As recently as 10 years ago, the term “litigation finance” was more likely met with puzzled looks than an understanding nod in the United States.

While third-party legal financing was prevalent in Australia and the U.K., the American market was emerging from infancy at the start of the decade. Most litigation finance firms were focused on providing pre-settlement loans for personal injury or small commercial claims at the time. Burford Capital, one of the largest funders in the market today, had only existed since 2009, joining Bentham on the nascent commercial side of the market. Few legal professionals could say they had used litigation funding, or even that they understood how it worked.

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