Big data for litigation financing
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Litigation financing is the process by which a third party provides financing for a legal dispute in exchange for a percentage of any damages recovered from the lawsuit. At best, it can level the playing field in a legal context, allowing plaintiffs who lack the capital to bring a case to court. Litigation finance is big business – the industry is valued at USD 3 billion. Regular readers may remember Lexshares US platform which allows users to crowdsource financing for a lawsuit and CrowdJustice which undertakes a similar function in the UK. Now, Legalist uses data on past lawsuits to predict and provide finance to those with cases that are potentially lucrative.
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