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December 29, 2017

Competition is Heating Up as Litigation Funders Look for New Investment Opportunities

Yesterday, the Wisconsin Assembly’s Judiciary Committee held a hearing on improving the state’s lawsuit climate. Skadden, Arps, Slate, Meagher & Flom LLP attorney and legal expert John Beisner testified on behalf of the U.S. Chamber Institute for Legal Reform (ILR).

Beisner spoke in support of Assembly Bill 773, a comprehensive legal reform bill. Specifically, Beisner pointed out that the bill would modernize Wisconsin’s discovery rules, make class action lawsuits in the state more fair and efficient, require transparency when third parties fund lawsuits, and prevent predatory lawsuit lenders from charging plaintiffs sky-high interest rates.

As we recently noted, Wisconsin’s legal climate matters, as the 2017 Lawsuit Climate Survey that ILR released found that 85 percent of business leaders say a state’s lawsuit environment influences major business decisions, such as where to expand and hire. 

Wisconsin has had strong job growth over the past few years, and made significant strides in enacting legal reforms. Yesterday’s hearing signals, however, that lawmakers recognize that to succeed down the road, they must continue to improve Wisconsin’s legal climate. 

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