Burford Capital Limited Burford Capital's Affirmative Recovery Research
08 Fevereiro 2022 - 12:09PM
RNS Non-Regulatory
TIDMBUR
Burford Capital Limited
08 February 2022
FOR IMMEDIATE RELEASE
New research on affirmative recovery programs reveals
opportunity for legal departments to add value
Three of five GCs interviewed say their companies neglected to
pursue meritorious recoveries
"We don't leave a dime on the table," says one GC
New York City, February 8, 2022 - Burford Capital, the leading
global finance and asset management firm focused on law, today
releases new independent research demonstrating that companies can
unlock value in their legal departments through more systematic
affirmative recovery programs.
As revealed by extensive one-on-one interviews with over 50
general counsel, heads of litigation and other senior legal leaders
at major corporations globally, most companies have affirmative
recovery programs to recover money for the business by pursuing
meritorious litigation and arbitration claims when their companies
are harmed. Still, many see room for improvement, with those with
more systematic affirmative recovery programs showing the benefits
of doing so.
Christopher Bogart, CEO of Burford Capital, said: " Our latest
independent research is consistent with my own prior experience as
a GC. Done right, affirmative recovery programs can transform
in-house legal departments from cost centers to revenue generators,
greatly enhancing the commercial standing of senior legal leaders
in their companies.
"GCs benefit from hearing from their peers and from having the
right tools and partners. In that spirit, we hope this new research
helps companies and law firms alike realize the value of
affirmative recovery programs in maximizing corporate value, and
that by adding legal finance to the mix, they can greatly increase
certainty around their litigation budget and cash flows."
Key findings from the research include:
* Affirmative recovery programs are expanding but are
still rarely robust.
o Affirmative recovery programs are increasingly common, with
two of three GCs, heads of litigation and other senior in-house
lawyers interviewed saying that their companies have an affirmative
recovery program. However, only a few legal leaders say their
programs are robust.
* Three of five GCs interviewed say their companies
neglected to pursue meritorious recoveries.
* Half of all GCs interviewed would exchange some
upside on pending claims in exchange for removing
costs and downside risk of loss.
o Senior in-house lawyers recognize that when they do pursue
affirmative recoveries, new tools to increase certainty and
manage costs will lead to better results.
* Three of five GCs interviewed say quantitative
financial modeling would be advantageous to
affirmative litigation recoveries.
* Legal finance has a role to play.
o In-house lawyers whose companies use legal finance consistently
say their companies have robust affirmative recovery programs
that meet their needs.
o Senior in-house lawyers admit to varying levels of knowledge
about legal finance, but many are hungry for more information-and
many remain unsure about how it works.
o Reputation and experience top in-house lawyers' priorities
when selecting legal finance partners.
* More systematic affirmative recovery programs benefit
organizations, teams and leaders.
o Interviews with senior in-house lawyers suggest that more
effective affirmative recovery programs benefit the overall
enterprise, elevate legal within the organization and earn
credit for legal teams for innovation and cost and risk management.
* Key quotes from the report:
o "Everything about what I do is about the value that the legal
department generates for the company, so new creative ways
of generating revenue and reducing risk is very appealing."
(GC, multinational logistics company)
o "If you are on the plaintiff's side, you can finance your
claims through a legal finance company if the business does
not want to lay out the expenses, which is great. The lawyers
need to understand that this option is available." (GC, capital
market company)
o "My peers are speaking about claims as assets, which was
not part of the conversation five years ago." (Head of litigation,
multinational retail corporation)
o "We don't leave a dime on the table." (GC, capital market
company)
o "In the last five years, we have probably recovered over
$1 billion in settlements or other recoveries." (Group GC,
privately held construction company)
The 2022 Affirmative Recovery Programs Report can be downloaded
on Burford's website. The research report is based on 1:1
interviews conducted by phone with 52 general counsel, heads of
litigation and other senior in-house lawyers with direct
responsibility for their companies' commercial litigation and
arbitration. The interviews were conducted between October and
December of 2021 by Ari Kaplan Advisors.
END
Contact:
David Helfenbein
Vice President, Public Relations
dhelfenbein@burfordcapital.com , +1 212 235 6824
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, DC, Singapore and Sydney.
For more information, please visit www.burfordcapital.com .
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February 08, 2022 10:09 ET (15:09 GMT)
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