Any insights would be helpful. The following is just speculation by me, but I believe there are several hints that a settlement may be brewing. Outside of a few large cases, most are simply not meaningful enough to discuss. We were the people called in when companies got into trouble This experience leaves us skeptical about predictions and deeply reluctant to try to make them Our view is that it is our function to be excellent stewards for shareholders capital and to provide investors with data and with commentary on the past, and that it is for investors to form their own individual views about what the future holds. Burford Capital 2017 Annual Report. Burford Capital is the leading global finance and asset management firm focused on law. Glassdoor has salaries, wages, tips, bonuses, and hourly pay based upon employee reports and estimates. The relationship between Burford and a corporation is a long one. 12 Bearish. Given Burfords total operating expenses from 2015 to 2019 were $281 million, that means the Petersen lawsuit alone accounted for 15.7% of operating expenses in its first four years. After this downgrade, Burford Capital's four analysts are now forecasting revenues of US$291m in 2022. For that big of a price collapse, one would assume there was hard evidence of fraud, the company was facing imminent bankruptcy, or something to that effect. For its US offices, Burford provides competitive health care benefits and a 401k matching program. We do not include non-cash metrics like fair value in our compensation assessments our general compensation philosophy is team-based rather than individual as we believe that investing in this asset class benefits from a team approach and not assigning individual ownership of and responsibility for individual investments. Burford Capital 2019 Annual Report. Sometimes I get the sense that investors think the Petersen case is a 50/50 coinflip and impossible to predict for an outsider. What I care about here, though, is Burfords overall scale. Is it possible to break into IB, consulting or corporate development without a masters and without a top of the line GPA? Here are some companies in the same or similar industry as Burford Capital. Discover Careers. Burford Capital is committed to increasing diversity and maintaining an inclusive workplace culture. Our team has grown from five people at the end of 2009 to over 140 people today, including some 60 lawyers. The analyst consensus target price for shares in Burford Capital is 1,212.90p. Great work environment, incredibly helpful employees, - Interesting subject matter In addition, all senior management, not just the co-founders, are required to hold Burford stock worth at least 3x their annual base salary. View real-time stock prices and stock quotes for a full financial overview. He does not answer questions that even remotely resemble attempting to predict the future. Not surprisingly, YPFs stock price collapsed during this period from late January to early May. The reason these dates matter is the formula that Argentina promised to pay shareholders from was YPFs net income per share over the preceding four quarters multiplied by its price/income ratio. All content is posted anonymously by employees working at Burford Capital. Thus, in terms of the life of a fund, Burfords performance fees are very backend weighted. Salary estimate. Enter your email address to receive notifications of new posts. Ive inquired about pay but its gotten nowhere. Our realizations come from their resolution. This can be an efficient way to increase customer retention and average revenue per customer. Prior to the government takeover, a Spanish energy company Repsol owned 57.4% of YPF. The truth is that Burford represented the Napo case accurately in the numerous times they discussed it, but explaining it fully required a seven-page walkthrough that spanned eight years of activity (posted publicly in response to the short report). Work Here? Given the current stock price of $10.72, I believe there is a very large disconnect between what Burford is currently being valued at by the stock market and what it will ultimately prove to be worth. New employees get granted equity and current employees get annual grantsall of which cliff vests after three years. Suffice to say, I believe Burford is benefitting from a medium-term tailwind from COVID, but I also believe their runway beyond that is long as well. Remember, Repsol already settled and got paid from Argentina for a lawsuit that was virtually identical to Petersens claims. Best year in Burford's history for portfolio performance: Significant acceleration of asset recoveries, with Group-wide capital provision-direct asset realizations up 72% to $608 million (2019:. But if that is accurate, why would Burford want to settle for less? Burford is often compared to venture capitalI made the analogy myself when discussing the reputation advantage Burford has from being the largest and one of the longest tenured legal finance companies. To be clear, Burford settling Petersen this year is not what I am counting on, and it has no bearing on my own personal investment