NEW YORK, Oct. 13, 2021 /PRNewswire/ -- 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.
This communication shall not constitute an offer to sell or
the solicitation of an offer to buy any ordinary shares or other
securities of Burford.
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