Arlington, Va. — Bloomberg Law today announced that it has named 28 U.S.-based law firms to its inaugural Diversity, Equity & Inclusion (DEI) Framework, the legal industry’s first and only standardized, fully transparent methodology to measure law firms’ performance in this critical arena.
The members of the DEI Framework were recognized based on their level of disclosure of diversity-related metrics and distinguished performance against six core pillars: demographics, leadership and talent pipeline, recruitment and retention, business innovation and strategy, marketing, and diversity and inclusion in the community.
Among the members of the Bloomberg Law 2021 DEI Framework:
- Demographic statistics, such as the percentage of partners and associates who are members of underrepresented groups, are above industry averages – as reported by the American Bar Association and the National Association for Law Placement – demonstrating that these firms are doing many things well.
- While the overwhelming majority (96%) have a public statement regarding their commitment to diversity and inclusion, there is still room to grow for member firms as but two in five (42%) shared a specific, time-bound action plan to increase the representation of diverse groups in leadership positions.
- Nine out of 10 (89%) report having a Chief Diversity Officer or equivalent position.
- A slight majority (61%) say that Practice Group Leaders have clear diversity and inclusion goals as part of their annual performance review, and two out of three (68%) tie a component of partner compensation to diversity efforts.
Bloomberg Law’s DEI Framework was developed in collaboration with Bloomberg’s Gender-Equality Index team, as well as diversity leads at corporations and U.S.-based law firms. Performance was assessed across more than 85 metrics, each associated with one of the framework’s six core pillars. The DEI Framework report, which includes a detailed methodology and a list of the 28 member firms, is available for complimentary download at http://onb-law.com/rhk150GtP5d.
“With the introduction of the Bloomberg Law DEI Framework, businesses for the first time have complimentary access to a list of law firms that have met a clearly established threshold and are moving diversity, equity, and inclusion forward,” said Joe Breda, president, Bloomberg Law. “Clients are looking to law firms that reflect their values and have demonstrated a commitment to diversity, equity, and inclusion and the 28 firms that we’ve recognized as part of the inaugural Bloomberg Law DEI Framework clearly fit the bill.”
Going forward, the methodology and membership criteria will be reviewed and updated annually to ensure alignment with industry trends, methodologies, and best practices.