Scott Greenspan, Co-Chair of the Sills Cummis & Gross Insurance Practice Group and Chair of the Firm’s New York Insurance Practice Group, is quoted in a Business Insurance article on disclosure of third-party litigation funding. As seen in the article, “Insurance recovery attorney Scott D. Greenspan, a member of Sills Cummis & Gross P.C. in New York, who has worked closely with litigation funders in the past, said policyholders view third-party litigation financing as beneficial because it ‘levels the playing field’ for litigation against insurers. ‘From the policyholder’s perspective, it’s a fantastic tool because it allows cases to be brought against the insurance industry that their clients might not be able to fund,’ he said. ‘Some of the largest AMLaw 100 law firms charge more than $1,000 per hour for mid-level associates, and legal fees can skyrocket quickly, discouraging all but the biggest companies from bringing insurance coverage litigation. Conversely, insurers can secure discounted rates from law firms because they are volume buyers of legal services,’ Mr. Greenspan said. The potential for disclosure rules would not affect third-party litigation financing and the practice is on the rise in many types of commercial litigation, he said.”
