In spite of the growing buzz surrounding commercial litigation finance, attorneys have been slow to embrace the new tool. But a new survey report from Validity Finance and ALM Intelligence suggests that change is on the horizon, as those who dipped their toes in the litigation funding pool reported nearly universal satisfaction.

The survey results, released Tuesday, show that 98% of law firm lawyers who had used litigation finance would do so again, while 93% said their experience was positive.

The Validity and ALM findings follow a report earlier this summer from Burford Capital that found financial executives at the largest companies are especially open to third-party funding. While funders like Burford and Validity⁠—on the lookout for corporate and law firm partners so they can put their capital to work⁠—have a clear incentive to make their service look like a mainstream offering, the apparent receptivity in board rooms, law departments and firms suggests room for growth.

“It’s about getting over the hump and having some firsthand experience with a funder,” said Validity chief risk officer David Kerstein, once a litigator at Gibson, Dunn & Crutcher. “Someone that they know or someone that someone they know trusts.”

New York-based Validity and ALM surveyed a total of 330 attorneys—285 who work for corporate firms and 45 in-house counsel. Only 15% of respondents from firms acknowledged using third-party financing for any of their cases.

But another 51% of these law firm attorneys said that they were open to taking advantage of litigation financing. A final 34% said that they are not interested in using it.

Kerstein said that reticence likely stems from a perception that litigation finance introduces additional ethical issues to their practice.

“Once you undraw those ethical issues, it’s not that complicated,” he said. “It’s not that different from everyday practice.”

Of the 51% of law firm lawyers open to using litigation finance, the top reason they cited was the high cost of litigation.

Validity is also fielding more inquiries directly from corporations, and even more so from CFOs than corporate law departments, according to Kerstein. That’s backed up with a finding that only 7% of in-house lawyers had personal experience with outside funding. But these lawyers are receptive to the possibility as well: 60% say they would consider outside funding, compared to the 51% in firms.

“For a long time, funding was thought to as a way to level the playing field and provide access to justice for individuals and smaller companies who did not have the same resources as the bigger guys,” Kerstein said. “More and more people are realizing that it’s also a helpful financial tool for corporations that are well capitalized.”

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