Full Description
With continued pressure from human rights organisations and socially conscious shareholders, investors, clients and employees, there is little doubt that every law firm must have environmental, social and governance (ESG) issues at the core of its business strategy.
However, the implementation of an ESG strategy should not be a box-ticking exercise; rather, it requires firm-wide commitment and involves the full integration of ESG criteria into the strategy, operations and ethos of the firm, in relation to both the firm itself and its dealing with clients.
Increased regulation, stronger business ethics and attitudes to climate change, environmental protection, employment standards, sustainable finance, risk and governance, community engagement, corruption and human rights are evolving at an unprecedented rate. As a result, the development of robust, long-term ESG initiatives in these areas can provide law firms with manifold benefits, including the opportunity to:
gain competitive advantage;
retain their license to operate;
make cost savings due to operational improvements;
attract, engage and retain clients and employees;
increase value and service offerings to clients through advising them on their own sustainability transformation; and
enter new markets.
This Special Report looks at the business drivers for sustainability in law firms and offers a practical toolkit to guide law firms on their ESG journey. It will make essential reading for all lawyers, law firm leaders and management teams who are involved in implementing sustainability strategies at both a firm and practice group level.
Contents
Introduction 7
Part I: Sustainability and law - setting the scene 9
1. Definitions: 'corporate social responsibility', 'sustainable development' or 'ESG'? 10
2. Sustainability: from slow raising of awareness to exponential growth of regulations 12
3. Law firms: towards proactive engagement in the sustainability journey 16
4. The Sustainable Development Goals: a universal compass for businesses and law firms 23
Part II: The business case for sustainability in law firms 35
1. Introduction: sustainability as a competitive edge 35
2. The underestimated power of culture and purpose 36
Case Study 1 41
Living up to our statutory purpose
Laëtitia Cano, Centaure Avocats
3. The pivotal responsibility of law firms as advisers to their clients 43
Case Study 2 45
The client perspective: the ESG transformation and its impact on law firms
Martin Fischer, Fellowships at Auschwitz for the Study of Professional Ethics
Case Study 3 50
Developing a multi-disciplinary ESG practice
Didier G Martin and Eleanor Forshaw, Gide Loyrette Nouel
4. The law firm as a sustainable employer 57
Case Study 4 57
Why we should expect more responsibility from law firms
Franziska Adelmann, law student, Bucerius Law School
Case Study 5 72
Embracing diversity and inclusiveness
Maria-Pia Hope, Vinge
5. Law firms expected to have their governance in place 75
6. A law firm's organisational and operational responsibilities 84
7. Strategy, positioning, differentiation - and their alignment 96
Case Study 6 100
Setting the standards for sustainable success
Paula Gomes Freire, Vieira de Almeida
Part III: How to engage in transformation - our approach to sustainability in law firms 103
1. Understand the SDGs and develop a sustainability mindset 105
2. Agree ambitions and purpose 105
3. Assess where you are, internally and externally 106
4. Define priorities and set goals 111
5. Align sustainability and strategy 114
6. Report, communicate, review, improve 119
Case Study 7 120
The case for sustainability reporting
Stina Warnstam Drolet and Isabella Bunn, Oxford Analytica
Conclusion 123
Appendix 1: Examples of indicators 127
Appendix 2: Examples of important initiatives 131
Notes 135
About the authors 141
About Globe Law and Business 143
