Since Richard Posner’s surprise retirement from the U.S. Court of Appeals for the Seventh Circuit in 2017, he’s focused much of his energy on making the justice system more accessible and responsive to pro se litigants. That impulse has informed the retired judge's latest move: Posner is entering the world of litigation finance, according to American Lawyer. But he’s not taking a position with one of the giants of the nascent industry. Instead, he’s signed on to serve as an adviser to Legalist, a San Francisco start-up founded by two Harvard undergrads in 2016. “The principal motive for my retirement was the failure of the court to treat litigants without financial resources fairly,” Posner said in a statement issued by Legalist. “Litigation finance patches an important hole for businesses with valid claims who lack the funds to hire an attorney.” Legalist was initially backed by startup incubator Y Combinator and claims to be the world’s first AI-powered litigation financier. The company relies on an algorithm built on federal and state court records to determine whether a given case will be successful.
