Travis Lenkner
About Travis Lenkner
Travis Lenkner (age 45) is Burford Capital’s Chief Development Officer, appointed in September 2024; he sits on the Management Committee and is responsible for strategic growth initiatives. He holds a JD from the University of Kansas and a BS from Kansas State University, and clerked for Justice Anthony M. Kennedy (U.S. Supreme Court) and then-Judge Brett M. Kavanaugh (D.C. Circuit) . Burford’s FY2024 performance context included consolidated net income of $230M, Burford-only net income of $146M, consolidated realizations of $907M, net realized gains of $440M, and proceeds from capital provision assets of $991M, underlining strong cash generation that anchors pay-for-performance design and PSU metrics tied to TSR .
| Metric | FY 2024 |
|---|---|
| Consolidated Net Income ($M) | 230 |
| Burford-only Net Income ($M) | 146 |
| Consolidated Realizations ($M) | 907 |
| Net Realized Gains ($M) | 440 |
| Proceeds from Capital Provision Assets ($M) | 991 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Larkspur Partners LLC | Founder & CEO | 2022–2024 | Built legal finance/advisory platform; market development |
| Keller Lenkner LLC | Co‑Founder & Managing Partner | 2018–2022 | Scaled premier complex-litigation/mass-action firm; co-founded European counterpart |
| Gerchen Keller Capital | Launch Partner | 2013–2016 | Early legal finance pioneer; platform later acquired by Burford (2016) |
| The Boeing Company | Senior Counsel | Prior to 2013 | Corporate litigation and risk experience in-house |
| Gibson, Dunn & Crutcher | Attorney (NY & DC) | Prior to 2013 | BigLaw training; complex litigation capability |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| U.S. Supreme Court | Law Clerk to Justice Anthony M. Kennedy | Prior | Elite judicial clerkship signaling legal acumen |
| U.S. Court of Appeals for the D.C. Circuit | Law Clerk to then‑Judge Brett M. Kavanaugh | Prior | Federal appellate clerkship; litigation judgment credentials |
Fixed Compensation
- Burford applies a law‑firm‑style lockstep approach for CFO, President, Deputy CIO, Chief Strategy Officer, and Chief Development Officer: compensation for these five executives is set the same each year, driven by Burford’s performance rather than individualized targets (promotes team alignment; carried interest may vary by tenure/vintage) .
- Base salary levels for peers in this lockstep cohort were set at $600,000 for FY2024 for CFO and Chief Strategy Officer (Will was already at $600,000); Lenkner joined September 2024—his specific base, target bonus %, and actual bonus were not separately disclosed .
Performance Compensation
Burford’s executive LTIP uses RSUs and PSUs to align with long-term value creation. For grants issued with the 2024–2026 performance period, PSUs use TSR as the sole financial performance metric; vesting generally occurs on the third anniversary, and PSUs are capped at target achievement, with continued service required .
| Component | Grant Date | Shares/Units | Metric | Weighting | Vesting | Notes |
|---|---|---|---|---|---|---|
| RSUs | Sep 30, 2024 | 7,508 | N/A | N/A | 2027 (service-based) | Part of 15,016 notional ordinary shares; under NQDC/LTIP |
| PSUs | Sep 30, 2024 | 7,508 | TSR | 100% of PSUs | 2027 (performance + service) | PSU share equals 50% of grant; performance design per 2024 PSU framework |
Program context for PSUs:
- 2024 PSUs: TSR is sole metric over three-year period .
- Pre‑2024 PSUs (performance period 2021–2023): TSR and Adjusted EPS each 50% weighting; actual TSR 66% and Adjusted EPS 3,335% led to 100% payout for that cohort (illustrative of payout calibration, though not specific to Lenkner) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| September 2024 Award | 15,016 Burford ordinary shares granted; 50% subject to performance; due to vest in 2027; recorded as unvested notional ordinary shares under NQDC/LTIP; reference price $13.32 |
| Beneficial Ownership (Shares) | Not specifically disclosed for Lenkner in the FY2024 Security Ownership table (NEOs and directors listed; Lenkner not a 2024 NEO) |
| Pledging/Hedging | Prohibited for directors/executive officers: no short‑sales, hedging, margining, or pledging of Burford securities |
| Ownership Guidelines | Executive officers other than CEO/CIO must hold 3× base salary in shares, to be attained within 5 years; 100% of net shares from awards retained until guideline met |
| Carry/Co‑Investment Alignment | Personal commitments to Burford private funds in 2024: $100,000 (BCIM Partners II LP), $250,000 (BCIM Partners III LP), $100,000 (BCIM Credit Opportunities Fund LP); distributions of $43,493—indicates personal capital at risk alongside platform |
Employment Terms
- Role/title and appointment: Chief Development Officer; executive officer of Burford’s operating entities; joined September 2024 .
- Specific employment agreement terms (base, severance, change‑of‑control) for Lenkner are not disclosed in the 2025 proxy; broader executive policies include robust clawbacks, anti‑hedging/pledging, and long‑term incentive equity grant practices .
- Share ownership/retention and PSU design (TSR focus) provide structural alignment; no tax gross‑ups, no single‑trigger vesting under change‑in‑control for LTIP awards per compensation governance practices .
Investment Implications
- Alignment: Lockstep compensation across five senior executives and TSR‑based PSUs indicate a strong team‑orientation and shareholder return focus; retention reinforced by three‑year vesting and 100% net share retention until guidelines are met .
- Selling pressure: No pledging/hedging permitted and award structure is largely deferred; the September 2024 grant vests in 2027, reducing near‑term sell pressure risk .
- Skin‑in‑the‑game: Personal commitments to Burford private funds add economic alignment beyond equity awards .
- Data gaps: Absence of disclosed individual base salary/bonus/severance terms for Lenkner limits granular pay‑for‑performance and change‑of‑control modeling; monitoring future filings (offer letters, 8‑K 5.02, and next proxy) is advised .