Gathered at the iconic Mayflower Hotel in Washington D.C. for the first-ever Contingent Risk Insurance Conference, legal and financial professionals involved in high-stakes Intellectual Property (IP) disputes gleaned invaluable insights. Although the conference wasn’t specifically tailored to IP professionals, the event saw significant discussions regarding the convergence of litigation finance, insurance, and IP disputes.
The event’s most impressive highlight was the keynote address delivered by former Federal Circuit Chief Judge, Paul Michel. His views on Federal Circuit jurisprudence since his departure and efforts in support of patent-reform legislation captivated the audience. Judge Michel acknowledged that larger verdicts tend to face more intense scrutiny from Federal Circuit panels. Such insights underscore the importance of diligent post-verdict procedures and Federal Circuit predictions for both insurers and insured entities. Michaels’ insights particularly resonated among the audience, considering judgment preservation insurance forms a large chunk of issued contingent risk policies.
Moreover, the intersection of insurance and patent licensing as well as enforcement saw much talk. Judgment preservation insurance products still lead the market, but there’s increasing talk about broadening the types of insurance products available for patent enforcement and licensing. Anticipations are high in terms of insurance for funded cases in progress or even prelitigation products that could assist patent owners in securing better funding terms. Some insurers have even begun strengthening their IP diligence capabilities through strategic hiring, mirroring the steps taken by litigation funders.
The conference’s biggest takeaway revolved around the quality of attendees brought together to help the budding contingent risk market reach its full potential. Organizers facilitated discussions among industry participants from litigation finance and insurance, deepening relationships, promoting exchange of ideas, and accelerating the market toward realizing its full potential.
One cannot ignore the noticeably increasing role of insurance in IP practice. This relevance is not just a passing trend but a phenomenon to be watched closely. This conference acted as a testament to the increasing significance of the interaction between litigation finance, contingent risk insurance, and IP issues.
For more details, visit Above the Law for a detailed recap of the conference.
For any queries or comments, feel free to connect with Gaston Kroub, a founding partner of Kroub, Silbersher & Kolmykov PLLC and Markman Advisors LLC, or follow him via Twitter at @gkroub.