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Overcoming Legal Finance Misconceptions In 2019
As the volume of litigation continues to grow and the ability to manage it as a defendant or add to it as a plaintiff grows increasingly complex, legal costs will continue to rise in 2019 — and funding advocacy on both sides will remain a lingering challenge.
Among the tools available to law firms and in-house legal teams is third-party finance, an increasingly viable option. However, some law firms and corporate legal teams remain uncertain about how and where litigants can use legal finance, the implications of doing so, and its impact on prospective results. To identify trends in this area, provide clarity and seek out perspectives, Burford Capital engaged my firm, Ari Kaplan Advisors to interview a cross-section of law firm and legal department leaders around the world. The results of these discussions reflect a promising future for legal finance — though certain misconceptions about its use remain.
Survey Participants
By way of background, in August of 2018, I had the privilege of personally interviewing 38 lawyers from 10 countries (Australia, the Cayman Islands, France, Germany, Hong Kong, Italy, Singapore, Sweden, the UK, and the U.S.) about trends in legal finance, its future trajectory and the challenges associated with its widespread adoption.
Twenty of the participants were in-house lawyers at Fortune 500 companies: Four served as the general counsel, five were litigation counsel and the remainder held a variety of senior counsel roles. Eighteen participants were with law firms, with three acting as the organization's managing partner, three as a practice group leader, 10 as a partner and two as senior lawyers.
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