economic pressures introduced by the COVID-19 pandemic, coupled with the high costs of complex arbitrations, have prompted many parties to view TPF as an effective risk-management strategy. Meanwhile, the entry of global funders and evolving regulatory frameworks highlight TPF’s emergence as a key feature of the GCC arbitration landscape.

Growing Adoption

Although the initial uptake was gradual, TPF is now frequently employed in high-value disputes across the GCC. Observers in the UAE have noted a discernible rise in funded cases following recent legal developments in various jurisdictions. Major international funders have established a presence in the region, reflecting the growing acceptance and practical utility of TPF. Similar growth patterns are evident in other GCC countries, where businesses have become increasingly aware of the advantages offered by third-party financing.

By providing claimants with the financial resources to pursue meritorious claims, third-party funding is reshaping the dispute-resolution landscape. As regulatory frameworks evolve and more funders enter the market, it is anticipated that TPF will continue to gain prominence, offering both claimants and legal professionals an alternative means of managing arbitration costs and mitigating financial risk.

Types of Cases

Funders are chiefly drawn to large commercial and international arbitration claims with significant damages at stake. The construction sector has been a key source of demand in the Middle East, where delayed payments and cost overruns lead to disputes; contractors facing cash-flow strain are increasingly turning to third-party funding to pursue their claims. High-stakes investor–state arbitrations are also candidates – for instance, in investment treaty cases where a government’s alleged expropriation deprives an investor of its main asset, funding can enable the claim to move forward . In practice, arbitration in GCC hubs like Dubai, Abu Dhabi, and others is seeing more funded claimants, leveling the field between smaller companies and deep-pocketed opponents.

Practical Utilization

Law firms in the region are adapting by partnering with funders or facilitating introductions for their clients. Many firms report that funding is now considered for cases that clients might otherwise abandon due to cost. While precise data on usage is scarce (as most arbitrations are confidential), anecdotal evidence and market activity indicate that third-party funding, once rare, is becoming a common feature of significant arbitration proceedings in the GCC. This trend is expected to continue as awareness grows and funding proves its value in enabling access to justice.

Regulatory Landscape and Restrictions on Third-Party Funding

UAE – Onshore vs. Offshore

The United Arab Emirates illustrates the region’s mixed regulatory landscape. Onshore (civil law) UAE has no specific legislation prohibiting or governing litigation funding agreements . Such agreements are generally permissible, but they must not conflict with Sharia principles – for example, funding arrangements should avoid elements of excessive uncertainty (gharar) or speculation . Parties entering funding deals for onshore cases are cautioned to structure them carefully in line with UAE law and good faith obligations. In contrast, the UAE’s common-law jurisdictions – the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) – explicitly allow third-party funding and have established clear frameworks.

The DIFC Courts issued Practice Direction No. 2 of 2017, requiring any funded party to give notice of the funding and disclose the funder’s identity to all other parties . The DIFC rules also clarify that while the funding agreement itself need not be disclosed, the court may consider the existence of funding when deciding on security for costs applications and retains power to order costs against a funder in appropriate cases. Similarly, the ADGM’s regulations (Article 225 of its 2015 Regulations) and Litigation Funding Rules 2019 set out requirements for valid funding agreements – they must be in writing, the funded party must notify other parties and the court of the funding, and the court can factor in the funding arrangement when issuing cost orders . The ADGM rules also impose criteria on funders (e.g. capital adequacy) and safeguard the funded party’s control over the case .

In sum, the UAE’s offshore jurisdictions provide a modern, regulated environment for third-party funding, whereas onshore UAE allows it in principle but without detailed regulation.

Other GCC Countries

Elsewhere in the GCC, explicit legislation on litigation funding in arbitration remains limited, but recent developments signal growing acceptance. Saudi Arabia, Qatar, Oman, and Kuwait do not yet have dedicated statutes or regulations on third-party funding . However, leading arbitral institutions in these countries have proactively addressed funding in their rules. Notably, the Saudi Center for Commercial Arbitration (SCCA) updated its Arbitration Rules in 2023 to acknowledge third-party funding: Article 17(6) now mandates that any party with external funding disclose the existence of that funding and the funder’s identity to the SCCA, the tribunal, and other parties . This ensures transparency and allows arbitrators to check for conflicts. 

