This column is by Janet Stanton, Partner, Adam Smith, Esq.
Yes, we’re pretty much mercilessly flogging the Leopard Law Firm Index. Why? Because in the information-desert that is Law Land, the Leopard Index provides high-quality, easily accessible data firms can use to achieve greater sustainability. (Note: We have zero financial interest in the Leopard Index.)
In a highly opportune upgrade, The Leopard Index now reflects diversity as one of the criteria for a law firm’s rating. As with many of the other criteria included as part of the Leopard Index, progress (or not) on diversity is frequently updated.
A brief recap… The Leopard Index which launched in October provides, for the first time, a comprehensive, quantitative, “un-gameable” measure of each firm’s resilience and vitality giving firms the ability to identify their strengths and address their weaknesses. The Leopard Index is comprised of various criteria – all associated with law firm health. Importantly, the ratings are dynamic; updated as frequently as weekly. No more waiting a year for the next report. (Here are our two previous posts; from the launch and our piece on how firms can use the data.)
It’s not news that Law Land has failed miserably in terms of diversity (even worse than Corporate Land; hardly a paragon of inclusion). Beyond the fact that diversity is a social good, there are uncounted studies that quantitatively support the business value of diverse workplaces – they evince better decision making which leads to better financial performance (than at less-diverse organizations).
If that isn’t enough, clients are getting serious about demanding diversity at their law firms, including penalties (or worse) when diversity benchmarks aren’t met (see Sara Randazzo’s recent article in The Wall Street Journal).
With The Leopard Index, you can track your diversity progress against your peers. You can also see which firms are excelling at diversity and learn from what they’re doing. It’s not only the right thing to do – it’s also the smart thing to do.
Why not check it out at Leopard Solutions; it’s kinda a no-brainer.