The United States judicial system is in the midst of great and fundamental change with regard to the funding of litigation. Historically, parties financed litigation out of their own literal or figurative pockets or, perhaps with the assistance of some sort of contingent fee representation....

The United States legal system has a new player: the alternative litigation finance (ALF) entity. Funding of litigation by an entity that is not a party to the litigation has long existed in the United States in the form of attorney funding through contingent fees and insurer funding through the...