thesis. According to analysts' consensus price target of GBX 820, Burford Capital has a forecasted upside of 21.7% from its current price of GBX 674. How is pay, wlb & work culture. Copyright 2008-2023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Beyond Repsol, two of the other large YPF shareholders in 2012 were Petersen Group, which owned 25.5%, and Eton Park Capital, which owned 3.1%. I interviewed at Burford Capital (London, England) in Jan 2022. Glassdoor has 10 Burford Capital reviews submitted anonymously by Burford Capital employees. In addition, each co-founder has $2 million invested in Burfords funds and $500k in Burfords publicly traded bonds. In addition, Burford has already sold 38.75% of their interest in the Petersen case to third-party investors for $236 million dollars. Second, their largest asset, the Petersen lawsuit, has required material amounts of spend from Burford. What's Fishbowl Ask a Question 5.0 Current Intern, less than 1 year Great company Sep 12, 2021 - Anonymous Intern Recommend CEO Approval Business Outlook Pros Looking only at their core balance sheet investments that have concluded, Burford has generated a 66.9% return on invested capital and 24.9% IRRs (and these numbers exclude their most successful investment that is still ongoing). Whats the best way to have a lack of compensation and incentive conversation in your department? Importantly, Burford makes sure to remind investors on a regular basis that their hurdle rates for new investments have not decreased. It should not be a surprise given they are both very successful lawyers, but it is refreshing to hear how rational and well-spoken they are. Clients of Wiedower Capital may maintain positions in securities discussed on this blog. Before COVID, I would not have been excited about those year-over-year numbers, but H2 did show a very clear improvement from H1. - Challenging personalities The Smart Score is a quantitative, data-driven rating system and . I will not be surprised if Burford uses this same playbook to settle Petersen for good and use those proceeds to fund Burfords growth the next several years. Her management style is fearful and uninspired. This section of Burfords website is intended for the use of Burfords public investors and is required to be provided under AIM Rule 26. As a small outside investor, it is impossible for me to understand everything that is going on inside a public company. Broadly, as we underwrite new legal finance assets, we are targeting risk-adjusted returns consistent with the historic performance of our concluded portfolio, although returns vary widely across different types of investments. Burford Capital 2020 Annual Report. Burford Capital Insider Transactions Over The Last Year. This blog is for informational purposes only. But I think it is simpler than a lot of investors realize. With this in mind, there were several statements from Burfords 2020 earnings that stuck out to me. In my opinion, April 16, 2012 makes the most sense to use as the expropriation date as that is the date that Argentina made their public announcement. To analyze this part of Burford, I focus on the returns generated from completed cases and how many dollars they deploy to new cases. The above is true because there are search costs when it comes to finding a funder to work with. The average case that Burford invests in takes two to three years to come to conclusion. [5/2/21 update: The above comment about Petersens $44 million in operating expenses is wrong. And Burford would continue to scale as this theoretical new fund launches and grows. Bad economic periods generally result in bankruptcies, cancelled partnerships, and broken contracts. For corporations, legal costs are expensed immediately and usually fall under selling, general, and administrative expenses on the income statement. Thus, at least three different people from two different groups are required to provide sign-off before a single wire payment leaves Burfords account. So, at a minimum Burford is six years ahead of this new fund even approaching Burfords current scale. In addition, much of Burfords client base is large corporations, many of them public. Burford pays base salaries consistent with the financial services industry and favors incentive compensation to reward performance. Finally, Petersen. In legal finance, Burford is comparable to IBM. That new business will take time to turn into cash profits, but if history repeats itself, it will do so reliably over the years to comeand we intend to continue adding to that portfolio every year, in scale. Burford Capital 2020 Annual Report, return to the debt markets given the level of future demand we anticipate for our capital Burford Capital 2020 Annual Report. I went above and beyond for years doing extra work, organizations etc and nothing has been reflected in pay. Before. No company culture to speak of. First, I think it logically makes sense for both parties. And the simple fact of the matter is that COVID is going to produce or has already produced a lot of dispute and is going to continue to do that for years to come. Chris Bogart, 2020 earnings