A Brooklyn law professor writes in Huffington Post that the prospect of third parties funding litigation in order to stake a claim to a share of any recovery may not only drive up the demand for litigation attorneys, but could also increase the demand for transactional and regulatory attorneys, transforming the legal profession. When SBM Blog wrote about this phenomenon in 2010, "What Are the Odds? Third-Party Investors as Source of Litigation Financing," an alert reader commented:
It sounds like champerty to me. That was a common-law crime, as well as a tort. As a common-law crime, isn't it now, by statute, a 5-year felony in Michigan?
What's champerty, you ask? Find the answer here.
HT: TaxProf Blog