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Five law firms have joined together with 26 general counsel to establish a $5 million fund for research initiatives and programs designed to address the lack of diversity in the legal profession.

Orrick, Herrington & Sutcliffe; Goodwin Procter; Eversheds Sutherland; and Stoel Rives have agreed to participate in the project along with the 26 GCs, who hail from such corporations as Bloomberg, Ford Motor Co., Starbucks and 3M, among others. A fifth law firm will be chosen through a blind application and selection processes.

Dubbed the "Move The Needle Fund," the pool of money will be used to incubate new approaches to tackling the pernicious issue of diversity within law firms, especially at the equity level. The goal is to boost retention, promotion and opportunities for women, minorities and others to make the profession more diverse.