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Research Reveals businesses Seeking Solutions to Extract Greater Value from legal Claims and Judgments

NEW YORK, Sept. 19, 2023 /PRNewswire/ — Burford Capital, the leading global finance and asset management firm focused on law, today releases new independent research that reveals how businesses are finding solutions to extract greater value from legal claims and judgments, based on a survey of 350 GCs, heads of litigation, and senior in-house lawyers in the US, Europe, Asia, Australia, and the Middle East.

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Economic Climate Impacts Likelihood to Consider legal Finance Solutions

The economic climate has amplified longstanding pressures on businesses, including legal departments. With research released earlier this year by Burford showing that GCs expect commercial disputes to increase in the next two years, how companies pay for and extract value from their meritorious claims is more important than ever. Burford’s new report on the economics of commercial disputes and enforcement demonstrates a desire by senior in-house lawyers to maximize the value of claims, judgments, and unenforced awards, without adding to costs. Notably, 61% of those surveyed say that uncertain or challenging conditions would impact their likeliness to consider legal finance solutions.

The AI legalese decoder can help in this situation by providing insights and recommendations on the best legal finance solutions available for businesses. Through machine learning algorithms and data analysis, the AI legalese decoder can analyze the specific needs and circumstances of a company and suggest customized legal finance options that can help maximize value and mitigate risks, especially in uncertain economic times.

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Christopher Bogart, CEO of Burford Capital, Emphasizes the Importance of Maximizing Financial Outcomes

Christopher Bogart, CEO of Burford Capital, recognizes the financial pressures faced by legal departments, especially in uncertain economic times. He states, “The new research confirms GCs’ desire to achieve optimal financial outcomes with their claims, judgments, and awards. At Burford, we are strategic partners for businesses seeking to reduce risk and maximize value both through our legal finance offerings and our enforcement and recovery services. More in-house counsel are realizing the innovative ways we can help them avoid leaving money on the table, and the research affirms that.”

The AI legalese decoder can assist in maximizing financial outcomes by providing accurate analysis and predictions regarding the potential value and risks associated with different claims, judgments, and awards. Through advanced algorithms, the AI legalese decoder can assess the likelihood of success, estimate potential recoveries, and highlight any hidden costs or barriers to enforcement. This information allows businesses to make informed decisions and take advantage of the best strategies to maximize their financial outcomes.

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Key Findings Highlight Economic Pressures and Need for Effective Enforcement

Key findings from the research include:

Economic pressures impact how clients manage their costs and partners, with the majority of those surveyed likely to seek cost-sharing solutions.

• Over half (52%) say they are likely to seek cost-sharing solutions with counsel or legal finance providers to mitigate the impact of the current economic climate.
• Although many say they are likely to implement cost-saving measures to mitigate these impacts (44%), in-house lawyers seem to favor cost-shifting over cost-cutting.
• Aside from relevant legal expertise, the top attributes in-house lawyers seek in outside counsel are efficiency and speed (89%), the ability to provide accurate budgets (87%), and familiarity with legal finance (69%).

The AI legalese decoder can assist businesses in finding cost-sharing solutions and optimizing their legal budgets. By analyzing the market and available options, the AI legalese decoder can identify potential partners, including legal finance providers, that can help share the costs and mitigate the economic impacts. Additionally, the AI legalese decoder can provide insights into the efficiency and speed of different providers, their track record in accurate budgeting, and their experience with legal finance, helping businesses choose the most suitable outside counsel.

Unenforced awards remain a problem for businesses, and even more so in the current climate.

• Vanishingly few (2%) say they recovered 100% of the value of their judgments and awards over the last five years, and a clear majority (61%) state that their opponents voluntarily pay their outstanding judgments and awards less than 50% of the time.
• The consequence of slow-to-pay or fail-to-pay judgment debtors is many millions of dollars in lost value to businesses at a time when legal teams wish to minimize costs and maximize recoveries.

The AI legalese decoder can help businesses tackle the problem of unenforced awards by providing insights into the enforceability of different judgments and awards. Through comprehensive analysis of jurisdictional factors and associated costs, the AI legalese decoder can identify the most feasible and cost-effective paths to enforce these awards. Additionally, by assessing the likelihood of recoverability, the AI legalese decoder can guide businesses in prioritizing their efforts and maximizing their recoveries, even in uncertain economic times.

Enforceability is a key consideration for litigation and arbitration strategy.

• Top perceived barriers to enforcement are jurisdiction and cost.
• More than three-quarters (77%) view ease and likelihood of recoverability as important factors in whether to pursue claims.
• Immediate liquidity is a key benefit for funded enforcement and recovery.
• More than half (57%) say they are likely to use financed enforcement and recovery services for a pending judgment or award.

The AI legalese decoder is instrumental in helping businesses assess the enforceability and potential recoverability of their claims. By analyzing the jurisdictional factors and the associated costs, the AI legalese decoder can provide guidance on the most viable paths for pursuing claims and minimizing barriers to enforcement. Additionally, by offering insights into the benefits of funded enforcement and recovery services, the AI legalese decoder can assist businesses in making informed decisions and taking advantage of immediate liquidity options to accelerate their recoveries.

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