Legalist is a San Francisco-based, SEC-registered investment advisor specializing in private credit for litigation financing, debtor and possession, and government receivables. Founded in 2016, it started with approximately $10 million in assets under management and has since grown to $1.5 billion. Scaling at that rate demands efficiency across all operations, especially in fund administration where speed and accuracy impact outcomes.
Carta helps Legalist serve institutional clients and investors with centralized, real-time fund administration on a unified platform. The solution streamlines tasks like capital calls and reporting, while allowing Legalist CFO Brian Montgomery to focus on core leadership activities like investor relations and end-of-year readiness.
Brian MontgomeryCarta makes it a lot easier to build and scale. We don’t have to go back and forth or keep track of emails. Everything is available in the portal’s navigation.
Chief Financial Officer, Legalist
Every day is different for Montgomery, a challenge he embraces, but launching and managing funds across categories can test Legalist’s agility. The advisory is on its fourth fund for litigation financing, and Montgomery notes the differences working with Carta versus other administrators for its government receivables funds.
“The scalability is definitely there with Carta. A platform that allows us quick access to real-time information lets us grow our investor base and, following, our asset base. Without a partner like Carta, we run into bottlenecks,” says Montgomery.
With Carta’s fund administration, Legalist connects every process in one place, so that growth activities like fund formation and capital calls are easily repeatable. Procedural efficiency lets Montgomery get more done without any issues.
“Some admins treat every single fund as if it’s completely unique and, while there are nuances, it’s not that different that it requires manual setup every time,” says Montgomery. “Carta makes it a lot easier to build and scale. We don’t have to go back and forth or keep track of emails. Everything is available in the portal’s navigation.”
Brian MontgomeryWhen I started working with Carta, a team member set up time to walk me through the platform. It was a huge help to me immediately—one I haven’t experienced with other admins.
Carta’s efficiency helps elevate investor relations at Legalist, too. The advisory’s deals can be complex, issuing loans to institutions to pursue matters that may involve multiple parties and layered considerations.
“As the sophistication of our investments increases, our investors have more sophisticated questions. They require quick, thorough responses. If we couldn’t provide that, it would really hurt our business,” says Montgomery. “Carta helps us answer questions. We can point to information in the platform to guide conversations.”
Carta’s fund administration team supports Legalist any time Montgomery needs it. Montgomery has direct access to specialists who help him explore various topics. The relationships are ongoing, allowing Montgomery to build rapport with experts who know Legalist’s scenarios and goals.
“When I started working with Carta, a team member set up time to walk me through the platform and showed me where everything is. It was a huge help to me immediately—one I haven’t experienced with other admins,” says Montgomery.
That level of support enables Montgomery to act as a power user in Carta, showing investors quickly and easily where they can find financial statements and other documents.
When deeper questions arise, Montgomery provides individualized attention. He has the time to give because Carta automates and streamlines the taskwork of fund administration.
Brian MontgomeryWith Carta … We get everything out on time. Everything is correct. Taxes are paid on time. We meet our deadlines. Everything goes well.
Carta’s accuracy and visibility also helps Montgomery with internal responsibilities. He took on the role of CFO at the beginning of fourth quarter, right when a high volume of work hits most people in his position.
While he was learning the intricacies of Legalist’s investment vehicles and loan servicing, he was also leading end-of-year readiness, including reporting, audits, and fund tax preparation.
“Having everything automated in Carta helps. Other admins build their own systems and they’re full of tiny errors—even a dollar here and there can make a difference. With Carta, if your inputs are correct, your outcomes are consistent,” says Montgomery. “If we catch something in Carta, it’s extremely quick to fix. We can see a new cut in hours. In a manual system, it can take days.”
The simplicity of working in Carta helped to smooth the way for Montgomery in his new role and set Legalist up for success in the coming year. The peace of mind helps, too.
“In my seat, the best feedback is silence, because that means you got the job done. With Carta, I don’t get a lot of feedback. There are very few questions. We get everything out on time. Everything is correct. Taxes are paid on time. We meet our deadlines. Everything goes well,” says Montgomery.
