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Key Takeaways from the LFJ Podcast with Mani Walia of Siltstone Capital

By John Freund |

On the latest episode of the LFJ Podcast, we spoke with Mani Walia, Managing Director, General Counsel and Chief Compliance Officer and Siltstone Capital. Siltstone is a Houston-based alternative investment firm that invests in litigation finance claims, focusing on $500,000 to $5 million funding requests. Siltstone is also producing LitFinCon, the inaugural litigation finance conference in the Houston area, set to take place on March 2nd and 3rd of 2022.

Below are some key takeaways from the discussion:

Re: Siltstone’s focus areas

Siltstone was founded nearly ten years ago in 2013 by a group of entrepreneurial, energy focused investors. Our team being entrepreneurial, was able to recruit folks with a very interesting set of backgrounds—not just energy sophistication on the nitty gritty of energy assets, but a legal team that understood that there might be value in claims.

Through the course of our energy work, we discovered that there may be times that we have to evaluate cases and see if there is any merit to a potential case. And that’s where my addition to the team was something that shaped how we look at things. I have a litigation background and am honored to have learned how to case pick from one of the premiere litigation firms in the country.

We had the impetus to start a litigation finance fund focused on energy because of the unique skills set that our team displays. So these two strategies are distinct, they have different bases and stakeholders—but there’s overlap.

Re: Limited Partners and Structuring of Funds

I’ll note that our funds are separate, so we have a set of funds that are tailored to the energy investor, and then a separate set of funds for those who might want exposure to litigation finance. We’re proud to have successfully closed our second such litigation finance fund in December of last year, 2021.

Some folks want a little exposure in both areas, in particular because of the uniqueness of our team—the energy expertise and the focusing on finding value in energy litigation.

Re: Types of Claims: Jurisdiction, Single case v Portfolio, Sizes?

First, we’re really proud to have entered into a very collegial space. Most of the litigation finance brethren that we have have helped pave the way for entities like us.

We’re guided by our experience, so we enjoy a laser-like focus with helping provide solutions only in the commercial context. We haven’t ventured outside into consumer finance or injury cases.

We also, for the same reasons, enjoy funding patent infringement cases. Earlier in my career, I tried patent infringement cases and by actively litigating a case or subject matter you really develop the ability to understand what makes a case meritorious or advantageous or what makes the case not good. So those are the two sub-focuses in our commercial lending. We enjoy looking at single case risk or portfolio funding.

Q: On ESG Investing & Access to Justice

At the end of the day, the job of a funder is to make sure there’s access to justice for somebody who thinks he or she should have a day in court. Embedded in that is an inherent ESG leveling-the-playing-field thought process.

Learn more about Siltstone’s upcoming event, LitFinCon (the inaugural litigation finance conference in the Houston area), here.

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Announcements Commercial People Moves

Westfleet Advisors Announces James Batson as New Chief Operating Officer

By John Freund |

Westfleet Advisors, the premier U.S. litigation finance advisory firm, is delighted to announce the appointment of James "Jim" Batson as its new Chief Operating Officer. Mr. Batson, widely recognized as a leader in litigation finance, brings an extensive portfolio of expertise, including nearly a decade at Omni Bridgeway, most recently as its US Co-CIO, and a former partnership at Liddle & Robinson.

"We are thrilled to welcome Jim to Westfleet," said Charles Agee, Founder and CEO of Westfleet Advisors. "His impressive track record and deep industry knowledge align perfectly with our strategic goals. Jim's leadership is set to drive significant growth, reinforcing Westfleet's role as an essential advisor in the increasingly complex litigation finance market."

"At a time when the litigation finance industry has reached a critical juncture, requiring sophisticated understanding to navigate its complexities, I am excited to join Westfleet Advisors," said Mr. Batson. "The industry's growth and the diversification of funding options have made it imperative for clients to seek knowledgeable and experienced advisors. Westfleet's long-established expertise in advising on deal structures, pricing, and market trends positions us uniquely to guide our clients to the most advantageous outcomes. I look forward to advancing our mission to deliver unmatched advisory services in this dynamic sector."

Mr. Batson's prior roles have honed his skills in developing growth strategies and enhancing client services, with a strong focus on operational excellence and strategic advisory for complex legal disputes.

"Jim's deep understanding of the industry's needs and his proven leadership abilities will be instrumental as we expand our advisory services and deepen our engagement with the market," added Agee.

About Westfleet Advisors

Westfleet Advisors is the leading litigation finance advisor in the United States. Founded in 2013, the company has been instrumental in promoting transparency and efficiency in the litigation finance market. With a team of seasoned experts active since 1998, Westfleet provides clients and their attorneys with essential resources and insights necessary for navigating successful litigation financing.

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Announcements Commercial People Moves

Geradin Partners Opens Paris Office with the Hire of Partner Marc Barennes

By John Freund |

After opening offices in Brussels in 2015, London in 2021, and Amsterdam in 2023, Geradin Partners continues its European expansion with the launch today of its Paris office with the hires of former EU official and competition litigator Marc Barennes and his team. 

Founding partner, Damien Geradin comments: 

“We’re delighted that Marc accepted our offer to open our Paris office. France is a key jurisdiction in Europe, and Marc and his team will help us achieve three goals. First, it allows us to bolster our competition and digital regulation practice. The Paris office will allow us to better serve our clients in France, in particular those in need of strategic advice regarding the DMA (Digital Markets Act), DSA (Digital Services Act) and EU competition law. It will also assist our international clients in interactions with the French competition authority. Second, given his unique experience within the competition authorities and courts, Marc adds further strength to our ability to pursue high-stakes appeals and interventions in relation to competition authority decisions at the French and European levels. Third, Geradin Partners has brought major private actions in the courts, in particular against large tech firms in the United Kingdom and the Netherlands, while Marc has been a frontrunner in bringing collective actions in France. With Marc onboard, we will offer a choice between bringing a competition and DMA actions before the Dutch, English or French Courts, depending on which is best for each client”. 

