As corporate legal operations and law firm pricing professionals know all too well, the Great Recession permanently altered how companies purchase legal services and how law firms manage the pricing of those services. This has put corporate legal operations and law firm pricing professionals in the business of managing legal cost and risk, allowing them to work in ways that are complementary and mutually beneficial. To maximize those synergies, and to achieve better business outcomes, law firms and corporate legal departments are well served by using legal finance.
Legal finance, for those who are unfamiliar, is a tool that shifts the cost and risk of pursuing commercial (non-consumer) disputes from the corporation or its law firm to a third party. Legal financiers do this by providing risk-free capital to companies and law firms involved in meritorious commercial disputes on a non-recourse basis—this means that the capital need be repaid only in the event of a successful litigation outcome.
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