Litigation Finance

3 Questions For A Litigation Finance Consultant (Part I)

Rebecca Berrebi's background and credentials are right on target for the work that Avenue 33 performs.

By  
on

(Image via Getty)

As with last week’s interviewee, this week’s spotlight will be on another great example of lawyers identifying a market need and starting a business to meet that need. We are fortunate this week to have the opportunity to discuss another unique New York-based firm meeting a defined market niche, the recently opened litigation funding consultancy Avenue 33 LLC, with its founder, Rebecca Berrebi. Some background on both Avenue 33 and Rebecca to start.

First, a brief introduction to Avenue 33. As provided by Rebecca, “Avenue 33 (www.avenue33llc.com) is a consultancy that provides litigation finance expertise and insight to litigants, law firms, investors, and other stakeholders. From deal structuring, case and relationship management, all the way through to enforcement and monetization, Avenue 33 assists its clients [to] maximize the value of their litigation funding transactions. Avenue 33 is also available to usher new entrants into the market by providing guidance backed by extensive industry, business, and legal experience.”

As for Rebecca herself, her background and credentials are right on target for the work that Avenue 33 performs. She has worked in the business of litigation finance since 2016. Prior to founding Avenue 33, she was the head of corporate affairs at a leading litigation/arbitration fund manager with over $2 billion AUM, overseeing dozens of actual and potential cross-border, complex litigation and arbitration finance transactions. Rebecca has also served on several boards and committees of companies undergoing claims, including as the co-chair of the board of directors of Eco Oro Minerals Corp. (CSE: EOM).  In addition to her litigation finance experience, Rebecca has also worked in communications and politics, and she has practiced law. After graduating from Duke University, she worked in the political affairs and public relations industry at Edelman and a U.S. national political campaign. Upon obtaining her law degree from Benjamin N. Cardozo School of Law, Rebecca practiced as a private equity M&A lawyer at Kirkland & Ellis LLC and in the legal group of a global private equity fund.

As usual, I have added some brief commentary to Rebecca’s answer below but have otherwise presented her answer to my first question as she provided it.

GK: 1) Your background as a practicing lawyer with both Biglaw and litigation funder experience is formidable. What makes you most optimistic as you launch Avenue 33?

RB: Thank you, Gaston! My past experience as both a transactional lawyer and the head of corporate affairs at a dispute funding firm gives me a unique perspective on the litigation finance industry. Each litigation finance matter has at least three main stakeholders — the litigant, the investor, and the law firm — who may all want to see a big win, but whose individual incentives differ. I have seen firsthand how a well-drafted contract, mutual understanding among the parties, plus efficient management of a case can lead to significant success for everyone involved. Unfortunately, I also know that often litigants, funders, and lawyers come to the table with a different understanding of the purpose and use of funding, leading to wasted time, friction, and loss of value. I am optimistic that my clients can benefit from using my corporate legal background and litigation finance industry knowledge to level the playing field, so that all stakeholders can fully appreciate the risks and benefits of each given opportunity, leading to properly valued transactions, smoother relationships throughout a case, and maximized outcomes.

Sponsored

GK: As someone whose practice includes client-work related to litigation finance, I can testify firsthand for the need for Rebecca’s services. For one, it is sometimes lost on people in the maelstrom of seeking funding that the end result of all the diligence and effort will be the establishment of a contractual relationship — and a complicated one at that.

Moreover, getting the contract right is just the first step in the process of getting to a successful result, with all stakeholders needing to both live up to their end of the bargain in terms of the financial deal while also fighting to win the litigation itself. Having someone with Rebecca’s very apt and particular skill set involved in the process can only help keep things moving in the right direction, allowing each party to the transaction to focus on doing what they do best, whether that be writing the checks or arguing at trial. It is important to remember the inherently risky nature of litigation finance — for all parties, despite the sometimes rosy marketing employed by litigation funders looking for investment opportunities — and having an experienced hand involved in the process can only help a particular deal’s chances of success. In fact, anyone who brings someone of Rebecca’s caliber to the table would be sending a strong signal that they intend to do their utmost to get to a successful result, with full expectation that the counterparties will do the same. Put another way, when circumstances allow, I’d rather be the one with Avenue 33 on my side in a deal, rather than having to go it alone.

Next week, I will conclude my interview with Rebecca, focusing on how she sees the litigation funding space continue to evolve, as a result of both more regulation and more money at stake.

Please feel free to send comments or questions to me at gkroub@kskiplaw.com or via Twitter: @gkroub. Any topic suggestions or thoughts are most welcome.

Sponsored

Gaston Kroub lives in Brooklyn and is a founding partner of Kroub, Silbersher & Kolmykov PLLC, an intellectual property litigation boutique, and Markman Advisors LLC, a leading consultancy on patent issues for the investment community. Gaston’s practice focuses on intellectual property litigation and related counseling, with a strong focus on patent matters. You can reach him at gkroub@kskiplaw.com or follow him on Twitter: @gkroub.

Topics

,