One
of
my
little
joys
this
past
summer
was
a
brown
sugar
cold
foam
cold
brew
from
Starbucks,
most
often
purchased
after
a
strenuous
sculling
session.
Simpler
in
both
construction
and
calories
than
a
frappuccino,
but
with
the
same
instantaneous
burst
of
sugary
delight
on
the
initial
sip,
each
drink
was
a
hit
of
warm-weather
pleasure
to
savor.
For
the
first
few
sips
(gulps)
the
brown
sugar
cold
foam
overwhelmed,
but
as
it
was
consumed,
the
remaining
cold
brew
retained
just
enough
sweetness
to
make
finishing
the
cup
an
enjoyable
certainty.
Since
this
is
not
a
beverage
review
column,
by
now
the
question
of
why
I
am
discussing
a
cup
of
overpriced
(but
delicious)
coffee
is
appropriate
for
this
audience
to
ask.
The
answer?
Because
that
cup
of
joe
is
what
comes
to
mind
when
I
think
of
the
state
of
the
patent
litigation
funding
market
as
we
approach
the
final
quarter
of
2025.
That
is
true
even
if
one
takes
a
longer
view
regarding
the
maturation
of
the
litigation
funding
market
as
well.
I’ll
explain.
On
the
one
hand,
2025
has
already
delivered
some
impressive
patent
verdicts
and
settlement
results,
particularly
in
cases
that
are
suspected,
if
not
confirmed
to
be,
funded.
Adding
to
the
fun
has
been
the
defanging
of
the
PTAB
for
many
patent
owners
due
to
the
developing
discretionary
denial
of
IPR
jurisprudence.
Likewise,
many
of
the
dangerous
shoals
in
the
regulatory
waters
have
thus
far
been
avoided
by
the
good
ship
USS
Litigation
Funding,
from
the
attempted
taxation
without
representation
of
the
Tillis
Big
Beautiful
Bill
amendment,
to
the
adaptation
by
the
industry
to
even
the
strictest
disclosure
rules
currently
in
place
in
various
jurisdictions.
From
that
perspective,
2025
has
been
a
banner
year
for
patent
litigation
funding,
with
prospects
for
the
industry
looking
bright
for
the
future
as
well.
Brown
sugar
cold
foam
sweetness,
in
other
words.
On
the
other
hand,
2025
has
not
been
without
its
challenges
in
the
patent
space.
More
than
one
market
participant
has
expressed
the
view
that
it
is
harder
than
ever
to
find
fundable
patent
cases
to
invest
in,
even
as
already
funded
cases
continue
to
face
settlement
challenges
and
longer
than
expected
times
to
recovery.
Compounding
those
challenges
is
the
behavior
of
some
funded
parties
in
terms
of
holding
onto
unrealistic
settlement
expectations,
particularly
those
unsophisticated
about
patent
litigation
or
who
see
themselves
as
having
one
shot
to
score
big.
For
funders,
having
those
types
holding
settlement
authority
can
be
a
real
pain
point,
especially
for
cases
that
have
dragged
on
and
the
amount
on
offer
would
allow
the
funder
to
show
a
return
in
a
more
reasonable
timeframe.
Moreover,
patent
defendants
have
continued
to
fight
hard
on
the
litigation
front,
with
very
few
paths
to
easy
and
quick
settlements
available
to
patent
owners
hoping
for
above
nuisance
value
for
a
license
to
their
assets.
At
the
same
time,
litigation
costs
have
continued
to
increase
—
and
if
recent
negotiations
are
illustrative
—
patent
acquisition
costs
are
becoming
more
dear
as
well.
Lastly,
the
difficulties
in
the
judgment
preservation
insurance
markets
have
put
pressure
on
patent
holders
hoping
to
monetize
successful
trial
results.
All
that
tastes
more
like
not
as
sweet
bottom
of
the
cup
cold
brew.
In
short,
the
story
of
2025
is
one
of
opportunities
and
challenges
from
a
patent
litigation
funding
perspective
and
there
is
still
a
quarter
of
the
story
that
will
be
written
in
the
coming
months.
Thankfully,
there
will
be
an
unmissable
opportunity
to
discuss
all
those
developments
in
mid-January
2026
at
one
of
the
industry’s
leading
conferences,
LITFINCON.
