5 minutes with... Dorothy Spenner

How did your mindset around litigation funding change when you moved from private practice into the world of legal finance?

My practice was mostly complex commercial and securities litigation defense, though on occasion I represented plaintiffs. I was always interested in the concept of legal finance and believed it served a critical role in the market, particularly given the rise of law firm fees. But I assumed legal finance was mostly single-case finance. What surprised me most when I entered the field was that Burford offers much more than that. I didn’t realize that there are significant markets for portfolio and monetization financing in addition to the financing of the fees and expenses of one matter.  

What misconceptions about legal finance do you most frequently encounter when speaking with law firm lawyers, and how do you address them?

The biggest misconception is that legal finance is irrelevant to their practice or their firm. Having been a partner at a major law firm, I appreciate that lawyers don’t like to waste their time. I have great appreciation for the partners who realize legal finance is a growing space that might have relevance for them in the future, even if it doesn’t at this moment in time.

Law firms are under increasing pressure to offer flexible pricing and innovative fee arrangements. How does Burford help firms meet these evolving client demands?

Burford can help firms grow their contingent or alternative fee practices by taking some of the risk off their plates through single-case or portfolio financing arrangements. But even if a firm isn’t ready to delve into those waters, learning about what Burford does can help them look smart and respond to their clients’ needs by bringing us in when a client might need or want financing directly.

How can legal finance help law firms innovate not just in meeting client needs, but also in winning new business, investing in growth and generating immediate revenue?

A portfolio arrangement can help a law firm bring in revenue on a regular basis across its contingency and/or alternative fee cases where it would not be able to do so without the arrangement. Portfolios not only shift the risk in the case from law firm to legal finance partner, but allow the firm to use the revenue to invest in growth and increase its alternative fee footprint. 

5… things you love to do in your free time?

1.    Travel

2.    Play tennis

3.    Read novels (sometimes even in Romanian or French) 

4.    Drive my convertible with the top down

5.    Try the new local coffee place or restaurant