The far-reaching reverberations of COVID-19, the most disruptive pandemic in more than a century, have sent shock waves throughout the legal industry. Courts across the country have temporarily closed or suspended trials. Proceedings that would normally occur in person instead take place over video conference calls, governed by policies that evolve frequently. Law firms and in-house legal departments have implemented headcount reductions, salary cuts, or both. Finding itself in a position that was unthinkable just a few months ago, and with the disruption showing no signs of abating soon, the legal industry must now contend with a “new normal.”

When the 2008 financial crisis rocked the global economy, the fallout for the legal industry quickly became apparent: litigation increased, and liquidity-challenged plaintiffs needed financial resources to pursue their claims. These realities, further exacerbated by tight credit markets and escalating legal costs, sparked a swift expansion of commercial litigation finance in the United States.

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