Seven stages.
From first inquiry to capital deployment, every matter follows the same disciplined sequence. Counsel participates as a full party throughout.
- 01
Initial Screening
Matter type, jurisdiction, and threshold eligibility are reviewed within seventy-two hours of receipt. The Seriousness Test is applied as a gate; retained counsel is required before underwriting resources are deployed.
- 02
Conflict Clearance & NDA
Compliance issues a written Conflict Clearance against the standing register. A mutual NDA, and where privileged materials will be exchanged, a Common Interest Agreement, is executed before any sensitive disclosure.
- 03
Preliminary Diligence
Claim summary, counsel credentials, defendant solvency, and a preliminary probability framework are assessed. Enforcement Score (0–5) is provisionally assigned.
- 04
Legal Assessment
Independent review of merits, quantum, and enforcement path by retained external counsel. Tier 1 independent validation is required where proposed deployment exceeds USD 15M.
- 05
Optimism Discount
Counsel's probability assessment is adjusted downward by 10–20 percentage points as a matter of standing institutional discipline.
- 06
Financial Underwriting
Stress-tested budget, timeline, and capital model. Three scenarios: base, fifty percent reduced, zero recovery, modelled against the duration-banded return floor.
- 07
IC Approval
The Investment Committee reviews the complete memorandum. Authority is supreme and non-delegable. A single dissent on merits, quantum, or recoverability defers the matter.
- 08
Documentation & Tranched Deployment
Funding agreement executed, single-matter SPV formed, capital deployed in tranches direct to counsel and approved vendors against agreed milestones, never as a lump sum.
A Note on Counsel Participation
“Counsel is a full participant in every stage. We do not make underwriting decisions without input from the legal team. We do not direct litigation strategy at any point thereafter.”