31 Corporate Legal Departments Spent $240M With Minority- and Women-Owned Firms in 2018
The legal spend going to minority- and women-owned firms, which has grown significantly since 2010, comes at a time when corporations are seeking to influence the diversity of their outside counsel.
September 24, 2019 at 03:17 PM
2 minute read
The legal departments of 31 companies have spent a total of $1.6 billion with minority- and women-owned law firms since 2010 as part of an initiative administered by the National Association of Minority and Women Owned Law Firms.
In 2018 alone, the corporate legal departments at Google, 3M, Bank of America and Target, among others, spent $240 million with NAMWOLF firms. This year, Walgreens and Honda signed on to the initiative as well, bringing the total amount of participating clients to 33.
"The Inclusion Initiative makes a meaningful, positive impact on the legal profession by encouraging members to make tangible commitments to hiring diverse firms, helping them to thrive in the market," said Ann Kappler, senior vice president and deputy general counsel of initiative co-founder Prudential Financial, in a statement.
The initiative began in 2010 with just 42 participating minority- and women-owned law firms and 11 companies. The program's growth and legal spend demonstrate the growing power of clients as corporations look to influence the diversity of their outside counsel by targeting their bottom lines.
An open letter signed by more than 200 general counsel demanding more diverse legal representation in January lit a match under the diversity conversation this year. Organizations like Diversity Lab have leveraged client legal spend and networking in its marquee initiatives.
Within this area, many see women- and minority-owned law firms as essential to progress. Turo chief legal officer Michelle Fang, who spearheaded the open letter, promoted hiring these firms in a list of actionable steps released in the wake of the call to action.
"The commitment exhibited by each company helps ensure the success of minority- and women-owned law firms and furthers the important mission of diversifying the legal profession," said NAMWOLF board member William Delgado in a statement. "NAMWOLF is excited about its continued collaboration with the Inclusion Initiative for years to come."
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