The audit does not claim every contractual yield variance equals an avoidable loss. Some matters may still be profitable. The value is identifying which variances were foreseeable through better intake scoring, pricing, duration modeling, concentration controls, and monitoring.
Ten sections, each tied to a decision you make about the book.
A structured map of the book: case count, capital deployed, active versus closed, distribution by firm, attorney, case type, jurisdiction, and vintage. The baseline every other section measures against.
MOIC and IRR where close and agreement dates are reliable, estimated IRR where dates need enrichment, and dispersion by firm, attorney, case type, jurisdiction, and duration. Returns measured, not assumed.
The gap between expected contractual yield and realized yield, expressed as variance rather than loss. Some matters with variance remain profitable. The section isolates which variances were foreseeable.
Exposure by firm, attorney, case type, and geography, plus active-exposure rollups and hard-stop thresholds. Identifies where a single counterparty or venue carries more of the book than the controls assumed.
Counsel ranked into performance bands against a jurisdiction-matched benchmark, controlling for case type and venue. Separates genuine performance from favorable case mix.
Where intake pricing diverged from modeled risk and where realized duration exceeded the duration assumed at underwriting. The two distortions that quietly erode IRR over a fund life.
Matters that should have triggered an alert before they deteriorated: missed settlement windows, adverse rulings, and dormancy that ran past the point where intervention was still possible.
Which origination sources produced stronger or weaker outcomes once controlled for case type and venue. Tells you where to widen intake and where to tighten it.
Data-field gaps that limit measurement: missing agreement dates, missing loan-level records, inconsistent close dates, and fields that should be structured but are stored as free text.
A concrete control set: advisory thresholds, hard stops, pricing rules, monitoring alerts, attorney concentration caps, and case scoring rules. The findings translated into operating policy.
Three depths, one diagnostic.
The Criterica fleet scored against your portfolio export with the headline findings returned quickly. Return dispersion, concentration flags, and the foreseeable-variance cases, without the full sectioned write-up.
All ten report sections, end to end. Portfolio overview through recommended intelligence controls, with each finding tied to the cases and counterparties behind it. The complete diagnostic.
Everything in Standard, plus an on-site readout, re-underwriting of the flagged matters against current models, and a board-ready deck built from the findings. For committees that need to act on the result, not just read it.
Who gets the most out of it.
This is a premium diagnostic for buyers who own, price, fund, insure, manage, or benchmark legal-risk portfolios. The sequence is deliberate: capital first, claims second, enterprise legal third, law firms fourth.
Put a number on the foreseeable variance.
Move the inputs to match your book. The figure is the foreseeable contractual yield variance an audit works to identify earlier. It is illustrative, not a returns promise.