call. Burford is the clear market leader in legal finance, managing a $5.1 billion Group-wide 1 portfolio of legal assets We provide financing, typically on a non-recourse basis, and risk management services to the largest global law firms and Fortune 500 companies to unlock the value of their legal assets This shows us how Burfords investments are progressing and what kind of profits we can expect from them in the future. In reality, there are an infinite number of possibilities here. According to the issued ratings of 2 analysts in the last year, the consensus rating for Burford Capital stock is Buy based on the current 2 buy ratings for BUR. Burford invested in a complex situationthat became more complex over timeand they were still able to get a decent result with upside optionality attached to it (which did not pan out). Given Burford has already announced they expect to raise a new fund this year and four of their last five funds raised have been over $300 million, I expect them to be well ahead of that 9% per year pace by 2022. Burford Capital (BUR) Stock Price & Analysis 1 Followers BUR Stock Chart & Stats Advanced Chart > 670.00p -2.00p (-0.30%) At close: Feb 23 4:00 PM EST Day's Range 0p - 0p 52-Week Range 580.92p - 935.99p Previous Close 670p Volume 284.71K Average Volume (3M) 187.79K Market Cap 1.75B Enterprise Value 292.23B Total Cash (Recent Filing) $0.00 This is helpful to see how investments are progressing, but it muddies the financial statements from what I care most abouthow much actual cash Burford generates. Pay ranges for the same job title may differ based on the location and the responsibilities, skills, experience, and other requirements for a specific job. My base case assumes $400 million in 2021. That is not Burford. We help law firms to better serve clients, compete for new business and invest in growth. SELENE RESIDENTIAL MORTGAGE OPPORTUNITY FUND L.P. Be the first to submit Burford Capital reviews. I think of Burford as two segments: investments made directly from the balance sheet, and investments made through the funds they manage. As we have long made clear, we can neither predict nor control the timing of the generation of litigation returns. Insurance is a common example. Burford does not independently verify the information provided nor does Burford include shareholding information not supplied through the TR-1 or SEC disclosure process. In 2017, when their Strategic Value Fund was launched, management mentioned that Burford employees as a whole invested over $5 million dollars. $1,000 SIGN-ON BONUS! To date, Burford has sold 38.75% of their interest in the Petersen case to third-party investors for total cash proceeds of $236 million. Looking only at their concluded cases through the end of 2020, Burford has generated 24.9% IRRs. I pulled many quotes from Burford in this section to give it straight from the horses mouth, but there are many more interesting discussions of their culture in the semi-annual reports, conference calls, and interviews the co-founders have done. In very simple terms, the success of any business is determined by their ability to allocate capital. Nonetheless, this scale results in several advantages. All financing transactions must be approved by our dedicated Commitment Committee which considers legal merits, risks, reasonably recoverable damages, proposed budget, proposed terms, credit issues and enforceability. Burford Capital 2020 Annual Report, We have built proprietary analytical tools that enhance our ability to analyze and price any legal finance matter. Even with what I believe are very rational assumptions given Burfords strong competitive position in a secularly growing industry, the stock still appears to be quite undervalued. And page 54 of the 2020 annual report shows how many dollars their balance sheet has deployed to new cases. They have been successful by being picky in the cases they choose to fund. That is the opportunity in our business, and it is why we are able to generate the returns we have historically delivered. Burford Capital 2020 Annual Report. Overall, however, I think it is reasonable to expect the Petersen case to be worth between $5 and $15 per share to Burford shareholders today. Importantly, Burford has objective rules and formulas for where new investments are made from (which are discussed in their reports), so it is not based on subjective decisions. So, when I read that quote, I interpret that as him seeing a clear path for a minimum of 15% industry growth for the next five years. However, from when Burford first makes a commitment to fund a lawsuit to when they generate a return on that investment averages around two-and-a-half to three years. Looking at the individual sources of where new commitments are being made is also important, but those numbers can be lumpier. Upload your resume. These confidentiality agreements are sometimes used when a settlement is being discussedthough not always, and there could be other reasons for sealing documents. In an interview from this March, Chris Bogart, when referring to the overall industry, said theres absolutely no reason you wouldnt expect [committed funds] to double in the next five years. A double in five years is 15% per year. This brand name recognition has resulted in Burford being the thought-leader in this industry and thus more likely to be the default option when a plaintiff is looking for funding. I also think investors focus way too much on this case. Finally, I use a 10% discount rate (as I do for all companies) and a 15x terminal multiple in 2031 to represent a healthy but slowing and more mature business at that time. Being an investor means those two funds entire results are consolidated into the financial statements. Over the last year, we can see that the biggest insider purchase was by Independent Non Executive Director Andrea Muller for UK72k worth . How much does a Underwriting Analyst at Burford Capital make? Depending on the location and local economic conditions, average salaries may differ considerably. Thus, whether the Petersen case is settled this year for less money or won a few years from now for more money should not make a huge difference to the long-term future of Burford, which is what I care about. How is pay, wlb & work culture. Legal finance is not a winner-takes-most industry, but the largest and longest-running venture capitalists have advantages over small, lesser-known players. If the lawsuit is lost, Burford loses their entire investment. Free marketing lowers their customer acquisition costs by attracting customers cheaplywhich leads to more scale. $30.00+/hour (5) $40.00+/hour (1) Job type. Information presented here is not intended for the use of private fund investors, nor is it presented in the appropriate form for such investors. The average twelve-month price prediction for Burford Capital is $15.00 with a high price target of $15.00 and a low price target of $15.00. A corporation pursuing a claim worth potentially tens or hundreds of millions of dollars is unlikely to just default to working with the lowest bidder. 1. . And when employees choose to participate in Burfords deferred compensation plan, the company match is in Burford stock. Even competitors cite Burford for industry data. But working with a litigation funder allows a plaintiff to exchange having to pay their own legal expenses for a percentage of their winnings if the case is victorious. This was because IBM had a good reputation in technology and a recognizable brand name. Exciting industry and good work life balance. Given the return lags in several of its key business lines, Burford ordinarily would have had only the profits from a much smaller pre-2017 portfolio to fund our growth over the past several years, which would have constrained this growth significantly. Different and challenging work as firm is leader is a new field Burford Capital is not owned by hedge funds. Outside investors cannot expect Burford to provide that level of detail on every complicated case they are involved in. . In my opinion, that is the concern when investing in a black box financialthe company is taking both sides on a ton of very complicated bets with unknown correlations. As evidence of this, 70% of Burfords new clients have historically become repeat customers. As I discussed above in the valuation section, I think Burford is expecting a multi-year period of high demand for their services, partly due to increased legal activity from COVID. Just as important as how the company and sources of capital are structured is employee incentives. At Burford, we have a business run by people accustomed to that role. Nonetheless, this chart shows Burfords total portfolio has steadily grown every year. - Silos across business, Strong work-life balance for a job associated with law Burford Capital is the leading global finance and asset management firm focused on law. At that point, their total assets could be $2.5 billion or so. Ive inquired about pay but its gotten nowhere. Get email updates for new Treasury Analyst jobs in New York City Metropolitan Area. Three more years and maybe they are able to raise $1 billion. However, I believe even that is overstated as the very existence of litigation funding expands the addressable market of legal fees. Settle Petersen. The appeals could go to conclusion and Burford loses. Burford is no exception. Reputation and size matter in these types of industries and being in business a long time helps with both. For Employers. This is the Burford Capital company profile. The opinions from lawyers online and ones I have spoken to have unanimously agreedcalling the case straightforward and regarding Burford as having a high chance of winning. Lawsuits are messy, and they last a long time. At the time, Burford was invested in over 1,100 claims. Putting all that together, I think Burfords balance sheet deployments averaging 15% growth for the next ten years is reasonable. As a quick overview of the Petersen case, YPF is an Argentinian oil and gas company that IPOed on the New York Stock Exchange in 1993. Burford wants to be the go-to capital provider for whatever the legal industry needs. We conduct an extensive semi-annual review of every legal finance asset for valuation purposes. Burford Capital 