August 15, 2022

Cayse Llorens, Jay Greenberg and Max Volsky of Lexshares reflect on recent industry developments, including the news that industry veterans Adam Gerchen and Ashley Keller have returned to the market with a $750 million fund targeting secondary market investments and predict that we will see additional secondary funds coming to the market in the near future.
Florida-based treasure hunting firm Global Marine Exploration is looking into litigation funding as its case against France gets set for trial. The company claims that the State of Florida and France conspired to recover five valuable shipwrecks off the coast of Florida which were found by the company.
The American Bar Association is pouring cold water on efforts to loosen restrictions on who can own law firms. Last week, the group’s House of Delegates passed a non-binding resolution discouraging changes to state rules barring the sharing of legal fees with non-lawyers. But it also encouraged state bar groups to explore innovations designed to increase access to justice by making legal services more affordable.
Timothy Schools, the founder of Cayman Islands-based Axiom Legal Financing Fund, has been jailed for 14 years for using millions in investors' cash to finance his own extravagant spending habits. The former lawyer used a network of offshore trusts and bank accounts to siphon off millions invested in his litigation fund to buy £262,543 worth of luxury cars, a £78,000 motor boat, and a £5m shooting and fishing estate in the Lake District.

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