JP Morgan Chase, Goldman Sachs, BNP Paribas GCs launch D&I pledge
Senior in-house attorneys from JP Morgan Chase, BNP Paribas, Goldman Sachs and Bank of America are among leading general counsels (GCs) from the financial services sector who have committed to better promote D&I in the legal sector.
In an open letter published yesterday, September 30, the GCs unveiled a number of commitments and called on law firms to support these D&I aims, as well as meeting their expectations related to diverse staffing.
Other signatories included counsel from Credit Suisse Group, UBS Group, Standard Chartered Bank, Morgan Stanley, Deutsche Bank, Barclays and Citigroup.
In the letter, the attorneys wrote that they had been spurred into action amid the social and civil unrest involving acts of violence against black people in the US, which they said had dramatically focused their attention on existing and ongoing racial and social injustice.
They wrote: “As leaders of corporate legal departments in the financial services industry, we have come together as a group to denounce discrimination, in whatever form, and express our support for those who have been subjected to these experiences.”
“In this moment, we face difficult but necessary questions about the persistence of racism as well as other forms of discrimination, and what further steps we can take in our departments and profession to drive change,” they added.
The GCs offered commitments according to three pillars: internal action, external supplier engagements and social action efforts.
These outlined goals include efforts to: provide or enhance platforms and opportunities to increase racially and ethnically diverse employees in leadership roles; broaden the involvement of racially and ethnically diverse employees in forums that identify talent and determine promotions; and to ensure inclusive hiring practices through diverse candidate slates for open positions, as well as ensuring diverse panels of interviewers.
They also pledged to: create or enhance existing mentoring/reverse mentoring schemes; provide or enhance regular D&I training for legal department employees; and encourage managers to engage and lead these efforts.
In addition, the GCs said they would deepen their understanding of the progress law firms are making regarding the advancement of racially and ethnically diverse employees, including using relevant data when considering external legal counsel.
The other outlined aims included: continuing to explore increased opportunities for diverse attorneys to lead matters and client relationships; identifying law firms and other legal service providers with racially and ethnically diverse ownership for work; and ensuring long-term support systems and networks to which developing attorneys may seek guidance and coaching throughout their careers.
According to the letter, each signatory has developed its own D&I initiatives and while the companies will share collective commitments, each will adopt or vary the specific commitments to their own individual institutions.
The letter concluded: “Our culture and what we value and promote in our departments must recognise and account for the full breadth of talent, styles and perspectives, including those who are racially and ethnically diverse. Our profession will be better and stronger for our having done so.”
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