This post was contributed by Karen Kaplowitz. She is the founder of The New Ellis Group, and has been a business development strategist and coach for over 20 years. She publishes a blog on business development strategy for lawyers. http://www.newellis.com/MondayArchive.html. Her clients are partners in major law firms throughout the United States. Karen, a graduate of the University of Chicago Law School, was a partner for nearly 20 years in a Los Angeles litigation boutique, Alschuler Grossman & Pines. Karen can be reached at kkaplowitz@newellis.com.
If you have been looking for a niche that will help you attract new business from inside and outside your firm, one of the most promising areas is litigation funding. A wide range of lawyers in your firm need to be able to navigate litigation funding: transactional lawyers need to advise clients on the finance aspects of major litigation; litigators must advise clients who are considering potential claims of the various financing options available to them; and law firm leaders routinely evaluate the security and profitability of the firm’s fee arrangements with clients. Expertise in litigation funding has become a core competence. Being an expert in litigation funding used to be a competitive advantage. http://www.newellis.com/PDFs/2017/NewEllis-030617.pdf. But with the increased availability and acceptance of litigation funding, lawyers’ having experience with litigation funding– and funders—is a necessity and any firm lacking in this area will be at a distinct disadvantage.
Can you be your firm’s litigation funding navigator, the “go-to” lawyer who is consulted internally and who also attracts clients and external referrals? To position yourself as the “go-to” firm resource on litigation funding, plan to master several tasks:
If you are willing to become an expert in litigation finance and to play a key role in your firm’s access to and proficiency in litigation finance, here are some ideas on how to proceed:
Especially if your firm’s clients are sophisticated, your firm will be confronted by clients who specifically ask for your guidance on their litigation funding options. Your firm’s management will also be considering whether they can fund whole portfolios of cases to enhance the financial performance of your firm.
Is this an opportunity for you to stand out in your firm and to clients and prospective clients as an expert in the vital analysis of whether to bring litigation and how to fund it? Can you become an evangelist for the most cutting-edge litigation funding options and build your own practice and strengthen your firm’s competitive advantage?
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