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Burford Capital earmarks $100 million in expansion of award-winning economic incentive to promote diversity in law, now to include racial diversity

October 13, 2021

Burford Capital earmarks $100 million in expansion of award-winning economic incentive to promote diversity in law, now to include racial diversity

Burford Capital, the leading global finance and asset management firm focused on law, today announces the launch of phase two of The Equity Project, its groundbreaking initiative designed to increase diversity in the business of law.

As part of this expansion, Burford is earmarking a further $100 million to The Equity Project and broadening its mission to address both female and racially diverse lawyers who have been historically underrepresented in the business of law, especially in leadership and partnership positions. In earmarking capital through The Equity Project, Burford provides these lawyers an edge as they pursue leadership positions in significant commercial litigations and arbitrations and eases pathways towards origination and client relationship credit. Legal departments committed to diversity can use Equity Project funding to further incentivize their firms to appoint diverse teams to represent them, and law firms and companies alike can use The Equity Project as part of their ongoing ESG efforts.

In a further expansion of its commitment to providing an economic incentive for change, when Equity Project-funded matters resolve and generate their 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.

Burford first launched The Equity Project in October 2018 with $50 million in legal finance capital earmarked for matters led by women. Having committed well in excess of that amount to Equity Project matters as of December 31, 2020, Burford has now broadened the initiative to include racial diversity and thus address a deficit in representation that is even more acute than the gender gap. Burford has already made a multi-million commitment under the newly expanded Equity Project to a matter led by a female in-house lawyer and a racially diverse outside litigation team for a Fortune 100 company.

In the last few years, many general counsel have publicly called on their law firms to appoint more diverse teams to represent them, including 170 GCs who in 2019 signed an open letter advising law firms that diversity will influence which firms they hire. According to independent research commissioned by Burford in 2020:

  • 52% of GCs say they are entirely unaware of how origination credit is awarded when they hire a law firm
  • 48% of GCs and senior in-house lawyers say their companies have asked a firm to put a woman on a litigation or arbitration team
  • 55% of GCs say knowing about The Equity Project will change how they think about future affirmative litigation

The Equity Project is a global initiative led by Burford’s Aviva Will, co-COO and formerly a senior litigation manager and Assistant General Counsel at Time Warner Inc. and a senior litigator at Cravath, Swaine & Moore.

Ms. Will states: “We review thousands of commercial disputes annually and vanishingly few are led by female and racially diverse lawyers. We at Burford are providing tangible means to change this so that these groups can have easier pathways to generate additional business.

There is no question that diversity is good for business. The question is, how can we promote and incentivize faster change in commercial litigation and arbitration, both of which have been particularly resistant to it? Our goal is not just to work to bridge these gaps but to do so quickly. To achieve this, we must change the economics.”

Christopher Bogart, CEO of Burford, states: “The diversity problem in law desperately needs innovative economic levers to solve the problem and The Equity Project is an example of Burford Capital putting this plan into action. Burford’s work will not only help to increase diversity at law firms but will also augment companies’ and law firms’ existing ESG initiatives. We are eager to continue our work with our law firm and corporate clients to bolster their progress in their own diversity initiatives.”

The earmarked pool of capital will be reserved for commercial litigation and arbitration in which female or racially diverse lawyers are first or second chair; a female or racially diverse lawyer earns origination credit or is the client relationship manager; clients are represented by firms that are owned by women or racially diverse lawyers; or a female or racially diverse lawyer serves as plaintiffs’ lead counsel or chairs the plaintiffs’ steering committee.

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:

  • Alexandra Rose, Partner, Clayton Utz
  • Amy Frey, Partner, King & Spalding
  • Brenda Horrigan, International Arbitrator
  • Caren Ulrich Stacy, Founder & CEO, Diversity Lab
  • Carolyn Lamm, Partner, White & Case
  • *Daniel Winterfeldt MBE QC (Hon), Founder & Chair Interlaw Diversity Forum, Managing Director & General Counsel – EMEA And Asia, Jefferies
  • Faith Gay, Founding Partner, Selendy & Gay
  • Jonathan E. Goldin, Chief Operating Officer and General Counsel, Teneo Capital
  • The Honorable Katherine B. Forrest, Partner, Cravath, Swaine & Moore
  • *Keith J. Harrison, Partner and Co-Chair, Litigation, Crowell & Moring
  • Maria Ginzburg, Partner, Selendy & Gay
  • *Maria Eugenia Ramirez, Partner, Hogan Lovells
  • Megan E. Jones, Partner, Hausfeld
  • Mylan Denerstein, Co-Chair, Public Policy Practice Group, Gibson Dunn & Crutcher
  • Dr. Nadine Herrmann, Managing Partner and Chair, EU and German Competition Law Practice, Quinn Emanuel
  • Nicole D. Galli, Founder, Women Owned Law; Managing Member, ND Galli Law LLC
  • Noradèle Radjai, Partner, Lalive
  • Roberta D. Liebenberg, Senior Partner, Fine, Kaplan & Black
  • *Rufus Caine III, Co-Founder & Partner, DEI Strategic Advisory Firm
  • Sophie Nappert, International Arbitrator; Co-Founder, ArbTech
  • Stephanie l. Carman, Shareholder, GrayRobinson
  • Sue Prevezer QC, International Arbitrator, Mediator and Consultant, Brick Court Chambers
  • Tara Lee, Partner, White & Case
  • *Veta T. Richardson, President & CEO, Association of Corporate Counsel
  • Wendy J. Miles QC, Barrister, Twenty Essex