Marc Barennes is a competition litigator with 20-plus years of experience. With over 15 years at the European Commission and the Court of Justice of the European Union, he brings unique expertise in competition law. During his time with European institutions, he was directly involved in more than 350 cases, including more than 70 of the most complex and high-profile European cartel, abuse of dominance, merger and State aid cases. Before joining Geradin Partners, Marc also gained experience over the past five years of damages actions through his role as Executive Director of a leading claim aggregator, and co-founding partner of the first French claimant firm specialized in class actions. Marc has also been a Lecturer at French School of Law, Sciences Po Paris since 2014 and has been a non-governmental advisor to the European Commission and/or the French and Luxembourgish competition authorities for the International Competition Network (ICN) since 2012. He is a member of both the Paris and New York bars. 

Marc Barennes added: 

“I’m honoured and delighted to join Geradin Partners and launch its Paris office. In only a few years, Geradin Partners has become the go-to European firm for all complex competition and digital regulation cases. It now comprises an exceptional team of 20 competition and digital regulation specialists, including five senior former competition agency officials, who work seamlessly on French, EU and UK high-stake cases. The many cases it has already successfully brought against large tech firms before the French, English and EU competition authorities and courts as well as the multi-billion damages claims it has filed against them in the Netherlands and England are a testament to its expertise and its innovative approach to complex competition issues, especially in the digital space. I look forward to assisting French companies both in benefiting from those damage actions and in their most complex cases before the French and EU competition authorities and courts. Our ambition is to expand the Paris office rapidly: applications at the partner and senior associate levels are welcome”. 

About Geradin Partners

Geradin Partners was founded by competition and digital regulation expert Damien Geradin, who has spent the past 25 years working as an attorney, while combining this with an academic career. With a team of seven partners and a total of 20 competition experts based in Paris, Brussels, London and Amsterdam, Geradin Partners is the first European boutique to offer seamless competition law and digital regulation services in major cases throughout the EU and the UK. It is recognized by its clients and peers for its commitment to excellence, as well as for its innovative and strategic approach. 

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Commercial

SHIELDPAY LAUNCHES GUIDE TO EFFECTIVE LITIGATION SETTLEMENT DISTRIBUTION FOR LEGAL SECTOR

By John Freund |

In the face of increasing demand for better strategies for litigation compensation payments, Shieldpay, the payments partner for the legal sector, has created the ‘Blueprint to Distribution’; a step-by-step guide that shares best practice on how to scale efficiently and distribute best-in-class payments for claimants. 

The huge growth in litigation in recent years (total value of UK class actions alone rose from £76.6 billion in 2021 to £102.7 billion in 2022) means the legal sector must adopt strategies that will enable it to scale efficiently with the growing demand. In 2019, the average litigation revenue for a firm in the UK Litigation 50 was £82.4m. That figure had reached £110m by 2023 and is widely predicted to follow this upward trajectory.

Settlement payouts can be a complex and lengthy process without the right support and guidance. The process of distributing funds can often be overlooked until the settlement is finalised, leading to sudden complications, risk concerns and a huge administrative burden on a tight deadline.

Litigation cases are by no means finished once a settlement has been agreed. Depending on the size and complexity of the case, the distribution process can take many months, if not years. Most claimants will want the compensation due to them as quickly as possible, so firms need to plan for a successful and seamless distribution of funds well ahead of time to avoid frustration and uncertainty for their clients.

To help lawyers navigate litigation payments and adopt strategies that will reassure and build trust amongst claimants, Shieldpay’s ‘Blueprint to Distribution’ guide goes through the critical steps teams need to take throughout the case to ensure claimants receive their funds quickly and efficiently. The key to success is planning the distribution process as early as the budget-setting phase, where the payout is considered as part of the case management process to optimise for success. This process also includes developing a robust communications strategy, collecting and cleansing claimant data, and choosing the right payments partner to handle the settlement distribution.

In its guidance for legal practitioners on delivering a successful payout, ‘Blueprint to Distribution’ highlights the need for payment considerations to be aligned and collaborative throughout the lifecycle of a case, not left to be worked out at the end. Working with the right partner enables firms to understand how to design and deliver an optimal payout, taking into account the potential long lead times involved from the initial scoping of a case to the actual payout, with refinements and changes likely to occur to the requirements as a case unfolds. 

Claire Van der Zant, Shieldpay’s Director of Strategic Partnerships, and author of the guide, said: “Last year, the conversation amongst the litigation community was understandably focused on how to get cases to trial. Delays to proceedings arising from evolving case management requirements, including the PACCAR decision, caused delays and frustration amongst those actively litigating cases and striving for final judgements. 

“Fundamentally, legal professionals want to deliver justice and good outcomes for claimants. To do that, we need to think bigger than just a blueprint to trial, and consider a ‘Blueprint to Distribution’, because once a final judgement has been delivered, it doesn’t end there. Delivering a successful distribution requires advance planning and consideration to be effective and efficient. This step-by-step guide aims to help law firms, administrators and litigation funders deliver the best payment experience and outcome for claimants.” 

For the full ‘Blueprint to Distribution’ guide visit www.shieldpay.com/blueprint-to-distribution. 

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