Litigation finance on the rise
The use of litigation funding has doubled in the last year amongst general counsel and chief financial officers.
According to research by Burford Capital, the number of general counsel and CFOs who say they have used litigation finance has more than doubled since last year and jumped by 36 per cent among outside litigators. Furthermore, a high number of CFOs say they have an active case that could benefit from litigation financing.
Burford CEO Christopher Bogart commented: 'Given its relatively brief history in the US, it's striking how quickly the awareness level of litigation finance has grown among in-house counsel and CFOs as well as outside counsel. But for us, what's most interesting is that although there's such a clear expression of need for new ways of financing litigation from all sides, there are still significant segments of the legal and business communities that have embraced the idea but haven't yet used litigation finance. That reflects continued opportunity for growth and innovation.' Around 500 lawyers and financial executived were surveyed.