In addition to committing capital, The Equity Project will continue to organize events and generate thought leadership that draw attention to diversity in law. Since first announced, Burford has organized 16 events, ranging from business development bootcamps for emerging female litigators to panels with leading in-house lawyers. Burford has also partnered with organizations such as the InterLaw Diversity Forum and Equal Representation in Arbitration, and sponsored events devoted to changing outcomes for female and racially diverse lawyers. Burford will continue this work, aimed at bringing together in-house lawyers, law firm leaders, rainmakers and emerging legal industry leaders in furtherance of this cause. Burford will also continue to study outcomes and efficiencies in matters financed through The Equity Project. 

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 principal offices in New York, London, Chicago, Washington, Singapore and Sydney.

For more information, please visit www.burfordcapital.com.

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Pravati Capital Establishes Coalition to Advance Responsible Litigation Funding Regulation Across U.S. Following Arizona Law’s Passage

By John Freund |

Arizona’s Senate Bill 1215 (SB1215) will become law on Jan. 1, 2026, marking a significant milestone in the state’s role as a national leader in advancing access to justice through litigation funding, positioning Arizona as a model for other states considering similar measures. Arizona’s legislation reflects a broader movement in states such as California and Georgia, where lawmakers are weighing the benefits of litigation finance as a way to level the playing field for plaintiffs facing deep-pocketed adversaries.

To help advance these efforts, Scottsdale, Ariz.-based Pravati Capital, one of the oldest litigation finance firms in the U.S. and supporter of the bill alongside the Arizona Chamber of Commerce and Industry and the broader legal community, has formed a coalition of litigation funders, attorneys and policy advocates committed to ensuring that states pass responsible regulation that protects plaintiffs. 

The bill’s final passage underscores a consensus reached after months of negotiations and reflects bipartisan compromise, according to Alexander Chucri, founder and CEO of Pravati Capital. SB1215 ensures funding remains a viable option for plaintiffs seeking to stand on equal footing with well-capitalized corporate opponents; it requires greater transparency of legal proceedings and prohibits funding and influence by foreign countries or entities of concern as defined in the legislation. 

“Arizona’s leadership in the area of litigation funding sends a powerful signal nationally,” said Senate Majority Whip Frank Carroll, a key supporter of the legislation. “This legislation is the product of constructive negotiation that demonstrates what’s possible when all sides work toward the shared goal of preserving access to justice.”

“It closes the door on bad actors while ensuring responsible litigation finance firms can continue to help plaintiffs pursue meritorious claims,” said Chucri. “At Pravati, we welcome this as part of an ongoing dialogue.”

SB1215 took effect on September 26, 90 days after the close of the legislative session, and, with a delayed effective date, will become law on January 1. Among key provisions, SB1215:

·       Protects the integrity of cases by restricting involvement by foreign countries or entities of concern as defined in the legislation, ensuring litigation funding remains aligned with U.S. legal and ethical standards.

·       Preserves innovation in legal services, reaffirming Arizona’s pioneering role in allowing alternative business structures (ABS), law firms that permit non-lawyers decision-making authority, to expand access to legal services by partnering with litigation funding firms.   

·       Balances regulation, affirming safeguards such as prohibitions on funders controlling litigation, while maintaining transparency. 

Chucri added, “Pravati has always believed our mission — ‘to befriend, help and protect’ — is best achieved through cooperation and a willingness to educate stakeholders. We will continue to engage constructively in conversations to advance fair, responsible access to justice.” 

About Pravati Capital

Established in 2013, Pravati Capital, LLC is among the oldest litigation finance firms in the U.S., delivering a proven track record as an equalizing force in court and a unique and uncorrelated asset class to investors. Founded by Alexander Chucri, a visionary in developing the industry's first pioneering model of litigation finance in 2003, Pravati Capital brings together a seasoned team with deep experience across law, finance and successful entrepreneurial ventures. The Scottsdale, Ariz.-based firm delivers strategic capital solutions for attorneys and law firms, helps plaintiffs gain access to justice through financial support, and offers accredited investors an attractive asset class designed to perform independently of traditional markets. Pravati’s mission is its namesake: to befriend, help and protect. For more information, visit PravatiCapital.com. 