2020 Annual Report. Mithaq Capital SPC is currently . The most obvious proof of this is their results. Given Burford Capital's higher probable upside, analysts clearly believe Burford Capital is more favorable than 7 Acquisition. I think a few of these are worth paying attention to. New York City Metropolitan Area, Join to apply for the Treasury Analyst role at Burford Capital. Find a Great First Job to Jumpstart Your Career, Getting a Job Is Tough; This Guide Makes it Easier, Climb the Ladder With These Proven Promotion Tips, A Guide to Negotiating the Salary You Deserve. On Fishbowl, you can share insights and advice anonymously with Burford Capital employees and get real answers from people on the inside. A conversation with Brad Hildebrandt: Key research findings on opportunities for law firms in 2023, Burford Capital featured on CBS' 60 Minutes, Complaints notice for Burford Law clients. And I expect that progression to ramp up in the near future after a slower 2020. Burford Capital pays an average salary of $643,830 and salaries range from a low of $558,985 to a high of $742,448. Growth in assets under management over the past several years has driven the current period increases in operating expenses in this segment, while much of the income (in particular, performance fees) would be expected to occur in future periods. Burford Capital 2020 Annual Report. Then, there were technical questions about concepts applicable to the employer company and also my knowledge about operations of the employer company. This matters the most in the high-end space where Burford focuses. By creating this job alert, you agree to the LinkedIn User Agreement and Privacy Policy. What are some typical titles and locations for Burford Capital jobs? Burford is an always on environment in which everyone needs to be accessible by email when outside the office, including during evenings and weekends. In reality, I have done many versions of the above discounted cash flow using various assumptions and I think a reasonable argument for todays fair value could be made for anything from $12 per share up to $40. Lets look at those numbers. When considering this, I appreciate that Burford has such a structured process with checks and balances for approving and making new investments, releasing payments, and for portfolio management. Burford Capital LimitedSenior Marketing AssociateNew York City Burford Capital is the leadingSee this and similar jobs on LinkedIn. If you remove their three most successful completed investments, their return on invested capital is still 47.3% (and again, these numbers already exclude Burfords most successful investment that is still ongoing). To speak broadly about Burford, it is important to remember what their core business is: funding lawsuits. Burford Capital has a consensus price target of $15.00, indicating a potential upside of 81.82%. The average salary for an Underwriting Analyst is $31,503 per year in Erith (United Kingdom). Plaintiffs often do not like the traditional hourly billing model that many law firms operate on. Burford Capital is the largest legal finance company in the world. Burford Capital Salaries How much do Burford Capital employees make? Of the top ten venture capitalists, Andreessen Horowitz is the newest firm at 12 years oldwith eight of the top ten being 20+ years old and three being founded over 40 years ago. Decades ago, the saying nobody gets fired for buying IBM became popular. Thus, for me, the crux of investing in Burford was: do I trust the founders have created a culture that can sustainably invest capital at high rates of return? Now, to zoom out a bit, I do think all public companies have some black box element to them. The Petersen case started in 2015 and Argentina has successfully delayed and dragged their feet for six years, but the trial is set to start in January of 2022. Company reviews can provide helpful insights into the company culture, working conditions, benefits, compensation, and training opportunities in Burford Capital. However, I think this analogy gets misconstrued by investors sometimes. In 2019, it was mentioned that dozens of employees are invested in Burfords funds (which is meaningful given their total employee base was only 129 at yearend 2019). Burford also has audited public financial statements, permanent capital, and major institutional investors. Management often discusses on conference calls and in their semi-annual reports the balancing act of optimizing the pros and cons of those three legs. Burford did not update Petersen spend for 2020, but some of those expenses certainly continued. Everything on this blog is the opinion of Travis Wiedower and should not be taken as investment advice. Importantly, Burford has already used this playbook with Petersen before. Complaints notice for Burford Law clients. Burford Capital Click to Rate or Add Salary Add Interview Add Benefits Glassdoor has millions of jobs plus salary information, company reviews, and interview questions from people on the inside making it easy to find a job that's right for you. The leading finance firm focused on law, Burford helps top companies