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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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Sony and Apple Challenge Enforceability of Litigation Funding Models

By John Freund |

A pivotal UK court case could reshape the future of litigation finance agreements, as Sony and Apple reignite legal challenges to widely used third-party funding models in large-scale commercial disputes.

An article in Law360 reports that the two tech giants are questioning the validity of litigation funding arrangements tied to multibillion-pound cartel claims brought against them. Their core argument: that certain litigation funding agreements may run afoul of UK laws governing damages-based agreements (DBAs), which restrict the share of damages a representative may take as remuneration. A previous Court of Appeal decision in PACCAR Inc. v. Competition Appeal Tribunal held that some funding models might qualify as DBAs, rendering them unenforceable if they fail to comply with statutory rules.

This resurrected dispute centers on claims brought by class representatives against Apple and Sony over alleged anti-competitive behavior. The companies argue that if the funding arrangements breach DBA regulations, the entire claims may be invalidated. For the litigation funding industry, the outcome could severely curtail access to justice mechanisms in the UK—especially for collective actions in competition law, where third-party financing is often essential.

The UK’s Competition Appeal Tribunal previously stayed the proceedings pending clarity on the legal standing of such funding arrangements. With the dispute now heading back to court, all eyes will be on whether the judiciary draws a clear line around the enforceability of funder agreements under current law.

The decision could force funders to rework deal structures or risk losing enforceability altogether. As UK courts revisit the DBA implications for litigation finance, the sector faces heightened uncertainty over regulatory compliance, enforceability, and long-term viability in complex group litigation. Will this lead to a redefinition of permissible funding models—or to a call for legislative reform to protect access to collective redress?

Funder’s Interference in Texas Fee Dispute Rejected by Appeals Court

By Harry Moran |

A Texas appeals court has ruled that a litigation funder cannot block attorneys from pursuing a fee dispute following a remand order, reinforcing the limited standing of funders in fee-shifting battles. In a 2-1 decision, the First Court of Appeals found that the funder’s interest in the outcome, while financial, did not confer the legal authority necessary to participate in the dispute or enforce a side agreement aimed at halting the proceedings.

An article in Law360 details the underlying case, which stems from a contentious attorney fee battle following a remand to state court. The litigation funder, asserting contractual rights tied to a funding agreement, attempted to intervene and stop the fee litigation between plaintiffs' and defense counsel. But the appellate court sided with the trial court’s decision to proceed, emphasizing that only parties directly involved in the underlying legal work—and not third-party financiers—are entitled to challenge or control post-remand fee determinations. The majority opinion concluded that the funder’s contract could not supersede procedural law governing who may participate in such disputes.

In dissent, one justice argued that the funder’s financial interest merited consideration, suggesting that a more expansive view of standing could be warranted. But the majority held firm, stating that expanding standing would invite unwanted complexity and undermine judicial efficiency.

This decision sends a strong signal to funders operating in Texas: fee rights must be contractually precise and procedurally valid. As more funders build fee recovery provisions into their agreements, questions linger about how far those rights can extend—especially in jurisdictions hesitant to allow funders a seat at the litigation table.

Oklahoma Moves to Restrict Foreign Litigation Funding, Cap Damages

By John Freund |

In a significant policy shift, Oklahoma has enacted legislation targeting foreign influence in its judicial system through third-party litigation funding. Signed into law by Governor Kevin Stitt, the two-pronged legislation not only prohibits foreign entities from funding lawsuits in the state but also imposes a $500,000 cap on non-economic damages in civil cases—excluding exceptions such as wrongful death. The new laws take effect November 1, 2025.

An article in The Journal Record notes that proponents of the legislation, including the Oklahoma Civil Justice Council and key Republican lawmakers, argue these measures are necessary to preserve the integrity of the state's courts and protect domestic businesses from what they view as undue interference. The foreign funding restriction applies to entities from countries identified as foreign adversaries by federal standards, including China and Russia.

Critics, however, contend that the laws may undermine access to justice, especially in complex or high-cost litigation where third-party funding can serve as a vital resource. The cap on non-economic damages, in particular, has drawn concern from trial lawyers who argue it may disproportionately impact vulnerable plaintiffs without sufficient financial means.

Oklahoma’s move aligns with a broader national trend of state-level scrutiny over third-party litigation funding. Lawmakers in several states have introduced or passed legislation to increase transparency, impose registration requirements, or limit funding sources.

For the legal funding industry, the Oklahoma law raises pressing questions about how funders will adapt to an increasingly fragmented regulatory landscape. It also underscores the growing political sensitivity around foreign capital in civil litigation—a trend that could prompt further regulatory action across other jurisdictions.