Aviva Will
About Aviva Will
Aviva Will (age 56) is President of Burford Capital, responsible for growing the firm’s global legal finance business with a focus on high‑value matters; she sits on the Management Committee and Commitments Committee. She became President in September 2024 after serving as Co‑Chief Operating Officer (Jan 2020–Aug 2024), Senior Managing Director (2018–2019) and Managing Director (2010–2017); earlier, she was Assistant General Counsel and senior litigation manager at Time Warner and a senior litigator at Cravath. She holds a JD (cum laude) from Fordham University School of Law and a BA from Columbia University . Burford’s 2024 performance included consolidated net income of $230M, total segments (Burford‑only) net income of $146M, consolidated realizations of $907M, and consolidated net realized gains of $440M; pay-versus-performance highlights show CAP linked to TSR and net realized gains, with a $100 TSR value of 82 in 2024 vs 193 in 2023 and 78 in 2022 .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Burford Capital | President | Sep 2024–present | Lead global growth in legal finance; Management and Commitments Committees |
| Burford Capital | Co‑Chief Operating Officer | Jan 2020–Aug 2024 | Led origination and underwriting; oversaw firmwide operations |
| Burford Capital | Senior Managing Director | 2018–2019 | Senior origination/underwriting leadership |
| Burford Capital | Managing Director | 2010–2017 | Early growth and portfolio build-out |
| Time Warner Inc. | Assistant General Counsel; senior litigation manager | Not disclosed | Managed significant antitrust/IP/commercial litigation; led antitrust/regulatory counsel and global merger clearances |
| Cravath, Swaine & Moore | Senior litigator | Not disclosed | High-stakes litigation experience |
Fixed Compensation
Multi-year NEO compensation reported for Aviva Will.
| Metric (USD) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary | $600,000 | $600,000 | $600,000 |
| Non‑Equity Incentive Plan Compensation (annual bonus) | $1,350,000 | $1,520,000 | $1,520,000 |
| Stock Awards (grant date fair value) | $300,680 | $238,169 | $289,418 |
| All Other Compensation | $221,133 | $244,103 | $710,433 |
| Total | $2,471,813 | $2,602,272 | $3,119,851 |
Notes:
- Company offers 401(k) match and an NQDC Plan; executives may defer salary/bonuses/LTI; company may provide matching notional RSUs on cash deferrals invested in Burford stock, vesting after two years .
Performance Compensation
Program design:
- Long-term incentive mix 50% RSUs / 50% PSUs; 3‑year cliff vesting; PSUs subject to performance; 2024 PSU metric = TSR only; Pre‑2024 PSU metrics = TSR (50%) and Adjusted EPS growth (50%); PSU maximum payout capped at 100% of target .
| Grant/Performance Cycle | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| 2021–2023 PSUs (vested in 2024) | TSR | 50% | 26% | 66% | 50% (of total) | Vested at 100% of target based on metric attainment and satisfactory individual performance |
| 2021–2023 PSUs (vested in 2024) | Adjusted EPS growth | 50% | 26% | 3,335% | 50% (of total) | Vested at 100% of target |
| 2024–2026 PSUs (granted 3/22/2024) | TSR | 100% | Not disclosed | Not yet applicable | Not yet applicable | 3‑year cliff (3/22/2027), subject to performance certification |
2024 awards (grant date 3/22/2024):
- PSUs: 10,274 target shares; GDFV $136,541; cliff vests after 3 years, performance-based .
- RSUs: 10,274 shares; GDFV $152,877; 3‑year cliff vest .
2024 vesting/realization (for 2021–2023 cycle and earlier):
- Shares acquired on vesting: RSUs 23,962 ($382,665), PSUs 23,962 ($382,665), Matching Notional RSUs 6,841 ($104,714) .
Equity Ownership & Alignment
- Beneficial ownership: 310,979 ordinary shares (<1% of outstanding); outstanding shares used for calculation: 219,421,904 .
- Additional equity/deferred interests not counted in beneficial ownership: 13,441 RSUs and 13,441 PSUs expected to vest within 60 days of March 3, 2025 if deferred; 28,711 RSUs and 28,711 PSUs not expected to vest within 60 days; ~53,637 shares from deferred compensation (including matching notional RSUs) .
