Current economic conditions are making it more challenging to run a business regardless of industry. In the legal world, budgets are shrinking and GCs, already stretched to the brink, are taking on even more costs. An ability to adapt to circumstances while finding ways to save money is of the essence.
An LFJ Conversation with Michael Kelley, Partner, Parker Poe
Current economic conditions are making it more challenging to run a business regardless of industry. In the legal world, budgets are shrinking and GCs, already stretched to the brink, are taking on even more costs. An ability to adapt to circumstances while finding ways to save money is of the essence.
Burford Capital explains that when money is tight, the last thing firms want to do is take risks. At the same time, the need for innovation is greater than ever. The solution? Legal Finance.
Innovation in the legal world is nothing new. But now, increased efficiency and time-saving techniques aren’t just desirable—they’re mandatory. Clients and customers require digital signatures, electronic billing and payments, secure virtual meeting spaces, and protected file transfers that maintain the privacy of clients and firms.
A 2019 Legal Finance Report shows that more than 70% of in-house counsel chose not to pursue meritorious cases because they didn’t want to take the financial risk. Not only that, over 60% of in-house lawyers are failing to collect judgments or awards to the tune of tens of millions. In these instances, Litigation Finance can make all the difference.
