Themis Legal Capital

What Themis Legal Capital does

Themis Legal Capital is a privately held litigation finance company co-founded by Edward Reilly that provides non-recourse financing to corporations and law firms engaged in large, meritorious commercial disputes. Founded in 2012 and headquartered in Tuckahoe, New York, the firm offers two principal products: Individual Case Funding, with minimum commitments of $1,000,000 and recovery-based pricing, and Portfolio Funding for law firms with three or more contingent-fee cases or for general counsel managing multiple plaintiff cases. Customers include companies that are victims of material commercial wrongs such as breach of contract, intellectual property theft, unfair business practices, commercial fraud, and expropriation, as well as PE/VC portfolio companies facing EBITDA and liquidity-event constraints, and law firms with binary outcome risk and working capital exposure on contingent fee matters.

The firm's underwriting is conducted through a proprietary three-stage Case Assessment Protocol that evaluates case strength, realistic provable damages, subjective factors such as venue and judge idiosyncrasies, expected timeline to resolution, case management strategy and budget, and defendant creditworthiness. Themis supplements this protocol with a retainer to legal ethics scholar Geoffrey Hazard to vet the terms of every investment against Champerty rules across jurisdictions, and offers clients access to a network of expert witnesses, damages assessment professionals, e-discovery providers, and document management capabilities.

Themis makes money on an outcome-based, non-recourse basis: for individual cases it is assigned typically 25-40% of recovery with the first amounts used to repay its investment plus a negotiated multiple; for portfolios, pricing is structured as a predetermined multiple of investment rather than a share of ultimate recovery. All funding is structured so that, absent a plaintiff recovery, the client owes Themis nothing. The firm operates through direct, principal-led enterprise sales—Ed Reilly personally drives business development—and supports this with a content marketing effort composed of thought-leadership articles and a website. The company is privately held, employs 1-10 people, and does not publicly disclose revenue, valuation, or external funding.

Name

Themis Legal Capital

Legal name

Themis Legal Capital

Website

https://themislc.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

1–10 employees

Short description

Themis Legal Capital is a privately held litigation finance firm that provides non-recourse, outcome-based capital of $1M or more to corporations and law firms pursuing large meritorious commercial disputes, in exchange for 25-40% of recovery.

Ownership category

akta.pro rank

Product category

Litigation Finance

NAICS

Other Financial Investment Activities (5239)

akta.pro primary industry

Private Credit — Litigation / Legal Finance (FSAHAJAL)

akta.pro secondary industry

Litigation Finance / Legal Assets Special Situations Funds (FSANAKAK)

Keywords

• Litigation finance
• Non recourse financing
• Commercial claim funding
• Contingent fee portfolio financing
• Claim based funding

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Claim Based Funding - Non-recourse investment in litigation claims: Themis provides non-recourse financing to companies with meritorious commercial claims. Themis is assigned an undivided portion of the recovery (typically between 25% and 40%), with the first recovered amounts being used to repay Themis' investment. The percentage is adjusted based on the timing of payout - lower percentage for quick settlements, higher if the case extends to trial. Themis' return involves priority recovery of its investment plus a negotiated multiple and a continuing participation in a percentage of the remaining recovery. For portfolio funding, pricing is based more on a multiple of investment than on sharing of ultimate recovery. Individual case funding is non-recourse - if there is no recovery to the plaintiff, Themis loses its investment and the client owes nothing.
2. Portfolio Funding - Law Firm Contingent Fee Portfolio Financing: Themis provides non-recourse portfolio funding to law firms with portfolios of three or more contingent fee cases. Themis recovers its return only when and if contingent fees are earned and collected. The return amount is a predetermined multiple of Themis' investment and is not correlated to the actual fees paid to the firm. Themis typically commits $1,000,000 or more per portfolio transaction.
3. Portfolio Funding - General Counsel Corporate Portfolio Financing: Themis funds portfolios of plaintiff cases for general counsel of companies. Funding is typically non-recourse with recovery coming exclusively from recovery on plaintiff cases in the portfolio. Themis looks to commit $1,000,000 or more with a bias toward larger funding in view of the need to due diligence several cases. Pricing is typically less expensive than single case transactions due to diversification inherent in portfolios.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Themis Legal Capital provides non-recourse litigation finance to corporations and law firms with meritorious commercial claims, in exchange for an interest in the recovery. Its core offerings are Individual Case Funding for single high-value disputes and Portfolio Funding for law firm contingent fee portfolios and corporate general counsel case portfolios, with minimum commitments of $1,000,000 or more per transaction.

Product overview

Themis Legal Capital is a litigation finance company offering Claim Based Funding products. The company provides non-recourse capital to corporations and law firms based on the merits and value of their commercial claims. Their primary offerings include Individual Case Funding for single case financing and Portfolio Funding for law firms and general counsel offices with multiple cases. All funding structures are non-recourse, meaning if there is no recovery, the client owes nothing. Themis also provides strategic support including case assessment, access to expert witnesses, and damages assessment professionals.