- Outstanding unvested awards at 12/31/2024 (counts and 12/31/24 market values):
- 4/5/2022: RSUs 13,441 ($171,373), PSUs 13,441 ($171,373)
- 3/22/2023: RSUs 18,437 ($235,072), PSUs 18,437 ($235,072)
- 3/22/2024: RSUs 10,274 ($130,994), PSUs 10,274 ($130,994)
| Alignment item | Detail |
|---|---|
| Stock ownership guideline | 3x base salary for executives other than CEO/CIO |
| Compliance status | All NEOs have satisfied or are on track within the applicable timeframe |
| Hedging/pledging | Prohibited: no short sales, hedging, margining, or pledging of BUR stock by executives/directors |
| Options outstanding | None (company has not granted options to NEOs) |
Vesting Schedules and Potential Selling Pressure
- Scheduled vesting cadence (subject to continued employment and PSU performance certification):
- 4/5/2022 RSUs/PSUs: 13,441 + 13,441 vesting around 4/5/2025 (noted as expected to vest within 60 days of 3/3/2025 if deferred) .
- 3/22/2023 RSUs/PSUs: 18,437 + 18,437 vesting 3/22/2026 .
- 3/22/2024 RSUs/PSUs: 10,274 + 10,274 vesting 3/22/2027 .
- Retention overlay: If ownership guideline not yet met, executives must retain 100% of net shares from vesting until compliant, moderating near-term selling pressure .
Employment Terms
| Term | Details |
|---|---|
| Employment agreement | Dated March 1, 2016 |
| Severance (without Cause / for Good Reason / non-extension) | 12 months continuation of base salary and company-paid COBRA up to 12 months, subject to release |
| CIC treatment | Company provides no “single-trigger” CIC benefits; Ms. Will’s cash payment is $600,000 upon involuntary termination without Cause or resignation for Good Reason both before and on/after a CIC (consistent with 12 months base salary) |
| Equity on separation | For non‑CEO/CIO NEOs: death/disability → pro‑rata vesting on schedule; retirement (Rule of 75, min 8 years) → full vesting on schedule; PSUs subject to certified performance |
| Restrictive covenants | Confidentiality and non‑disparagement (perpetual); non‑compete 1 year; client non‑solicit 1 year; employee non‑solicit 2 years |
| Clawback | NYSE‑compliant clawback effective Oct 2, 2023; recovery for restatement and certain errors/misconduct up to 5 years post‑vesting; plan awards subject to recovery |
| Hedging/pledging | Prohibited for executives/directors |
Nonqualified Deferred Compensation (NQDC)
| Metric (USD) | 2024 |
|---|---|
| Executive contributions (Will) | $747,332 |
| Company contributions (Will) | $0 |
| Aggregate earnings (loss) | $(85,612) |
| Aggregate withdrawals/distributions | $477,960 |
| Aggregate year‑end balance | $1,413,369 |
| Key NQDC features: participants can defer salary/bonus/LTI; deferrals can be notionally invested in BUR stock or funds; if invested in BUR stock, Company may match 33.33% as matching notional RSUs vesting after 2 years; deferred RSUs/PSUs cannot settle earlier than 5 years from grant . |
Related Party/Other Interests
- Executive/insider investments in Burford private funds are permitted; Ms. Will committed $150,000 to Burford Opportunity Fund B LP during 2024; employees committed ~$4.6M in aggregate to company-managed funds as of 12/31/2024 .
Performance & Track Record Signals
- 2024 financial highlights underscore realization and net realized gains strength (key comp drivers): consolidated net income $230M; total segments (Burford-only) net income $146M; consolidated realizations $907M; consolidated net realized gains $440M .
- Pay-versus-performance identifies TSR and net realized gains (Principal Finance) as top drivers of “compensation actually paid” for NEOs .
- PSU cycle (2021–2023) vested at 100% based on TSR and Adjusted EPS performance, indicating alignment with multi-year outcomes .
Investment Implications
- Alignment: Will’s meaningful equity ownership (310,979 shares, plus substantial unvested RSUs/PSUs and deferred equity) and strict anti‑hedging/pledging policy support strong shareholder alignment and reduce agency risk .
- Retention risk: Severance is limited to 12 months of salary and COBRA; however, multi‑year vesting (2025, 2026, 2027 cliffs) and ownership guidelines requiring retention until compliant create incentives to remain; non‑compete and non‑solicit covenants enhance retention .
- Performance sensitivity: 2024 PSUs are 100% TSR‑based, increasing sensitivity to share price; Pre‑2024 cycles combined TSR and Adjusted EPS; compensation “actually paid” is tied to TSR and net realized gains, reinforcing focus on cash realizations and long‑term value creation in the legal finance portfolio .
- Overhang and future grants: The 2025 Omnibus Plan modernizes equity programs post domestic issuer transition; pending contingent awards and overall overhang (~9.3%) suggest continued equity‑based incentives, but with clawback protections and no option repricing .
- Trading flow: Upcoming vesting windows (notably around early April 2025 and late March 2026/2027) could create episodic supply; retention/ownership rules may mitigate immediate selling pressure .