Announcements Commercial

Burford Issues YPF Litigation Update Ahead of Pivotal Appeal Hearing

By John Freund |

Burford Capital has released a detailed investor update ahead of a key appellate hearing in its high-profile litigation against Argentina over the renationalization of YPF.

According to Burford’s press release, oral arguments in the consolidated appeal—referred to as the “Main Appeal”—are scheduled for October 29, 2025, before the US Court of Appeals for the Second Circuit. The hearing will address Argentina’s challenge to a $16 billion judgment issued in 2023, as well as cross-appeals concerning the dismissal of YPF as a defendant. The release outlines the appellate process and timelines in granular detail, noting that a ruling could come months—or even a year—after the hearing, with additional delays possible if rehearing or Supreme Court review is pursued.

Burford also clarified the distinction between the Main Appeal and a separate appeal involving a turnover order directing Argentina to deliver YPF shares to satisfy the judgment. That order has been stayed pending resolution, with briefing set to conclude by December 12, 2025. Meanwhile, discovery enforcement is proceeding in the District Court, where Argentina has been ordered to produce documents—including internal and “off-channel” communications—amid accusations of delay tactics.

International enforcement efforts continue in at least eight jurisdictions, including the UK, France, and Brazil, where Argentina is contesting recognition of the US judgment.

The update serves both as a procedural roadmap and a cautionary note: Burford stresses the unpredictable nature of sovereign litigation and acknowledges the possibility of substantial delays, setbacks, or settlements at reduced values.

Announcements Consumer

The Alliance for Responsible Consumer Legal Funding Applauds Governor Newsom for Signing AB 931

By John Freund |

The Alliance for Responsible Consumer Legal Funding Applauds Governor Newsom for Signing AB 931, the California Consumer Legal Funding Act

The Alliance for Responsible Consumer Legal Funding (ARC) expressed its deep appreciation to Governor Gavin Newsom for signing Assembly Bill 931 -- The California Consumer Legal Funding Act -- into law. Authored by Assemblymember Ash Kalra (D–San Jose, 25th District), this landmark legislation establishes thoughtful and comprehensive regulation of Consumer Legal Funding in California—ensuring consumer protection, transparency, and access to financial stability while legal claims move through the judicial process.

The law, which takes effect January 1, 2026, provides consumers with much-needed financial support during the often lengthy resolution of their legal claims, helping them cover essential living expenses such as rent, mortgage payments, and utilities.

“This legislation represents a major step forward for California consumers,” said Eric Schuller, President of the Alliance for Responsible Consumer Legal Funding. “AB 931 strikes the right balance between protecting consumers and preserving access to a financial product that helps individuals stay afloat while they await justice. Consumer Legal Funding truly is about funding lives, not litigation.”
Key Consumer Protections Under AB 931

The California Consumer Legal Funding Act includes robust safeguards that prohibit funding companies from engaging in improper practices and mandate full transparency for consumers.

The Act Prohibits Consumer Legal Funding Companies from:

• Offering or colluding to provide funding as an inducement for a consumer to terminate their attorney and hire another.
• Colluding with or assisting an attorney in bringing fabricated or bad-faith claims.
• Paying or offering referral fees, commissions, or other forms of compensation to attorneys or law firms for consumer referrals.
• Accepting referral fees or other compensation from attorneys or law firms.
• Exercising any control or influence over the conduct or resolution of a legal claim.
• Referring consumers to specific attorneys or law firms (except via a bar association referral service).

The Act Requires Consumer Legal Funding Companies to:

• Provide clear, written contracts stating:
• The amount of funds provided to the consumer.
• A full itemization of any one-time charges.
• The maximum total amount remaining, including all fees and charges.
• A clear explanation of how and when charges accrue.
• A payment schedule showing all amounts due every 180 days, ensuring consumers understand their maximum financial obligation from the outset.
• Offer consumers a five-business-day right to cancel without penalty.
• Maintain no role in deciding whether, when, or for how much a legal claim is settled.

With AB 931, California joins a growing list of states that have enacted clear and fair regulation recognizing Consumer Legal Funding as a non-recourse, consumer-centered financial service—distinct from litigation financing and designed to help individuals meet their household needs while pursuing justice.

“We commend Assemblymember Kalra for his leadership and Governor Newsom for signing this important legislation,” said Schuller. “This act ensures that Californians who need temporary financial relief during their legal journey can do so safely, transparently, and responsibly.”

About the Alliance for Responsible Consumer Legal Funding (ARC)

The Alliance for Responsible Consumer Legal Funding (ARC) is a national association representing companies that provide Consumer Legal Funding, non-recourse financial assistance that helps consumers meet essential expenses while awaiting the resolution of a legal claim. ARC advocates for fair regulation, transparency, and consumer choice across the United States.