So I still have a few more contacts I hope to speak with, but after the first couple, the consensus in regards to the above is basically:
Top level lawyers dont sign on new clientele unless there is the expectation of 7 figure annual billings and retainers to match. These guys, and particularly the partners at the senior levels, aren't terribly interesting in passing up the above fees and four figure hourly billings on a maybe. Even if the maybe is substantial. Once you get to partner, you are already financially secure, and the objective is to position your associates and laborers in a way to maximize revenue for the firm partners.
On the lower levels, there is just too much work to occupy ones time with projects, like many of these cases. This type of work has typically been reserved for ambulance chasers and sleazy class actions law firms. Kind of the lowest of the low in the world of the elite lawyers.
I dont find these reasons to make a whole lot of sense when the IRRs are what some of these firms state. However this seems to be a culture thing and not something that changes overnight with the major global law firms. There is definitely room for disruption and a window to do it. I think eventually these guys realize this is low hanging fruit. But for now, you have the old guard kind of keeping the door shut because life is good and fees are both high and easily attainable. Bodes well in the short term for companies like Burford, IMF, LIT, etc.