Burford Capital has taken a decisive step in promoting diversity within the legal field by committing an additional $150m (£115m) towards cases led by women and ethnic minority lawyers. This initiative underscores Burford’s ongoing commitment to fostering inclusivity and addressing the imbalance in legal representation.
This latest funding brings the total allocated to Burford’s Equity Project to over $300m. Since the project’s inception in 2018, almost $170m has been committed to 19 cases. The cases funded by this initiative have been strategically chosen, with all 19 representing large, complex litigation and arbitration matters.
Of the cases supported, 14 were led by female lawyers, three by ethnic minority lawyers, and two were led by both female and ethnic minority lawyers. However, there have been no cases involving clients represented by female or minority-owned law firms to date. This points to an existing challenge within the legal industry, as there are few such law firms currently.
Akima Paul Lambert of Hogan Lovells, a champion for the project in the UK, has highlighted the importance of providing law firms with tangible incentives to prioritise diversity. She pointed out that despite the industry recognising the need for diversity, actual steps have been minimal. Burford’s initiative seeks to bridge this gap by offering financial backing to diverse legal teams.
In a strategic enhancement in 2021, Burford Capital expanded the Equity Project by allocating an additional $100m for cases led by female or ethnic minority lawyers. Moreover, a portion of proceeds from successful cases is designated for organisations promoting diversity within the legal business sector.
Ms Lambert noted the critical need for leadership roles in diverse legal teams to avoid the tokenisation of diversity. Historically, law firms may present diverse faces during initial pitches but delegate substantive work to others, undermining true representation. The Equity Project aims to ensure that genuine leadership opportunities are given to diverse lawyers.
The initiative also reflects future-facing measures, with increasing numbers of women establishing boutique litigation or arbitration firms in recent years. This trend suggests a growing pool of potential candidates who may benefit from such financial support.
Aviva Will, president of Burford Capital, acknowledged the positive reception of the Equity Project by clients. She affirmed that clients value the project as a means of promoting leadership from diverse backgrounds, noting direct feedback from funded individuals about the project’s impact on their professional journeys.
The Equity Project by Burford Capital exemplifies a pioneering effort to drive diversity and inclusion within the legal industry. By committing substantial financial resources and supporting leadership roles for women and ethnic minorities, Burford is contributing to a significant shift in legal practice dynamics.
