Burford Capital, the leading global finance and asset management firm focused on law, is doubling down on its commitment to addressing the lack of diversity in the leadership of commercial litigation and arbitration. In announcing the third phase of its award-winning Equity Project, Burford is earmarking an additional $150 million to fund commercial matters with a female or racially diverse lawyer in a leadership role, bringing its cumulative funds earmarked for this initiative to more than $300 million.
- Given its leadership in funding global commercial litigation and arbitration, Burford has a front row seat to the continued lack of diverse lawyers in leadership roles and saw a need to address this gap.
- Burford first launched The Equity Project in 2018 with $50 million earmarked to financing cases led by female lawyers.
- In 2021, Burford launched phase two of The Equity Project, earmarking a further $100 million and extending the initiative to also finance racially diverse lawyers; further, it added a promise to contribute a share of proceeds from successfully resolved matters to organizations that promote diversity in the business of law.
- With cumulative Equity Project commitments of almost $170 million, Burford is launching phase three with an additional $150 million earmarked.
- As in phase two, if phase three Equity Project-funded matters resolve successfully and generate expected returns, Burford will contribute on its client’s behalf a portion of its profits to organizations that promote lawyer development for female and racially diverse lawyers.
Aviva Will, President of Burford Capital, leads Burford’s Equity Project initiative.
Ms. Will states: “The Equity Project reflects Burford’s values and our pragmatism—our belief not only that it is right to use our capital and our industry leadership to help close the diversity gap in the leadership of commercial disputes, but also that there is a tangible benefit to our clients and the business of law to doing so.”
She continues: “The whole Burford team is proud of the impact we have made. Clients appreciate The Equity Project as a tool to promote leadership from diverse backgrounds, and we hear directly from those who’ve been funded that it makes a difference in their careers. From when I first started practicing law to today, the business of law has made progress, but the legal profession remains slow to adapt, and in providing economic levers for change, we are doing our part to expedite still more.”
Equity Project Mission and Impact
The Equity Project enables female and racially diverse lawyers to compete for leadership roles in significant matters with attractive terms in place. It incentivizes firms to promote talent from diverse backgrounds and demonstrates innovation to clients. Businesses can use Equity Project capital to encourage the firms that represent them to appoint female and racially diverse lawyers on their matters, and as a reason to talk to their firms about diverse representation and origination credit.
Equity Project matters funded to date include contract disputes, antitrust, federal statutory, IP/patent and treaty and commercial arbitration matters, with female and racially diverse litigators in leadership roles (first or second chair), and with clients represented by women- or minority-owned firms. Clients include large corporations and large litigation boutiques.
We have to date provided financing for 19 different matters from the Equity Project, some of which were multi-case portfolios. The average amount of capital committed per matter was $8.9 million, indicating that these are large, complex litigation and arbitration matters. The matters qualified for inclusion in the Equity Project on the following basis:
- 14 with first or second chair female lawyers
- 3 with first or second chair racially diverse lawyers
- 2 with both a female and racially diverse lawyer as lead lawyers
Equity Project Champions
Burford has also expanded its cadre of Equity Project Champions, corporate and law firm leaders who will support and spread awareness of the initiative. The expanded list, which is currently in formation, includes the following returning and new* Champions:
APAC
- *Angela Ee, Asean and Singapore Turnaround and Restructuring Strategy Leader, EY-Parthenon
- *Blossom Hing, Director, Dispute Resolution and Corporate Restructuring & Workouts, Drew and Napier
- Brenda Horrigan, International Arbitrator
Europe
- *Conway Blake, Partner, Debevoise & Plimpton
- Amy Frey, Partner, King & Spalding
- Sophie Nappert, International Arbitrator; Co-Founder, ArbTech
- *Akima Paul Lambert, Partner, Hogan Lovells
- Sue Prevezer QC, International Arbitrator, Mediator and Consultant, Brick Court Chambers
- Noradèle Radjai, Partner, Lalive
- *Lauma Skruzmane, Founding and Co-Managing Partner, Butler Reichline Skruzmane
- Daniel Winterfeldt MBE QC (Hon), Founder & Chair Interlaw Diversity Forum, Managing Director & General Counsel – EMEA And Asia, Jefferies
US
- Elizabeth Brannen, Managing Partner & Chair of Intellectual Property Litigation, Stris & Maher
- Mylan Denerstein, Co-Chair, Public Policy Practice Group, Gibson Dunn & Crutcher
- *Ryan Dunigan, Senior Division Counsel, Corning, Incorporated
- The Honorable Katherine B. Forrest, Partner, Paul Weiss
- Faith Gay, Founding Partner, Selendy & Gay
- Maria Ginzburg, Partner, Selendy & Gay
- Megan E. Jones, Partner, Hausfeld
- Carolyn Lamm, Partner, White & Case
- Tara Lee, Partner, White & Case
- Roberta D. Liebenberg, Senior Partner, Fine, Kaplan & Black
- Veta T. Richardson, President & CEO, Association of Corporate Counsel
- Adriana Riviere-Badell, Partner, Kobre & Kim
- *Lauren M. Weinstein, Partner, MoloLamken
About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai and Hong Kong.
For more information, please visit www.burfordcapital.com.
