Legal Departments' Lack of Supplier Diversity Could Be Costing Company Contracts
Companies with government contracts exceeding $700,000 must meet supplier diversity requirements. But procurement and legal professionals said in-house counsel often don't pull their weight when it comes to supplier diversity, opting for the same set of Big Law firms that don't help fill the contract.
May 31, 2019 at 12:38 PM
3 minute read
Many general counsel aim to bolster both legal and business strategies, but, according to procurement professionals, in-house leaders could actually be costing companies, losing out on government contracts by not meeting supplier diversity requirements.
Federal law requires companies with U.S. government agency contracts exceeding $700,000 to outline their plans to hit required targets for hiring disadvantaged small businesses, including those owned by Native Americans, women and veterans, for subcontracting work.
“Getting one diverse firm on a litigation could keep a very important government contract or reduce the risk of losing it,” said Adrienne Fox, a longtime procurement professional and member of Buying Legal Council.
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