WHAT'S GOOD FOR THE HIVE IS GOOD FOR THE BEE*
Our focus in March is on value, and this final week in March, we’ll discuss the last pillar in the equation, THIRD-PARTY IMPACT.
For most organizations, this means evaluating how well a vendor addresses the broader needs of society and the community beyond the client/vendor relationship. A vendor with a positive impact on society is naturally more valuable than a comparable vendor with neutral or adverse effects.
Many organizations view this pillar in terms of diversity, which is essential. However, with organizations increasingly facing environmental, social, and governance (ESG) requirements, the topic quickly expands beyond diversity for legal teams.
THE VALUE EQUATION
Cost/Affordability
Effectiveness
Client Experience
Third-Party Impact
*Marcus Aurelius
MAKING AN IMPACT WITH DIVERSITY
Tools for measuring diversity have been around for some time and have historically involved annual surveys. This is a great start, but surveys in and of themselves don’t move the needle on diversity, equity, and inclusion (DEI).
If DEI expectations aren’t communicated to firms, and there is no accountability framework, the survey is simply a data collection exercise, which is interesting but fails to live up to the spirit of the initiative.
Therefore, it’s essential to have a survey and a way to communicate expectations and hold firms accountable for living up to what they put in the survey.
It’s easy to get overwhelmed, so nothing gets done. So, start small. Work one diversity goal into your outside counsel guidelines and hold firms accountable. It can be as simple as having a person at the firm responsible for DEI. You can raise your expectations as you gain experience and work with your firms. Society will thank you.
Check out our other blog posts on value:
You can also go here to learn more about the importance of diversity:
