Third party litigation financing

Ted Olson’s hourly rate.

* While we’re celebrating recently anointed Biglaw partner classes, let’s take a minute to call out the firms that haven’t bestowed the honor upon a single woman this year. Cheers, jerks. [Am Law Daily]

* The results of the NLJ’s Law Firm Billing Survey are out, and lo and behold, one of the top partners in the country is pushing $2,000 an hour for his services. Congrats, Ted! [National Law Journal (sub. req.)]

* Everyone’s buzzing about the federal law clerk who’s been accused of attempted aggravated rape and solicitation of a minor under 13. Don’t let that legendary 4.0 GPA go to waste. [Times-Picayune]

* Congratulations to Gerchen Keller Capital, the litigation finance firm founded by former SCOTUS clerks and hedge-fund alumni, on raising $260 million for its new fund. [DealBook / New York Times]

* Iowa is thinking about allowing law grads to practice ASAP instead of having to pass a bar exam. Paired with its recent tuition cuts, the Hawkeye State is looking better and better. [Des Moines Register]

* If you’re in the unfortunate situation of still having to look for a law job once OCI has ended, then you might want to start considering applying for some of the other law jobs that don’t want you. [Mashable]

* The incarceration of a blogger known for making salacious allegations against federal judges raises First Amendment concerns. [New York Times]

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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