Your true north - purpose building
Defining why you exist as a law firm
Our Co-Founder and CEO Adrian Peyer reflecting on “Sustainability Through Purpose”
This blog post is an abridged and edited version of the podcast interview with the same title, which can be found here.
Today, we see practice groups on ESG popping up at many law firms and being positioned as a business opportunity. At the same time law firms have started their own ESG journey, as clients start asking about ESG and taking into account their global value chain.
Law firms not only need to provide advice, but also walk their ESG talk. Having assessed more than 1000 law firms globally, we see many of them tackling the social and some of the governance aspects and covering the environmental traits, which is the focus nowadays.
But what we see and what is lacking most is the underlying foundation to these topics: What are you standing for as a law firm – what is your purpose? Why do you exist as a law firm? I’m convinced that if you as a law firm define this, you are clearly positioned towards your clients, but also towards your employees.
Both of them can make a choice whether they identify themselves with that purpose or whether they choose working with you or working for another law firm.
Stay tuned: In our next blog, we will have a closer look who to identify, articulate and differentiate purpose – a tool for decision making, client attraction and employee retention.