The Reality Of Litigation Funding (Above the Law)
Above the Law, March 10, 2020
The Reality Of Litigation Funding
A hallmark of an important professional development is when definitive statements proclaiming a new reality are made by serious sources. If anyone was unsure of whether the litigation finance phenomenon had reached that tipping point, they can now feel free to rid themselves of any uncertainty. No lesser a source than the New York City Bar Association Litigation Funding Working Group has spoken, declaring that “the New York Rules of Professional Conduct should be modified to accommodate the reality of litigation funding.” Lest you think that this impactful statement is the product of unserious thinking, please understand that the members of this working group include prominent academics, practitioners, litigation funders, and former jurists. A group that collectively worked over a year to conduct a “comprehensive study and review of the issues and practices surrounding litigation funding” before issuing their report, while also soliciting input on numerous occasions “from a range of guest speakers, including practitioners, scholars, and experts in the fields of commercial and consumer finance.”
