David Perla
About David Perla
David Perla is Burford Capital’s Vice Chair with responsibility for marketing, public policy, industry affairs, and public relations; he joined Burford as Managing Director in May 2018, served as Co‑Chief Operating Officer from January 2020 through August 2024, and assumed the Vice Chair role in September 2024 . He previously led Bloomberg BNA’s Legal Division/Bloomberg Law, co‑founded and co‑led Pangea3 (acquired by Thomson Reuters in 2010), was VP of Business & Legal Affairs at Monster.com, and began his career at Katten Muchin; he holds BA and JD degrees from the University of Pennsylvania . Company performance during 2024 included consolidated net income of $230 million and Burford‑only net income of $146 million, with notable strategic milestones such as transitioning to US domestic issuer status and inclusion in the Russell 3000/2000 . For PSU awards with a 2021–2023 performance period, Burford achieved 66% TSR and 3,335% Adjusted EPS growth versus targets, resulting in 100% vesting for those cycles .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bloomberg BNA Legal Division / Bloomberg Law | President | — | Led enterprise legal news, information, and tools platform |
| Pangea3 (Thomson Reuters) | Co‑Founder, Co‑CEO, Director | — | Built top‑ranked global LPO; scaled to >1,000 employees; acquired 2010 |
| Monster.com | VP, Business & Legal Affairs | — | Oversaw legal/business affairs for global jobs platform |
| Katten Muchin | Attorney | — | Early legal training and practice |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships disclosed for Perla in the proxy |
Fixed Compensation
- Perla is not a named executive officer (NEO) in 2024; his specific base salary and cash bonus were not disclosed in the proxy’s Summary Compensation Table, which covers only the NEOs .
- Executive compensation governance applicable to Perla as an executive officer includes: share‑ownership guidelines (3× salary for non‑CEO/CIO officers), robust clawback policy, anti‑hedging/anti‑pledging rules, and restricted trading windows .
Performance Compensation
- Burford’s long‑term incentive design (applies company‑wide, including executive officers) consists of RSUs and PSUs that generally vest on the third anniversary; PSUs for recent cycles focus on TSR (either Rolling 5‑year or Annual versus index medians) with target=100%/max=100% and 0% if below median .
- Executive officers may also be eligible for cash “phantom carry” tied to realized net cash gains on Burford‑only capital provision assets; NEO allocations for the 2024 carry year were set at 0.4% targets (Perla’s specific eligibility/target was not disclosed) .
PSU performance determination (for 2021–2023 vesting cycle, company-wide):
| Metric | Threshold (0%) | Target (100%) | Actual | Weight | Payout |
|---|---|---|---|---|---|
| TSR | 0% | 26% | 66% | 50% | 50% |
| Adjusted EPS Growth | 0% | 26% | 3,335% | 50% | 50% |
| Total | — | — | — | — | 100% |
Vesting schedules:
- RSUs/PSUs: 3‑year vesting, PSUs subject to performance certification .
- Matching notional RSUs under the NQDC: 2‑year cliff vest from the start of the trading period; forfeitable on certain separations prior to vest .
Equity Ownership & Alignment
- Beneficial ownership amounts for Perla are not disclosed in the “Directors and NEOs” table; policy‑level guardrails apply: executive officers are required to hold at least 3× base salary; they must retain 100% of net after‑tax shares until the guideline is met; hedging, short‑selling, margining, and pledging of company stock are prohibited .
- Deferred compensation alignment: employees who defer into Burford stock can receive discretionary matching notional RSUs (typically 33.33% under plan design) with 2‑year vesting, supporting share accumulation and long‑term alignment .
Perla’s capital commitment to Burford funds (alignment):
| Fund | Commitment | Date window |
|---|---|---|
| Burford Opportunity Fund B LP | $75,000 | 2024 activity (commitments table) |
Employment Terms
- Role start: Vice Chair since September 2024; previously Co‑COO (Jan 2020–Aug 2024); Managing Director (May 2018–Dec 2019) .
- Individual employment agreement terms (base, target bonus %, severance, non‑compete/non‑solicit) for Perla are not disclosed; company‑wide policies include change‑of‑control treatment for equity awards (assumption/substitution, or vesting if not continued; double‑trigger vesting upon qualifying terminations within 2 years of a change‑of‑control) and comprehensive clawback policy .
Performance & Track Record
2024 company performance highlights:
| Metric | 2024 |
|---|---|
| Consolidated Net Income ($mm) | $230 |
| Total Segments (Burford‑only) Net Income ($mm) | $146 |
| Consolidated Realizations ($mm) | $907 |
| Adjusted Burford‑only Realizations ($mm) | $641 |
| Burford‑only Proceeds from Capital Provision Assets ($mm) | $648 |
- Strategic milestones cited: US domestic issuer transition; added to Russell 3000/2000; incremental US debt issuance; continued buildout of proprietary data infrastructure .
- 2024 operational achievements (company-wide) included record annual realizations and progress on enforcement related to the YPF matter; these were described among NEO performance drivers and broader management initiatives .
Compensation Structure Analysis
- Governance enhancements: adoption of the 2025 Omnibus Incentive Compensation Plan (subject to shareholder approval) with best‑practice features (no repricing, minimum vesting, director pay limits, clawbacks); continued use and expansion of the NQDC Plan with 6.6 million shares authorized to settle deferrals and matching credits .
- Policies reinforce alignment and risk control: anti‑hedging/pledging; executive ownership guidelines; trading blackout windows with pre‑clearance; clawback aligned to NYSE standards plus 5‑year recovery for misconduct and performance‑assessment errors .
Compensation Committee Analysis
- Compensation Committee: Chair John Sievwright; members Rukia Baruti Dames and Christopher Halmy; all independent .
- Independent consultant: Semler Brossy engaged for 2024 to support US domestic issuer transition, peer group design, and program reviews; Compensation Committee retains full decision authority .
- Risk assessment: consultant concluded policies/practices are unlikely to increase enterprise risk materially .
Related Party Transactions
- Executive commitments to Burford private funds (company‑managed) are permitted and available broadly to select personnel; Perla committed $75,000 to Burford Opportunity Fund B LP in 2024 .
- No other Perla‑specific related‑party transactions were disclosed .
Investment Implications
- Alignment: Perla’s capital commitment to Burford’s Opportunity Fund and the company’s ownership, clawback, and anti‑hedging/pledging policies collectively reduce misalignment risk and potential insider selling related to margining/pledging .
- Vesting/flow‑through: 3‑year RSU/PSU schedules and 2‑year NQDC matching vest create predictable unlock windows; combined with restricted trading windows and PSU designs focused on TSR medians, selling pressure is structurally moderated but can cluster post‑vesting, a factor for trading liquidity around anticipated vest dates .
- Execution risk: Company‑wide milestones (US domestic issuer transition, index inclusion, debt issuance) and strong 2024 realization metrics indicate operational execution; however, realized gains‑linked compensation and PSU TSR metrics tether payouts to cash outcomes and market relative performance, constraining discretionary awards if realizations underperform .
- Data gaps: Specific compensation, ownership amounts, and severance/change‑of‑control economics for Perla are not disclosed; investors should monitor future filings (e.g., Form 8‑K Item 5.02 changes, next proxy) for any contract terms or equity grants that could affect alignment and retention .