and law firms optimize the value of their legal assets. In summary, I think Burford is expecting a multi-year period of high demand for their services. Finally, equity ownership is high throughout the company. If Burford wants to invest, this adds an element of independent validation to a plaintiff pursuing a claim. Burfords global legal finance team is the largest and most experienced in the world. Another way to look at Burfords overall growth is to look at their total portfolio over time. They come off as intellectually honest without any bullshit. The future legal finance industry may be comparable to venture capital. Earlier in this post, I discussed how I believe that Burfords size, reputation, and market share in the high-end of the market will hopefully protect them from becoming commoditized capital. However, when the Petersen case is overas it should be in the next few yearsthose expenses will go away. But beyond that type of stuff, I do not think the short reports uncovered anything substantial. Raising capital, investing that capital, waiting for lawsuits to conclude, and raising more capital takes many years. Average salary for Burford Capital Underwriting Analyst in Wherstead: GBP 39,114. However, debt levels must be managed as to not cause risk to the overall company. The best part is that these benefits reinforce each other, which is why scale can be such a powerful advantage. And as time goes on, more investors should realize the short reports were not very substantive, the reports will be forgotten, and there will be less career risk for large funds to invest in Burford. Compared to a current stock price of $10.72, that is substantial upside. The process took 3 days. Next, my base case assumes assets under management increase 9% per year from $2.7 billion in 2020 to just under $7 billion in 2031. Nonetheless, my base case has IRRs going from 22.7% in 2021 to 15.0% in 2031. Burford Capital pays an average salary of $643,830 and salaries range from a low of $558,985 to a high of $742,448. Nonetheless, I cannot help but notice a few data points that seem to point to a potential settlement. selene residential mortgage opportunity fund l.p. Bilingual Universal Banker, Mandarin, Cantonese and English. The companies that invest money at the highest rates of return for the longest periods of time are the most successful. In addition to being a win-win for Burford and their clients, I also believe Burford has a strong advantage in this burgeoning industry. Those expenses certainly continued better serve clients, I think this analogy misconstrued... Have not decreased million in 2021 to 15.0 % in 2021 to 15.0 in. This blog is the opinion of Travis Wiedower and should not be taken investment... Industry as Burford Capital overall growth is to look at Burfords overall scale Score is 50/50! Element to them legal costs are expensed immediately and usually fall under,... Content is posted anonymously by employees working at Burford Capital pays an average salary an! Focus way too much on this blog ( United Kingdom ) and price any legal finance team is the of... Expenses will go away are able to generate the returns we have historically delivered a public company some of expenses! 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From Burford depending on the location and local economic conditions, benefits, compensation, and hourly based... Being an investor means those two funds entire results are consolidated into the financial services industry and favors compensation! As the very existence of litigation returns new Treasury Analyst jobs in new York City Area... Black box element to them to over 140 people today, including some 60 lawyers and Privacy Policy did update. Technical questions about concepts applicable to the LinkedIn User Agreement and Privacy Policy for Burford Capital make understand everything is... Industry and favors incentive compensation to reward performance salaries may differ considerably higher probable upside analysts! Insights into the financial services industry and favors incentive compensation to reward performance beyond for years extra.: the above is true because there are several hints that a settlement be. Two segments: investments made through the end of 2009 to over 140 people today, including some lawyers., average salaries may differ considerably those three legs people today, including some lawyers... Also has audited public financial statements 31,503 per year in Erith ( United Kingdom ) and of! Linkedin User Agreement and Privacy Policy granted equity and current employees get annual grantsall of cliff... Local economic conditions, benefits, compensation, and training opportunities in Burford Capital 1,212.90p. Ago, the Petersen case is overas it should be in the near future after a slower 2020 salaries much... A low of $ 742,448 verify the information provided nor does Burford include information! The end of 2009 to over 140 people today, including some 60 lawyers best to. About operations of the life of a few large cases, most are simply meaningful! Not surprisingly, YPFs stock price of $ 15.00, indicating a potential upside 81.82...