Returning
to
its
home
base
in
Houston
for
its
fifth
installment,
the
first
of
three
planned
2026
LITFINCONs
promises
to
deliver
for
attendees
everything
that
prior
iterations
has
provided
with
some
new
and
exciting
twists.
Continuing
the
tradition
of
kicking
off
with
a
can’t
miss
and
unique
panel
of
jurists
sharing
their
views
on
litigation
funding,
LITFINCON
V’s
agenda
is
shaping
up
to
provide
two
days
of
worthy
content
and
networking
opportunities
for
those
fortunate
enough
to
attend.
For
IP
practitioners,
the
panels
on
funding
patent
litigation
matters
and
law
firm
monetization
strategies
are
must-listens,
as
are
the
updates
on
the
use
of
AI
and
technology
in
the
litigation
funding
arena.
Likewise,
the
panel
discussing
general
trends
in
the
funding
space,
as
well
as
the
panel
regarding
the
changing
legislative
landscape
for
litigation
funding
will
certainly
have
discussion
of
interest
for
readers
of
this
column.
Add
in
a
reprise
of
the
panel
I
moderated
last
year,
a
debate
on
the
case
for
and
against
litigation
funding,
as
well
as
an
update
on
the
ever-changing
role
on
insurance
in
the
litigation
funding
space
—
and
there
is
very
little
chance
that
a
LITFINCON
V
attendee
will
walk
away
from
the
conference
saying
that
they
knew
everything
that
was
discussed
already.
For
those
interested,
I
am
sure
that
the
panels
on
mass
torts
and
the
investment
side
of
the
industry
will
likely
be
compelling
as
well.
Content
aside,
I
have
always
been
effusive
in
my
praise
in
the
past
for
both
LITFINCON’s
venue
and
social
aspects.
Thankfully,
LITFINCON
V
will
once
again
be
hosted
by
the
Post
Oak,
as
tasteful
and
guest-centered
a
luxury
hotel
as
you
can
expect
to
find
in
a
major
U.S.
city.
And
as
with
prior
years,
LITFINCON
V’s
social
events
—
before
and
during
the
conference
—
should
be
of
the
highest
caliber,
both
in
terms
of
fun
and
networking
with
other
industry
participants.
On
top
of
these
old
standbys,
LITFINCON
V
will
also
host
a
Legal
Tech
AI
Pitch
Competition,
helping
to
bring
tomorrow’s
technologies
forward
as
quickly
as
possible,
with
a
focus
on
tools
that
can
be
of
service
to
the
litigation
funding
community,
from
funders
to
lawyers
and
everyone
else
involved.
Ultimately,
as
with
the
prior
events,
LITFINCON
V
will
surely
be
a
few
days
well-spent
for
both
attendees
and
presenters.
The
combination
of
great
networking
and
informative
panels
on
order
at
prior
LITFINCONs
promises
to
expand
greatly
in
2026,
with
planned
events
in
Amsterdam
and
Singapore
later
in
the
year
as
well.
Before
then
though,
there
is
plenty
to
look
forward
to
at
LITFINCON
V
in
Houston.
I
encourage
those
interested
to
keep
an
eye
out
for
the
final
agenda
and
speaker
list
as
we
get
closer
to
the
event,
but
there
is
plenty
of
reason
to
book
a
spot
already
for
those
who
stand
to
benefit
from
attendance.
Who
knows,
maybe
you
will
see
me
once
again
on
the
speaker
roster.
Registration
for
LITFINCON
V
is
open,
with
special
super-early-bird
pricing
until
September
15.
I
hope
to
see
you
there.
Please
feel
free
to
send
comments
or
questions
to
me
at
[email protected]
or
via
Twitter:
@gkroub.
Any
topic
suggestions
or
thoughts
are
most
welcome.
Gaston
Kroub
lives
in
Brooklyn
and
is
a
founding
partner
of Kroub,
Silbersher
&
Kolmykov
PLLC,
an
intellectual
property
litigation
boutique,
and Markman
Advisors
LLC,
a
leading
consultancy
on
patent
issues
for
the
investment
community.
Gaston’s
practice
focuses
on
intellectual
property
litigation
and
related
counseling,
with
a
strong
focus
on
patent
matters.
You
can
reach
him
at [email protected] or
follow
him
on
Twitter: @gkroub.