ABA Adopts Best Practices for Third-Party Litigation Finance
In its first guidance on the booming tool since 2012, the group urged lawyers working with outside funders to be exacting and detail all arrangements in writing. But they stopped short of saying the arrangements should be disclosed to the court.
August 04, 2020 at 10:35 AM
3 minute read
The American Bar Association's House of Delegates overwhelmingly voted to approve a new set of best practices for litigation funding arrangements Monday, updating their guidance on the increasingly popular tool for the first time since 2012.
The report, which outlines a list of issues lawyers should consider before entering into agreements with outside funders, cleared the body by a vote of 366 to 10.
While the document avoids taking a position on the use of outside funding, it recommends that lawyers detail all arrangements in writing, while making clear the non-recourse nature of the investment. Lawyers are also advised to ensure that the client retains control of the matter.
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