In these challenging economic times these kinds of questions can add tremendous value to the stakeholders asking them. Does your ideal community embrace innovation, encourage talent, and nurture the entrepreneurial spirit that produces new businesses, new products and services?
According to the latest statistics from The National Association for Law Placement NALPapproximately 17 percent of partners in such firms are women, while minorities account for slightly more than 4 percent. In the Twin Cities, almost 19 percent of partners are women and slightly more than 2 percent of partners are minorities.
Since the s, almost half of law school graduates have been women. During that same time frame, the percentage of minority law school graduates has doubled: Perhaps in consequence, women and minority lawyers are better represented at the associate level than among partners.
Nationally, approximately 43 percent of associates are women and 15 percent of associates are minorities; their placement thus lags roughly 5 percent below their representation among law school graduates.
Locally, 47 percent of associates are women and 9 percent are minorities at Twin Cities law firms. Progress has been slow. Innationwide, 12 percent of partners were women, while 2. There has been considerable debate within the profession about what these numbers mean.
Others maintain that the statistics reflect a personal choice to jump off the traditional law firm partnership track. Why is Diversity Important? This debate continues relatively unchanged today.
What has changed dramatically over the past decade are the arguments about why diversity in law firms is important.
Law firms that do not take diversity seriously are already losing money. That debate is usually a far less controversial one since, not surprisingly, it is easier for lawyers to reach a consensus about activities aimed at enhancing revenue and profits as opposed to achieving social justice.
Diversity helps the bottom line in a variety of ways. First, diverse law firms attract and retain better lawyers. The pool of available white male law school graduates continues to shrink.
As noted above, approximately half of law school graduates today are women and 20 percent are minorities. As a result, these firms lose out on many talented lawyers. Law firms that do hire women and minorities, but fail to retain them, experience substantial turnover costs.
Law firms that are able to retain their diversity hires reap the benefit of their investment in training. And of course, law firms that lose such associates, on occasion, face discrimination litigation with its attendant expense and distraction, as well as adverse publicity. Another argument in favor of diversity relates to the quality of lawyering.
Many corporate clients want diverse perspectives when seeking legal advice. Jury pools today are more diverse. This criticism is frequently heard when companies intentionally seek out law firms that have women or minority attorneys available to help defend a lawsuit involving race or sex discrimination.
New Business Through Diversity Perhaps the most compelling argument underlying the business case for diversity relates to marketing and business development.A More Accurate Business Case for Diversity. Although diversity alone does not increase company profitability in the near term, there is a lot to be gained by investigating the conditions under.
A Business Case for Diversity "Cummins’ success today would not be possible without our deep commitment to diversity.
At Cummins, we want to create an inclusive work environment where the diverse ideas and perspectives of our employees drive innovation for solving tomorrow’s business challenges.
Aug 21, · Attaining real diversity (especially in a world where there isn’t even one openly gay CEO of a Fortune company), will ultimately hinge on how strong the business case is, says Sears. “I. More recently however, many diversity proponents instead talk about diversity in terms of the “business case” or that diversity enhances the bottom line.
As stated in a study by the Minority Corporate Counsel Association (MCCA), “Law firms that only pay lip service to diversity may pay a stiff economic price.
Remarks – Business Case for Diversity. Home Home Ambassador James D. Melville, Jr. Ministry of Economy. Thank you, Minister. It’s an honor to be here this morning. I’d like to applaud your efforts to hold a constructive dialogue with the business community on a .
The Business Case for Diversity James J. Padilla Group Vice President, Ford North America Ford Motor Company I’ve been invited to discuss the business case for diversity—why diversity is as critical to your business strategy as the products you make or the services you provide—and to discuss the benefits for companies that not only seek but celebrate diversity .