Burford Capital Taps Legal Veteran for New Business Development Role
Litigation finance giant Burford Capital hires Travis Lenkner as chief development officer. His role focuses on exploring equity investments in law firms and new revenue streams, including legal technology and AI applications.
Burford Capital, a leading litigation finance company, has appointed Travis Lenkner to the newly created position of chief development officer. This strategic move aims to explore new business opportunities, including potential equity investments in law firms.
Lenkner, now based in London, brings a wealth of experience to Burford. He previously worked with the company following its $160 million acquisition of Gerchen Keller Capital in 2016, a litigation finance firm he co-founded. Subsequently, Lenkner co-established the Chicago-based plaintiffs' litigation firm Keller Lenkner, now known as Keller Postman, which he departed in 2022.
In his new role, Lenkner will focus on developing new revenue streams for Burford beyond its core business. This includes exploring opportunities related to law firm investments, innovative legal service delivery methods, and legal technology, with a particular emphasis on artificial intelligence applications.
Lenkner stated, "Success in the company's core business of legal finance is generating proceeds that the company can reinvest, including in some of these new areas." This approach aligns with Burford's history of innovation in the litigation finance sector.
The appointment comes at a time when the litigation finance industry is experiencing significant growth and evolution. As of 2023, U.S. litigation funders managed combined assets of $15.2 billion. However, the sector faced challenges last year, with funders committing about 14% less capital to new deals due to broader financial market trends affecting institutional investors.
Burford's interest in law firm investments is noteworthy, given the regulatory landscape. While the company acquired a 32% equity stake in a U.K.-based litigation law firm in 2020, ethics rules in the United States generally prohibit non-lawyer ownership of law firms. However, some states, including Arizona and Utah, have begun testing or implementing rule changes in this area.
Lenkner emphasized Burford's position to assist forward-thinking firms and new ventures in leveraging equity capital where regulations permit. This approach could potentially reshape the legal services landscape in jurisdictions allowing such investments.
"Burford is positioned to help forward thinking firms, as well as new boutiques and startups, take advantage of equity capital as allowed by regulators in United States or elsewhere."
Founded in 2009, Burford Capital has established itself as a pioneer in the litigation finance industry. The company's innovative approach has led to funding over 1,000 cases and total commitments exceeding $5 billion as of 2023. Burford's expansion into areas such as asset recovery and legal risk management demonstrates its commitment to diversifying its services within the legal finance sector.
As the only publicly traded U.S. litigation finance company, Burford continues to shape the industry's future. The appointment of Travis Lenkner signals the company's intent to explore new frontiers in legal services and technology, potentially transforming how law firms operate and access capital in the years to come.
