Our findings from our Mid-Year 2022 Performance Review indicate that even amongst the strongest actors in the legal sector with respect to sustainability (the "Lucky Number 7" of Clifford Chance, DLA Piper, Linklaters, Baker McKenzie, DWF, Burges Salmon and Freshfields, at time of writing), there remains significant room for growth, improvement, and change across the E(nvironmental), the S(ocial) and the G(overnance)-related aspects among global law firms.

 

One effective suggestion on where to start on the pathway to progress?

 

Law firms would be wise to discuss and define their purpose - the “why” their organisation exists. As outlined previously, "purpose setting" is a core principle of the WEF Stakeholder Capitalism metrics, and amounts to the step beyond the goal to “serve our clients with the highest quality legal advice” (or the “what” the firm does); it is a bold definition of a firm’s “True North.” Ideally, every employee should understand and live up to the set purpose and values. When clearly defined, many other decisions can be tied back to the True North - and impactvise sees this as a foundational element of a firm's ESG strategy. Clearly articulating this purpose/the concrete why helps move sustainability and ESG efforts into the realm of strategy, rather than simply a compliance exercise.

 

In addition, law firms need to define what is important to them and their stakeholders and focus on these topics first - a materiality assessment that allows a firm to effectively prioritise its resources. A holistic sustainability and ESG approach takes time, effort, and commitment - and the best time to begin is now!

 

To help move law firms on their paths forward, we have developed a legal-specific “maturity model” for law firms and legal teams to identify where they stand and where they want to go. Our data provides the initial assessment, and our advisory services guide law firms on their ESG journey to where they want to be - moving through key dimensions and stages of maturity to enable best-in-class solutions.

 

By taking proactive steps, the top 7 law firms listed here have secured an advantage against peers - a head start on the sustainability journey that involves not only the legal sector but all of the many realms it touches.

 

Our Mid-Year 2022 review identified that the 7 top law firms started early on and are well-advanced on their journey. For the other law firms around the globe: the sooner you start, the better you are positioned - to respond to your clients requests, your employees’ expectations, and society’s needs and demands.