I guess to simplify it, while many who look at the threat to the investment thesis as competition from other litigation finance co's, I view the threat as moreso coming from the law firms. They make a ton of money, can do the work for whatever price they want, and because of the partnership structure of most of these firms, have the flexibility to charge the approach faster than a traditional company. That said, this, being the biggest threat IMO, is still not really something to worry about for the time being. Other litigation finance companies can pop up, but they dont have any data or sourcing advantages that the bigger guys dont have as well, which then begs the question, why would anyone go with the newer, lesser known funds, all else being equal?