McAndrews Social Impact & Diversity Report Featured in World Trademark Review’s News Digest
WTR highlighted the McAndrews Social Impact & Diversity report, with Deputy Editor Victoria Arnold-Reese stating that “Reports such as this one are crucial for tracking DEI progress in the industry and holding firms accountable to the DEI commitments that they make. No matter the size, every step forward is a positive step. Firms should be encouraged to be transparent about any progress they are making, and to share the initiatives that they partner on, to prompt others to follow suit.”
The newsletter delved into key data points from the report:
“McAndrews data shows diversity progress – Full-service IP firm McAndrews has released its annual Social Impact & Diversity report, detailing the progress that it has made over the past year to improve the diversity make-up of the firm and in support of diversity, equity and inclusion (DEI) initiatives in the wider community. McAndrews’ diversity data reveals that the percentage of attorneys at the firm from underrepresented minorities has increased from 23.5% to 27.3% over the past year, while the percentage of attorneys who identify as Black, Indigenous or other People of Color (BIPOC) has increased from 20.6% to 22.7%. Diversity has also improved among senior roles (i.e., management and department heads) and at shareholder level. Underrepresented minorities now account for 31.8% of senior roles (up from 27.3% last year) and 22% of shareholders (up from 20% last year). BIPOC employees continue to make up 22.7% of senior roles, but have increased to 19.5% of shareholders (up from 17.5% last year). Representation of women at the firm has fluctuated, though. The percentage of attorneys who identify as women has fallen from 22% to 19.7% and the percentage of shareholders who identify as women has dropped from 20% to 17%. However, the proportion of senior roles held by women has jumped from 31.8% to 40.9%. Hiring diverse talent is the first step in improving diversity within law firms. Retaining that talent is just as critical. McAndrews states that 87% of its racially/ethnically diverse attorneys have been at the firm for five years or longer, while 66% have been at the firm at least 10 years. As many of its shareholders have been at the firm their entire career, there is likely to be a hope that – with the right support – hiring an increasing number of diverse candidates now will lead to improvements at the shareholder level in the future.”
View the McAndrews Social Impact & Diversity Report here.