Why diversity is key to the legal sector and business success?
Achieving gender equality should be a widespread goal, and even more so within the legal sector, where inequality in access to leadership positions is so stark.
A recent study by Accenture and W20 indicates that the Covid-19 pandemic has increased by 51 years the time it will take to achieve gender equality in the world, if circumstances remain as they are today.
The gender gap that has always existed has been further deepened by the global health emergency, with numbers showing that women’s incomes have declined by nearly two-thirds more than men’s. If gender equity was once expected to be achieved, it is now estimated that it will take 51 years to achieve it. If equity was previously estimated to be achieved by 2120, this would now only be possible by 2171.
These figures show us that the need for action in this area is urgent and initiatives to improve the situation should be prioritised and not put aside for “when we have time”.
Women, as indispensable members of society and the workforce, must have equal opportunities, and the legal sector can be an example that this is possible. Diversity generates greater productivity, drives innovation and creativity, and produces better results, among other benefits, so improving this situation can only generate a greater return.
In Latin America, the legal sector in countries such as Mexico, Chile, Peru and Argentina still has a lot of work to do in this area. In terms of university graduates and at the associate level, there is almost parity, while breaking the glass ceiling to become a partner is very difficult for women, and sometimes impossible.
In order to improve this situation within law firms, it is first necessary to acknowledge and recognise the current situation and then start with concrete initiatives. This implies taking data and analysing them, defining achievable and measurable objectives and developing the actions proposed: roadmap, parity goals, target career plan, quotas, among other possibilities.
These initiatives are so necessary that international directories that rank lawyers have already highlighted the problem and are already focusing on solving it.
A couple of years ago Chambers started requesting statistical data on diversity within firms, including the percentage of partners to associates. This is in addition to the independent Diversity and Inclusion area within the firm, which is responsible for analysing this data and promoting relevant initiatives.
Its direct competitor, Legal 500, has been requesting information on technology and innovation initiatives, diversity and inclusion, and pro bono work in its submission form since this year.
This information is currently optional and for statistical purposes, but will most likely in the near future become an additional element in the evaluation for the purpose of defining a ranking.
For these reasons, initiatives to promote diversity are slowly becoming an almost mandatory requirement for firms wishing to grow and be recognised in the market. The opportunity to be the first one is now.
Gericó Associates is pioneer on Legal Marketing Consultancy services, LegalCom and Business Development in Europe and Latin America. If your firm needs councelling looking for new trends and challenges within the legal sector, do not hesitate to contact us by clicking here.
