In recent years, we have seen litigation finance transform from a nascent financial product into an important and thriving fixture of the legal industry. Building on previous research, Lake Whillans recently surveyed in-house attorneys at a wide range of companies, including those at more than 140 Fortune 1000 (or larger) corporations. They found that over a quarter of respondents from corporate legal departments have firsthand experience with litigation finance, and approximately 70% declared that they would consider using litigation for future matters.
The results of the survey are a clear indicator that litigation funding has gained significant traction in the legal departments of the most coveted Biglaw clients.
Among the questions the Lake Whillans survey explored:
- Why types of companies are using litigation finance?
- How does adoption vary among industries?
- How prevalent is firsthand experience with litigation finance among in-house attorneys?
- What concerns exist about working with a funder?
The findings are an interesting snapshot of where litigation finance sits within the broader legal industry. Check out the full report here.