• Litigation funders now have $11.3 billion invested or ready to invest in US commercial litigation.
• Heavy-hitting players include hedge funds like Fortress Investment Group and D.E. Shaw & Co.
• Insider interviewed dozens of experts to find out the people and firms supercharging the industry.

Paying for someone else's lawsuit used to be illegal. Now it's a multibillion-dollar opportunity.

Today, litigation funders have $11.3 billion invested or ready to invest in US commercial litigation, according to a recent estimate by Westfleet Advisors. Westfleet estimates there are at least 46 litigation funders active in the US market.

Heavy-hitting industry players include hedge funds like Fortress Investment Group and D.E. Shaw & Co. Bankers at Stifel and Jefferies have also worked on legal-industry deals. And some of the biggest funders have formed a trade group, the International Legal Finance Association, meant to be a counterweight to groups like the US Chamber of Commerce that would like to see more regulation of their industry.

Insider spoke with dozens of funders, lawyers, and finance professionals to find out who's shaping the booming litigation finance industry.

Read the full list of power players here:

The bankers, brokers, and big money transforming litigation finance from a lawyer's hustle to a multibillion-dollar asset class