For the first time, the legal finance industry has something that other finance firms take for granted: An industry-standard best practice created in conjunction with the SEC for valuing legal finance investments and thus reporting revenue and asset value. This milestone sets a new standard for the industry and will lead to enhanced transparency.
Accounting standards matter because they create a consistent approach to financial reporting, allowing investors and clients alike to compare firms on an apples-to-apples basis. This is important to lawyers as well as their clients in being able to assess the performance and financial quality of potential legal finance partners.
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