Coinciding with an exciting milestone—the celebration of Burford’s 10th anniversary—the 2019 Legal Finance Report, the latest edition of Burford's annual research into the legal finance market, looks at the trends and developments in the category and how the industry has matured over the course of a decade.
Download the 2019 Legal Finance Report
Highlights from the report include:
Legal finance use is growing, becoming more sophisticated
- The #1 factor cited by lawyers in choosing a legal finance provider is "expertise/track record" (45.6%), and the least is "cost of capital" (33.3%).
- 80.0% of lawyers agree that legal finance is an essential law firm new business tool. 73.9% of lawyers see legal finance as a growing and increasingly important tool.
In-house lawyers are ready to be in the driver's seat
- 72.0% of in-house lawyers say their companies have failed to pursue meritorious legal claims for fear of adversely impacting the bottom line.
- 42.8% of in-house lawyers cite as "very important" that legal finance "provides greater control over timing and allows us to monetize legal assets on our schedule."
Law firms face growing pressure to innovate and compete
- 80.0% of lawyers agree that legal finance is an essential law firm new business tool.
- 74.8% of lawyers cite as a very important/important benefit that legal finance makes law firms competitive in the marketplace.
Legal finance readies legal teams and law firms for a possible downturn
- 65.4% of lawyers say legal budgets will shrink if the economy enters a recession.
- 69.5% of lawyers will advocate for increased use of legal finance if the economy turns.