Likewise, the Bahrain Chamber for Dispute Resolution (BCDR) included provisions in its 2022 Arbitration Rules requiring a party to notify the institution of any funding arrangement and the funder’s name,, which the BCDR will communicate to the tribunal and opponents . The BCDR Rules further oblige consideration of whether any relationship between the arbitrators and the funder could compromise the tribunal’s independence. These rule changes in Saudi Arabia and Bahrain align with international best practices and indicate regional momentum toward formal recognition of third-party funding in arbitration.

Disclosure and Transparency

A common thread in the GCC regulatory approach is disclosure. Whether under institutional rules (as in DIAC, SCCA, BCDR) or court practice directions (DIFC, ADGM), funded parties are generally required to disclose that they are funded and often to reveal the funder’s identity . For instance, the new DIAC Arbitration Rules 2022 expressly recognize third-party funding – Article 22 obliges any party who enters a funding arrangement to promptly inform all other parties and the tribunal, including identifying the funder. DIAC’s rules even prohibit entering a funding deal after the tribunal is constituted if it would create a conflict of interest with an arbitrator. This emphasis on transparency aims to prevent ethical issues and later challenges to awards. It also reflects the influence of global standards (e.g. 2021 ICC Rules and 2022 ICSID Rules) which likewise introduced funding disclosure requirements.

Overall, while no GCC jurisdiction outright bans third-party funding, the patchwork of court practices and arbitration rules means parties must be mindful of the specific disclosure and procedural requirements in the seat of arbitration or administering institution. In jurisdictions rooted in Islamic law (like Saudi Arabia), there is an added layer of ensuring the funding arrangement is structured in a Sharia-compliant way (avoiding interest-based returns and excessive uncertainty. We may see further regulatory development – indeed, regional policymakers are aware of litigation funding’s growth and are considering more formal regulation to provide clarity and confidence for all participants .

The GCC region has seen several important developments and trends related to third-party funding in arbitration:

  • Institutional Rule Reforms: As detailed earlier, a number of arbitral institutions in the GCC have updated their rules to address third-party funding, marking a significant trend. The Dubai International Arbitration Centre (DIAC) 2022 Rules, the Saudi SCCA 2023 Rules, and the Bahrain BCDR 2022 Rules all include new provisions on funding disclosures. This wave of reforms in 2022–2023 reflects a recognition that funded cases are happening and need basic ground rules. By explicitly referencing TPF, these institutions legitimize the practice and provide guidance to arbitrators and parties on handling it (primarily through mandatory disclosure and conflict checks). The adoption of such rules brings GCC institutions in line with leading international forums (like ICC, HKIAC, ICSID, etc. that have also moved to regulate TPF).
  • DIFC Court Precedents: The DIFC was one of the first in the region to grapple with litigation funding. A few high-profile cases in the DIFC Courts in the mid-2010s involved funded claimants, which prompted the DIFC Courts to issue Practice Direction 2/2017 as a framework. This made the DIFC one of the pioneers in the Middle East to formally accommodate TPF. Since then, the DIFC Courts have continued to handle cases with funding, and their decisions (for example, regarding cost orders against funders) are building a body of regional precedent on the issue. While most of these cases are not public, practitioners note that several DIFC proceedings have featured litigation funding, establishing practical know-how in dealing with funded parties. The DIFC experience has likely influenced other GCC forums to be more accepting of TPF.
  • Funders’ Increased Presence: Another trend is the growing confidence of international funders in the Middle East market. Over the last couple of years, top global litigation financiers have either opened offices in the GCC or actively started seeking cases from the region. Dubai has emerged as a regional hub – beyond Burford, other major funders like Omni Bridgeway (a global funder with roots in Australia) and IMF Bentham (now Omni) have been marketing in the GCC, and local players or boutique funders are also entering the fray . This increased competition among funders is good news for claimants, as it can lead to more competitive pricing and terms for funding. It also indicates that funders perceive the GCC as a growth market with plenty of high-value disputes and a legal environment increasingly open to their business.
  • Types of Arbitrations Being Funded : In terms of case trends, funded arbitrations in the GCC have often involved big-ticket commercial disputes – for example, multi-million dollar construction, energy, and infrastructure cases. These are sectors where disputes are frequent and claims sizable, but claimants (contractors, subcontractors, minority JV partners, etc.) may have limited cash after a project soured. Third-party funding has started to play a role in enabling such parties to bring claims. There have also been instances of investor-state arbitrations involving GCC states or investors that utilized funding (though specific details are usually confidential). The Norton Rose Fulbright report notes that funding is especially helpful in investor-treaty cases where an investor’s primary asset was taken by the state, leaving them dependent on external financing to pursue legal remedies.

