The development of financial instruments is imperative to streamlining investment processes in our lives. In the legal field, litigation finance is no exception. Third-party litigation finance helps litigators acquire working capital for cases. It also rewards investors with a potential financial upside when the uncertainty of litigation results in conversion to a certain present value by assigning probabilities on different outcomes.[1] However, in spite of the benefits provided by litigation financing, it might not yet be a popular financial vehicle among litigators, especially defense lawyers. For example, in a poll during the 16th Annual Legal Malpractice and Risk Management Conference,…
Author: Evelyn Li
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What company or brand first comes to mind when you read this list: 1) online videos 2) cellphones 3) movie/television streaming platforms 4) online search engines 5) social media networks 6) computers and 7) online shopping. If you said: YouTube, Apple/Samsung, Netflix, Google, Facebook/Instagram, Microsoft, and Amazon, you would be in agreement with the answers of the majority of people I read this list to. Although familiarity is not necessarily an indicium of a monopoly, many of the companies listed above possess other hallmark characteristics of monopolies. A monopoly is a when a sector or industry becomes dominated by one…
Spring is a busy time for investment advisers because they are required to submit their annual update to the Securities and Exchange Commission (“SEC”). Registered investment advisers, whose fiscal year ends on December 31, 2018, must submit an annual updating amendment to their Form ADV by March 31, 2019.[1] In doing so, they must make full and fair disclosures of all material information related to the firm’s business. Investment Adviser Registration Congress enacted the Investment Advisers Act of 1940 (“Advisers Act”) to combat market abuses that contributed to the Great Depression.[2] In 1929, the stock market crashed due to…
Legal counsel representing private equity and venture capital funds (“Funds”) regularly find themselves forced to navigate the uncertain terrain that transpires when the companies they invest in (“Portfolio Companies”) enter periods of financial difficulty. In such critical times, insolvency often follows, which triggers unique conflictsof interestrepresenting a troubling cause for concern.[1] This occurs when Fund-appointed directors serve as fiduciaries to two distinct entities whose interests can be directly at odds – termed “dual fiduciaries.”[2] When this event manifests, these entities are the Fund for which they are employed, usually as senior or junior-level executives, and the Portfolio Company where they have been…