Thompson Coburn issued the following announcement on Nov. 4.
Thompson Coburn is one of just 28 U.S.-based law firms that have been named to Bloomberg Law’s inaugural Diversity, Equity, & Inclusion (DEI) Framework, released in October 2021. Law firms ranging in size from less than 10 attorneys to more than 2,000 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.
The DEI Framework is a comprehensive survey and scoring methodology developed by Bloomberg Law and Bloomberg L.P., with input from respected DEI leaders at firms and companies across the country. The framework is a methodology that Bloomberg says is among the legal industry’s first ways to measure law firm performance in this field.
“We’re delighted to appear on the inaugural list of Bloomberg Law’s DEI Framework and proud to work alongside others in the legal industry to increase the transparency of diversity and inclusion metrics among U.S. law firms,” said Norma Jackson, Thompson Coburn’s Chief Diversity and Attorney Development Officer. “One of the best ways for us to meaningfully add more women and attorneys of color to our legal teams is to face head-on the strengths and weaknesses of our pipeline and development processes and continue to adopt strategies that improve representation at all levels of law firm attorney ranks and leadership teams. Participating in the DEI Framework and analyzing the results helps us make progress on all of these goals.”
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. Going forward, the methodology and membership criteria will be reviewed and updated annually to ensure alignment with industry trends, methodologies, and best practices.
Joe Breda, president of Bloomberg Law said, “Clients are looking to law firms that reflect their values and have demonstrated a commitment to diversity, equity, and inclusion. [T]he 28 firms that we’ve recognized as part of the inaugural Bloomberg Law DEI Framework clearly fit the bill.”
Following are some of the DEI Framework metrics of the 2021 member firms:
- 83% of companies have a Chief Diversity Officer (or equivalent)
- 88% of firms have a public statement regarding their commitment to diversity & inclusion
- 58% of firms require diversity within a pool of candidates for management and leadership
- 48% of firms say that Practice Group Leaders have clear diversity and inclusion goals included as part of their annual performance reviews
- 53% of firms tie a component of partner compensation to diversity efforts
Original source can be found here.