LexShares
LexShares is a commercial litigation finance platform that connects accredited investors with corporate plaintiffs and law firms through an online marketplace, providing non-recourse funding of $200K-$5M+ per case and managing over $125M across two dedicated investment funds.
- Company typePrivate
- Founded2014
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What LexShares does
LexShares is a commercial litigation finance company founded in 2014 and headquartered in New York, with principal operations also in Boston. The company operates an online marketplace that connects accredited investors with corporate plaintiffs and law firms pursuing commercial litigation, offering non-recourse funding ranging from $200,000 to $5 million or more per case or portfolio. LexShares has deployed over $100 million across more than 30 commercial cases since inception, with average deal size growing from $630,000 in 2018 to $1.2 million in 2019, and serves clients ranging from AmLaw 100 firms and Fortune 500 companies to mid-sized businesses and biomedical enterprises across claim types including breach of contract, theft of trade secrets, antitrust, fraud, and breach of fiduciary duty.
The company's product stack is anchored by the Diamond Mine proprietary software platform, which has analyzed more than 30,000 federal and state court filings to identify and underwrite investment-worthy cases. LexShares manages two dedicated pooled investment vehicles: LexShares Marketplace Fund I, a $25 million fund launched in 2017 and fully subscribed by January 2018, and LexShares Marketplace Fund II, a $100 million+ fund launched in June 2020 and oversubscribed by January 2022 with Titan Advisors as lead investor. The platform also includes the LexShares Private Market (LPM) for institutional secondary transactions, the Slip Opinion newsletter reaching over 20,000 attorneys, and the Litigation Funding Barometer research report.
LexShares generates revenue through carried interest on successfully funded cases, administration and operating fees on pooled fund vehicles, bridge loan fees from subsidiary LexShares PF LLC, and broker-dealer fees paid to its distribution partner WealthForge Securities. The company is controlled by private equity firm Brockhurst Capital Partners and currently operates in harvest mode with a contracted five-person workforce as of 2024, having deferred new fundraising to late 2025 or early 2026 following leadership changes and pandemic-related case resolution delays.
LexShares firmographics
Firmographics- Name
- LexShares
- Legal name
- LexShares, Inc.
- Website
- https://lexshares.com
- Company type
- Private
- Founded year
- 2014
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- LexShares is a commercial litigation finance platform that connects accredited investors with corporate plaintiffs and law firms through an online marketplace, providing non-recourse funding of $200K-$5M+ per case and managing over $125M across two dedicated investment funds.
- Ownership category
- akta.pro rank
LexShares industry classification
Industry- Product category
- Litigation Finance
- NAICS
- Other Financial Vehicles (52599), Other Financial Vehicles (525990)
- SIC
- Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Private Credit — Litigation / Legal Finance (FSAHAJAL)
- akta.pro secondary industry
- Litigation Finance / Legal Assets Special Situations Funds (FSANAKAK)
Keywords
Where LexShares is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
LexShares business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Others
Revenue model
- Carried Interest (Success Fees): LexShares takes a carried interest (share of profits) on each successfully funded case. No management fees for individual case investments through the platform.
- Administration and Operating Fees: Administration fee, prepaid operating fee, and fees related to bridge loan financing for prefunded deals charged to investors in pooled investment vehicles.
- Broker-Dealer Services: Broker fee paid to affiliated broker-dealer (WealthForge Securities) for securities distribution services on investment offerings.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Outcome Based/ Performance | Pay-as-you-go | Single Case Funding - $200K to $5M+ |
| Outcome Based/ Performance | Pay-as-you-go | Portfolio Funding - Varies by portfolio size |
Go-to-market motion3 records
Distribution channels4 records
Marketing channels8 records
LexShares product offering
Product offeringCore offering
LexShares provides non-recourse commercial litigation financing ranging from $200K to $5M+ for individual cases and portfolios, connecting corporate plaintiffs and law firms with accredited investors through an online marketplace platform. The company also manages dedicated litigation finance funds (LMFI at $25M and LMFII at $100M) and operates a secondary market exchange for institutional investors. Revenue is generated through carried interest on successful case outcomes, administration fees, and broker-dealer commissions.
Product overview
LexShares operates as a commercial litigation finance platform offering multiple investment products. The core offering is the LexShares Marketplace platform, which connects accredited investors with litigation funding opportunities. The company manages two dedicated funds: LexShares Marketplace Fund I (LMFI), a $25 million fund launched in 2017 and fully subscribed by January 2018, and LexShares Marketplace Fund II (LMFII), a $100 million fund launched in 2020. The platform also includes the LexShares Private Market for secondary transactions. LexShares provides non-recourse funding ranging from $200,000 to $5 million+ for single cases and portfolios. Additional offerings include educational content through The Slip Opinion newsletter and The Litigation Funding Barometer research report.
Differentiator
Problem solved
Functional benefit
Brands
- Diamond Mine: Proprietary case analysis software platform used by LexShares to analyze investment potential of federal and state cases. The platform scours court filings for potential investment leads and has analyzed over 30,000 cases.
- LexShares Marketplace Fund I
- LexShares Marketplace Fund II (LMFII)
Products and services
- LexShares Marketplace Core online marketplace platform connecting accredited investors with litigation funding opportunities, allowing investors to browse, evaluate, and invest in individual commercial lawsuits or portfolios. Non-recourse funding ranges from $200K to $5M+ for single cases and portfolios, with no obligation to repay if the case is lost.
- LexShares Marketplace Fund I (LMFI) The company's inaugural $25 million litigation finance fund, fully subscribed as of January 2018, providing diversified exposure to commercial legal claims through a single fund allocation for investors.
