In the latest episode of the Alternative Litigation Strategy Podcast, I had a fascinating discussion with Professor Tom Baker and Lecturer in Law, Will Marra, about their litigation finance course at the Penn Carey Law School. We explored the history, economics, business practice, law, and social implications of this burgeoning field. We discussed this new asset-class of investor backed litigation finance offered on a non-recourse basis which is transforming law firm behavior and client relationships. Tom and Will stressed the importance of how the course weaves in lessons and experiences of the financial pressures of practicing law and how lawyers must work to not only meet the legal objectives of their clients, but their business and financial objectives as well. Lastly, we discussed the importance of considering liability, damages and collectability when taking on a case and the critical importance of merging ones understanding of the business of law with the practice of law.