As GCC countries continue to attract foreign investment and enter into international treaties, one can expect more ICSID or UNCITRAL arbitrations connected to the region – and many of those claimants may turn to funders, as is now common in investment arbitration globally.

  • Emerging Sharia-Compliant Funding Solutions: A unique trend on the horizon is the development of funding models that align with Islamic finance principles. Given the importance of Sharia law in several GCC jurisdictions, some industry experts predict the rise of Sharia-compliant litigation funding products. These might structure the funder’s return as a success fee in the form of profit-sharing or an award-based service fee rather than “interest” on a loan, and ensure that the arrangement avoids undue uncertainty. While still nascent, such innovations could open the door for greater use of funding in markets like Saudi Arabia or Kuwait, by removing religious/legal hesitations. They would be a notable evolution, marrying the concept of TPF with Islamic finance principles – a blend particularly suitable for the Gulf.

Overall, the trajectory in the GCC arbitration market is clear: third-party funding is becoming mainstream. There have not been many publicly reported court challenges or controversies around TPF in the region – which suggests that, so far, its integration has been relatively smooth. On the contrary, the changes in arbitration rules and the influx of funders point to a growing normalization. Businesses and law firms operating in the GCC should take note of these trends, as they indicate that funding is an available option that can significantly impact how disputes are fought and financed.

Conclusion

Litigation funding in the GCC’s arbitration arena has evolved from a novelty to a practical option that businesses and law firms ignore at their peril. With major arbitration centers in the region embracing third-party funding and more funders entering the Middle Eastern market, this trend is likely to continue its upward trajectory. 

For businesses, it offers a chance to enforce rights and recover sums that might otherwise be forgone due to cost constraints. For law firms, it presents opportunities to serve clients in new ways and share in the upside of successful claims. Yet, as with any powerful tool, it must be used wisely: parties should stay mindful of the legal landscape, comply with disclosure rules, and carefully manage relationships to avoid ethical snags. 

By leveraging litigation funding strategically – balancing financial savvy with sound legal practice – stakeholders in the GCC can optimize their dispute outcomes while effectively managing risk and expenditure. In a region witnessing rapid development of its dispute resolution mechanisms, third-party funding stands out as an innovation that, when properly harnessed, aligns commercial realities with the pursuit of justice.

At WinJustice.com, we take pride in being the UAE’s pioneering litigation funding firm. We are dedicated to providing innovative funding solutions that enable our clients to overcome financial hurdles and pursue justice without compromise. By leveraging third-party litigation funding strategically—balancing financial acumen with sound legal practices—stakeholders in the GCC can optimize their dispute outcomes while effectively managing risk and expenditure.

If you are looking to maximize your dispute resolution strategy through expert litigation funding, contact WinJustice.com today. We’re here to help you navigate the evolving landscape and secure the justice you deserve.

European Commission Fines Apple €500m and Meta €200m for DMA Breaches

By Harry Moran |

Antitrust and competition claims brought against large multinational corporations often represent lucrative opportunities for litigation funders, and the announcement of a new series of fines being imposed on two of the world’s largest technology companies could set the stage for more of these claims being brought in Europe.

Reporting by Reuters covers a major antitrust development as the European Commission has handed down multimillion dollar fines to both Apple and Meta over their breaches of the Digital Markets Act (DMA). These fines follow non-compliance investigations that began in March 2024, with Apple receiving a €500 million fine for breaching its anti-steering obligation through the App Store, and Meta being fined €200 million for breaching the DMA obligation to allow consumers the option to choose a service that uses less of their personal data.

Teresa Ribera, Executive Vice-President for Clean, Just and Competitive Transition at the European Commission, said that the fines “send a strong and clear message”, and that the enforcement action should act as a reminder that “all companies operating in the EU must follow our laws and respect European values.”

In a post on LinkedIn, Gabriela Merino, case manager at LitFin, explained that these fines “mark the first non-compliance decisions issued by the Commission under the new regulatory framework.” As LFJ covered earlier this month, LitFin is funding a €900 million claim against Google in the Netherlands over its anti-competitive practices that were first brought to light by another European Commission investigation. Merino said that “these latest rulings are a welcome boost” to LitFin’s own case.

Statements from both Apple and Meta decried the fines, with the former arguing that the decision was “yet another example of the European Commission unfairly targeting Apple”. 

The full press release from the European Commission detailing the investigations and associated fines can be read here.