There are a number of reasons for the spike in IP cases experienced in recent years. These include the passage of the Defend Trade Secrets Act, as well as increased use of litigation funding—which has allowed small and medium-sized businesses the funds they need to pursue IP claims. To better serve clients in this area, Omni Bridgeway brought in Stephanie Southwick in September 2019.
Covid-19 Eyes and Ears – Home
A new survey by Blickstein Group and Legal Value Network suggests that large law firms may be more open to the idea of non-traditional fee arrangements. At the same time, more than half of the survey respondents assert that attorneys' resistance to change is the most difficult aspect of adopting new payment models.
Hosted by Jim Batson, the newest episode of Omni Bridgeway’s podcast features Ariana Tadler, founder of Tadler Law. Baston runs Omni's New York office and serves as Senior Investment Manager. Tadler is an accomplished class action litigator and a global authority on e-Discovery. She is a founding member of Meta-e Discovery, which does consulting and data hosting.
In the past year, COVID has wreaked financial havoc, business interruption, and court delays. It has also led to spikes in specific types of litigation. With that in mind, Litigation Funding is enjoying a resurgence that appears to be here to stay. A legal firm that typically relies on fees from clients may find itself in dire financial straits. Even a firm that’s meeting its goals for billable hours may find that clients are less able to pay.
State courts face an array of challenges, only some of which are related to COVID. Budget cuts, ever-growing backlogs, logistical concerns, even constitutional challenges are impacting the legal world in myriad ways. Meanwhile, lawyers, judges, defendants—everyone is looking for ways to get back to some semblance of normalcy.
As the COVID pandemic continues to impact every area of business, legal professionals are finding ways to transition, diversify, and combat the challenges that face them. Legal tech in particular has had to adapt to the pandemic with lighting speed—with firms forced to discover new means of remote working, virtual meetings, and paperless filing.
It could be argued that Burford Capital is handling the pandemic better than most. The company transitioned to a remote working platform early on, and have adapted to what’s being called “the new normal” with aplomb. In the months that followed, courts, businesses, and even schools shifted to remote operations—meaning court cases could finally continue.
The insurance industry is facing a hard market thanks to multiple factors including the COVID pandemic. Hard markets are a time of high insurance premiums, more precise and complex underwriting, fewer policies being written, and a shrinking pool of competitors. With that in mind, insurers are raising money to make the most of opportunities as they arise. At the same time, investors are understandably cautious.
Since the impact of COVID, clinics and hospitals are besieged by new patients they can scarcely accommodate. Beds are full, basic supplies like PPE have run short, and even the best minds in medicine cannot agree on how to stop the spread of the virus. The only thing worse than being sick or injured may be to have that illness or injury exacerbated by an error by a medical professional.
Innovation and adaptability are key factors in every business trying to stay afloat during the current pandemic. Many law firm were quick to send workers home while finding remote working solutions to stave off loss of business. But as soon as some issues were managed, others cropped up. For example, the need for cybersecurity was heightened almost immediately.
Intellectual property can become a valuable asset, especially during an economic downturn. That may be why new patent lawsuits have increased over 15% in recent months. Trade secret litigation is likely to follow—which may be encouraged by the overwhelming availability of third-party litigation funding.
The financial stressors caused by the global pandemic have touched nearly every industry. Legal firms are finding it difficult to cope with remote working conditions, court stoppages, and declines in billable hours—all while trying to address a huge influx in proposed litigation. One expert is confident that Litigation Funding is the ideal way to address shortfalls and keep budgets in balance.
On June 11th, Litigation Finance Journal held a special digital conference on Covid's impact on the Consumer Legal Funding industry. The panel discussion was moderated by Dan Avnir, Managing Director at Bryant Park Capital. Panelists included Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding (ARC), Kevin Confoy, Chief Risk Officer of GloFin, Paul Galsterer, Founding Partner of The Injury Firm, Lawrence Yablon, Partner at Robinson Yablon PC, and Anthony Sebok, Professor of Law and Co-Director of the Jacob Burns Center for Ethics in the Practice of Law at Benjamin N. Cardozo School of Law.
Social inflation is a bit of a buzzword, used to describe a rising cost in insurance claims. Some say this is sour grapes from insurers who don’t want to pay out on pandemic-related policies. Others insist that social inflation is a real problem that, if left unchecked, can cause damage to the very concept of insurance.
Everything we know about the business world is changing, in no small part due to the Coronavirus. Retail outlets, restaurants, bars, theaters, and even insurance companies are feeling the crunch caused by stay-at-home orders, supply shortages, and staffing woes. Yet through it all, Litigation Finance is enjoying a surge of opportunity.
Tail Risk is a term used to describe a situation that’s unlikely to happen, but would have a profound impact should it take place. The current COVID-19 pandemic certainly qualifies. The disruption caused by the Coronavirus outbreak is affecting markets around the globe, yet despite the upheaval - or perhaps because of it - Litigation Finance is thriving.
As the whole world struggles with COVID-19, existing economic disparities are heightened, and impossible to ignore. The pandemic has created an environment in which those already living paycheck to paycheck must now grapple with employers, insurers, and others who have let them down during this crisis.
The global financial crisis of 2008 brought with it a flood of class action litigation against big banks. A similar wave of litigation is expected in the post-COVID world. Indeed, it might be even more widespread. In recent years, the rules and procedures surrounding the formation of class action suits have become more sophisticated. Advances in the understanding and use of Litigation Finance make pursing class actions less complicated.
The pandemic is far from over, but the steps that legal firms are taking to mitigate it have only just begun. Third-party funders are already seeing shifts in the way firms are approaching them. It’s not surprising that law firms will be creative and proactive in heading off financial woes before they occur—but it is startling how quickly things are changing.
It’s clear that insurers and policyholders are keeping a close eye on the law as it pertains to pandemics. Clauses in contracts specifically related to viral or biological agents will take center stage in new lawsuits that are sure to spring up after COVID-19 precautions have taken a heavy toll on businesses.
On Thursday, Litigation Finance Journal held a special digital conference on how litigation funding and the broader legal services sector have been impacted by COVID-19. Ed Truant of Slingshot Capital moderated an expert panel, which included Eric Blinderman, CEO (U.S.) of Therium Capital, Paul Haskel, Partner at Richards, Kibbe & Orbe, LLP, and Ralph Sutton, Founder and CEO of Validity Finance.
Baker Street Funding announced today as a result of the effects of the global pandemic, COVID-19 and because of the unprecedented global shutdown of business activities, many people (including people who depended on Baker Street Funding) do not have the opportunity to earn an income. Baker Street Funding has increased their funding applications by 50%.
Court closures and the absence of many basic services have brought about a major slowdown in the way cases are settled or litigated. As we don't know how long COVID-19 isolation and quarantine will last, it's growing more and more difficult to assess the true cost of the increased time-to-settlement.
Boeing is one of the cornerstones of the global aerospace industry, yet the company is experiencing tumultuous times. The grounding of its 737 Max airplane in the wake of the Coronavirus outbreak caused the company to book over $20Bn in charges, and some are worried about liquidity issues, and even bankruptcy.
On Thursday, LFJ hosted a panel discussion with a pair of experts on the Aerospace industry regarding the fate of Boeing, and the future of the industry.
The Coronavirus is having an impact on lawyers around the world. Right now, employers need advice on the best ways to react to employees who have contracted the virus, or those desperately trying to avoid it. From remote assignments to office closures, lawyers are needed to help companies navigate the uncharted waters of a modern pandemic.