- LexShares Marketplace Fund II (LMFII) A $100 million dedicated litigation finance fund providing institutional and individual accredited investors access to a portfolio of litigation-related assets through a single fund allocation, targeting mid-sized deals of $2 million to $50 million in claims. Includes principal protection insurance from AmTrust International Insurance.
- LexShares Private Market (LPM) An online exchange for secondary litigation finance transactions exclusively for qualified institutions, designed to improve access to and liquidity of legal finance assets by bringing litigation funders and institutional investors together on a unified platform.
Quantifiable outcome
- 93% annualized return for investors in Stericycle whistleblower case ($28.5M settlement)
- +1 more outcomes
Companies that use LexShares
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles3 records
LexShares technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
AI capability4 records
Feature2 records
LexShares partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered major and supporting.
- GLG LawmajorExclusive partnership with GLG Law, a leader in expert witness services. The two companies cross-promote litigation support products to one another's clients. Together they have worked with more than three quarters of the AmLaw 100.
- Seward & Kissel LLPsupportingLegal counsel engaged for LexShares Marketplace Fund II fund administration and compliance.
- BDO USA, LLPsupportingThird-party accounting firm providing tax and auditing services for LexShares Marketplace Fund II.
- SS&C Technologies Inc.supportingFund administrator for LexShares Marketplace Fund II, providing quarterly financial and capital account statements to investors.
Scale indicators5 records
Recent moves11 records
Expansion highlights6 records
LexShares competitors and assessment
Company assessmentEmerging players
- Legalist: Tech-enabled litigation finance startup using data analytics to source and underwrite commercial cases. Direct competitor on the technology-driven litigation funding model that LexShares pioneered with Diamond Mine.
Direct peers
- Omni Bridgeway: Global litigation funder formed from the merger of IMF Bentham and Omni Bridgeway, with significant US commercial litigation operations. Directly competes with LexShares for mid-sized commercial cases ($1M-$50M range) and offers similar non-recourse funding structures.
- Litigation Capital Management: Publicly-listed litigation funder managing multiple funds across commercial litigation, arbitration, and insolvency. Operates pooled fund vehicles similar to LexShares Marketplace Funds and targets comparable mid-market commercial cases.
- Parabellum Capital: Litigation finance firm offering commercial claim funding with institutional and accredited investor offerings. Competes directly in the US mid-market litigation funding space with similar deal sourcing and underwriting approach.
- Therium Capital Management: European-headquartered litigation funder with US operations providing commercial litigation financing. Directly comparable in deal size range, funding structures, and target customer segments to LexShares' mid-market commercial practice.
- GLS Capital: US-based litigation finance firm providing non-recourse commercial litigation funding with both single case and portfolio offerings. Directly comparable business model targeting similar plaintiff and law firm customers.
- Apex Litigation Finance: Specialist litigation funder focused on high-value commercial disputes, offering both single-case and portfolio funding. Operates in similar deal size range with comparable investor structures.
- Harbor Litigation Funding: US-focused litigation finance firm specializing in commercial cases, intellectual property, and mass tort funding. Targets the same plaintiff-side market with comparable non-recourse funding products.
- Woodsford Litigation Funding: International litigation finance firm with US presence offering funding for commercial claims and class actions. Competes for similar plaintiff-side commercial opportunities with comparable funding structures and investor offerings.
Broad incumbents
- Burford Capital: World's largest publicly-traded litigation finance firm with billions in AUM across commercial legal claims. While broader and far larger, it competes directly with LexShares for US commercial litigation opportunities and institutional investor capital.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights7 records
Customer concentration
LexShares social profiles
Digital presenceLexShares financial estimates
Financial estimateRevenue estimate
Valuation estimate
LexShares leadership team
Management profileNumber of profiles
Profiles5 records
LexShares subsidiaries and ownership
Company hierarchySubsidiaries2 records
LexShares funding detail
Funding detailFunding overview
Funding rounds9 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
LexShares M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about LexShares
What does LexShares do?
LexShares provides non-recourse commercial litigation financing ranging from $200K to $5M+ for individual cases and portfolios, connecting corporate plaintiffs and law firms with accredited investors through an online marketplace platform. The company also manages dedicated litigation finance funds (LMFI at $25M and LMFII at $100M) and operates a secondary market exchange for institutional investors. Revenue is generated through carried interest on successful case outcomes, administration fees, and broker-dealer commissions.
Is LexShares a public or private company?
LexShares is a private company. It is classified as private equity controlled and is currently operating.
When was LexShares founded?
LexShares was founded in 2014. It employs 11 to 50 people.
Where is LexShares based?
LexShares is headquartered in New York, United States, in the North America region.
How does LexShares make money?
Three revenue lines are on record. Carried Interest (Success Fees) is the primary driver. The others are administration and Operating Fees and broker-Dealer Services.
Who are LexShares's main competitors?
Legalist is listed as an emerging player. Direct peers are Omni Bridgeway, Litigation Capital Management, Parabellum Capital, Therium Capital Management, GLS Capital, Apex Litigation Finance, Harbor Litigation Funding and Woodsford Litigation Funding. Burford Capital is listed as a broad incumbent.
Does LexShares have an API?
No public API is recorded for LexShares.
What industry is LexShares in?
LexShares's product category is Litigation Finance. Its primary akta.pro industry code is FSAHAJAL, Private Credit — Litigation / Legal Finance, with a secondary code of FSANAKAK, Litigation Finance / Legal Assets Special Situations Funds. Its NAICS code is 52599 and its SIC code is 6282.