Differentiator

Problem solved

Functional benefit

Products and services

• Claim Based Funding Non-recourse litigation funding for corporations and law firms with meritorious commercial claims, where Themis receives an interest in the recovery (typically 25%-40%); if there is no recovery the client owes nothing.
• Individual Case Funding Single-case non-recourse financing for plaintiffs seeking capital based on the merits and value of an individual high-value commercial dispute, with minimum commitments typically of $1,000,000 or more.
• Portfolio Funding Non-recourse portfolio financing for law firm contingent fee portfolios (3+ cases) and general counsel plaintiff portfolios, priced as a multiple of investment rather than sharing of recovery.

Quantifiable outcome

• Clients typically retain 60-75% of recovery after Themis takes its share (25-40% of recovery)
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor.

• Professor Maya Steinitz (University of Iowa School of Law)minorStrategic or Co-development PartnerEd Reilly serves as a Featured Contributor to Professor Maya Steinitz's academic website and blog 'A Model Litigation Finance Contract – Litigation Funding In Theory And Practice.' This academic initiative facilitates debate about key considerations that should be addressed in a model litigation finance contract to develop consensus on best practices for structuring and managing the funding process. Ed has contributed written responses to academic papers and engaged in academic dialogue about the litigation funding industry.
• Geoffrey Hazard (Legal Ethics Scholar)minorStrategic or Co-development PartnerThemis has a retainer agreement with renowned legal ethics scholar Geoffrey Hazard to advise on Champerty issues and help Themis navigate jurisdictions in which champerty remains a viable impediment to litigation finance or to structurally address those impediments. This engagement supports Themis' compliance with applicable legal ethics standards across different jurisdictions.
• Network of Expert Witnesses and Damages Assessment ProfessionalsminorOthersThemis has experience with and access to a network of expert witnesses and damages assessment professionals with broad spectrum of experience and competence. Themis offers to refer these experts to plaintiffs and their legal teams. Themis also has relationships with litigation support service providers offering e-discovery services, document management capabilities, and other essential litigation support skills.

Scale indicators3 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• Lake Country Capital: Lake Country Capital is a mid-market litigation finance firm focused on funding commercial claims in the US. Its size, target customers (corporations and law firms), and non-recourse funding structure make it a close comparable to Themis.
• Pravati Capital: Pravati Capital is a US-based litigation finance firm that funds commercial litigation through non-recourse structures targeting corporations and law firms. Its deal focus on meritorious commercial claims and revenue model directly parallel Themis' Claim Based Funding offering.
• GLS Capital: GLS Capital is a US litigation finance firm providing non-recourse capital for commercial litigation. Its single-case and portfolio funding products for corporate plaintiffs and law firms directly overlap with Themis' Claim Based Funding and Portfolio Funding offerings.
• Validity Finance: Validity Finance is a litigation finance firm funding commercial claims for plaintiffs and law firms in the US. Its product offering and target customer segments directly mirror Themis' single case and portfolio funding products.
• LexShares: LexShares is a US-focused litigation finance platform that funds commercial claims and offers both single-case and portfolio financing to plaintiffs and law firms. Its US focus and product set directly overlap with Themis, although LexShares takes a more technology-enabled, marketplace-oriented approach to sourcing.
• Bench Walk Advisory: Bench Walk Advisory is a boutique litigation finance firm providing non-recourse funding for commercial claims. Like Themis, it is a smaller, specialized player offering individually structured funding solutions to corporations and law firms in US and cross-border disputes.
• Therium Capital Management: Therium Capital Management is a global litigation finance firm providing non-recourse funding for commercial claims, with an established US presence. Its target customers (corporations and law firms) and case-by-case funding structure make it a close peer to Themis.

Regional players

• Calunius Capital: Calunius Capital is a London-based litigation finance firm providing non-recourse funding for commercial claims, primarily serving the UK and European markets. Its product offering and target customer base align with Themis, although it operates predominantly in different geographies.

Broad incumbents

• Burford Capital: Burford Capital is the largest publicly traded litigation finance firm globally, providing non-recourse capital to commercial litigants and law firms. It is the broadest incumbent in the same space Themis occupies, with materially larger capital and product breadth, but the underlying business model and target customers directly overlap with Themis' offering.
• Omni Bridgeway: Omni Bridgeway is one of the largest global litigation funders with a broad product menu spanning single case, portfolio, and appellate funding. It is directly comparable to Themis in providing non-recourse commercial litigation financing to corporations and law firms, with a comparable US commercial claims focus but a much larger balance sheet.

Market position

Strengths1 record

Weaknesses5 records

Competitive moat4 records

Key risks1 record

Key highlights1 record

Customer concentration

• LinkedInlinkedin.com/company/themis-legal-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Themis Legal Capital