June 22, 2020
2020 Litigation Finance Survey Report
Above The Law published its annual Litigation Finance Survey report for 2020. There are some notable takeaways from the report that all show the increasing traction of the litigation finance industry over the past year. The survey results included the following:
- 69.79% of respondents have firsthand experience working with a litigation finance firm. That’s a huge jump from 41% in 2019.
- Of lawyers with firsthand experience working with a litigation finance firm, 99.36% of respondents say they would use litigation finance again.
- Over 54% of the time, the main driver behind the decision to seek litigation funding is the client. That suggests that all lawyers should be conversant in the benefits and workings on third party funding.
- Though lack of funds to pay legal fees or expenses is a common reason to get litigation funding, over 30% of respondents are looking at outside funding as a way to hedge the risk of the litigation.
- Almost 75% of respondents to the 2020 Litigation Finance Survey said that litigation finance has become more relevant to their practice in the last year.
To read more about the report, click here.
To learn more about litigation finance or discuss whether outside funding might be a good fit for your case or client, please contact Molly Pease, Managing Director, firstname.lastname@example.org.