Foreword

Hon. Shira A Scheindlin
United States District Judge (Ret.)

This new book, edited and co-authored by Steven Friel, CEO of Woodsford, is a timely addition to discussions on an increasingly important subject. Litigation finance is no longer in its infancy – it is now an established part of the legal landscape in the United States and the United Kingdom, and indeed throughout the world. And there is a good reason for this, as this well-organized and comprehensive book demonstrates.

Litigation increases in times of turmoil, whether political or financial or both. We are living in such times. As a former United States District Judge, and now an arbitrator, I believe deeply in preserving the rule of law and providing access to fair adjudication in the public and private sectors. That access is often costly. Many litigants with meritorious claims simply cannot afford to seek a remedy before a tribunal. There should be mechanisms to help them.

The US has long approved of contingency fee arrangements where a lawyer provides services – and sometimes contributes to the other costs of litigation – in anticipation of sharing in a favorable outcome. Such arrangements are common in personal injury cases and, more recently, in employment discrimination cases. However, the cost and complexity of commercial, intellectual property and other similar cases create too great a risk for most lawyers to undertake alone. Whether the litigation involves an individual plaintiff against a large company, a mass or class action against a well-funded multinational, or a financially distressed business against a government or state-owned enterprise, litigation funding is now a well-accepted option.

As litigation funding has grown in use and acceptance, and as the variety of parties who have an interest in the practice, including as investors, increases, a body of regulations, case law and legislation has now developed in the US and in other jurisdictions. This book is an invaluable guide to each of those.

I have now been a member of Woodsford’s Investment Advisory Panel for the past three years and in that capacity have worked closely with Steven and several of the other contributors to the book. It has been an invaluable experience. Whatever preconceptions I might have had about litigation funding have been replaced by the insider knowledge I have gained. I have played a part in the rigorous process by which cases are evaluated, and I have learned a great deal about the financial, as well as the legal, implications of the funding arrangements. These are candidly discussed throughout this book.

Steven Friel, and the other contributors to this book, enjoy the highest reputation for accuracy and professionalism. I congratulate them for creating a book that should be added to law and finance libraries throughout the world.

Hon. Shira A Scheindlin
United States District Judge (Ret.)
Fellow, College of Commercial Arbitrators
29 September 2020

The book can be purchased from Bloomsbury Professional here.