Mondaq’s Comparative Guides provide an overview of key points of law and legal practice across jurisdictions. Their recent guide on litigation funding provides guidance on the availability and use of legal finance across a couple of key jurisdictions from industry experts.
Aviva Will and David Perla have provided expertise for the chapter on the state of the legal finance industry in the US.
The chapter answers the following questions:
- What are the major legal finance products available?
- How mature is the market for legal finance in the US?
- What laws and regulations have relevance to legal finance?
- How do law firms and corporation use legal finance?
- What should claimants and law firms look for in a legal finance provider?
The commercial legal finance industry in the US has evolved in the last decade and is now widely used by leading law firms and Fortune 500 companies. As one GC of a multinational logistics company explained in a recent study: “Fifteen years ago, if someone asked about funding litigation it sounded radical, but now it is mainstream.”
Far from beginning a novel or niche tool, legal finance is now an essential consideration for law firms and companies as they look at their litigation portfolios. It is therefore imperative for parties to be well-versed in the availability and potential uses of legal finance. To learn more about how legal finance works in practice, see our introduction to legal finance.