Bradley Borden

The legal industry has taken its lumps. At the top, growth is modest at best. At the bottom, law school applications have dropped off dramatically. There are scary book titles like Steven Harper’s The Lawyer Bubble: A Profession in Crisis (affiliate link) to spook the industry even more.

But some are pushing back against the gloom and doom and projecting a bright future ahead. The new hope for Professor Bradley T. Borden is third-party litigation financing (“TPLF”), dropping millions into lawsuits in exchange for a hefty cut at the end so they can party like a champ(erty).

Litigation finance is drawing considerable talent and will certainly change the way law firms and clients do business. But it’s no pathway to rekindle the pre-recession boom.

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Under new management?

There has been a lot of talk in the media lately about how law schools are failing to adequately prepare recent graduates for the working world. Because after having your nose in a book for three years, let’s face it, you probably don’t know how to do “useful things with the law” that would actually help a client.

Law schools have also been under fire for their apparently inability to employ recent graduates in the legal work force. While some law schools are simply gaming their employment numbers, others are creating temporary employment opportunities so their graduates can be employed at graduation.

And in the spirit of killing two birds with one stone, law schools may soon have a solution for both of these problems. Instead of inventing temporary jobs to make you “practice-ready,” they might invent a whole law firm….

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