In recent months, companies have accelerated their diversity and inclusion initiatives as a result of the Black Lives Matter movement and the overdue conversation on racial injustices in America.
While companies have realized the work must start from within, they’re also holding critical external partners – including law firms – to higher standards.
This afternoon Bodhala CEO, Raj Goyle, led General Counsels and Chief Legal Officers across multiple industries through insightful conversations on the critical role data plays in driving diversity initiatives during Consero’s Virtual KnowledgeBridge.
As the leading legal technology platform, Bodhala is built on data – and how we develop it, how we utilize it and how we analyze it for the benefit of our customers sets us apart.
Our analytics and market intelligence have made us experts in diversity spend data as we have helped clients:
- Identify and source diverse counsel for individual matters and panels
- Direct spend to diverse attorneys on the partnership path
- Monitor origination credit and relationship partner data
Here’s What We Heard
Throughout this afternoon’s discussions, Consero attendees expressed their desire to get beyond the virtue signaling and window dressing that law firms so often display when it comes to diversity.
Though legal departments are at various stages in their innovation journeys, attendees shared the following actions their legal departments have taken:
- Identification of diverse attorneys at the associate level that can be supported through the partnership track
- Request of diversity metrics during the RFP process
- Implementation of technology that can improve data visualization in order to better track diversity
- Utilization of boutique law firms that employ more diverse lawyers
Law firms will not change their antics unless they are held accountable by their clients. Companies can no longer rely on obsolete numbers in a survey or empty law firm promises when it comes to diversity. After all, you cannot manage what you don’t measure.
To ensure accountability, companies must leverage data and monitor origination credit. Origination credit determines who at the law firm gets a significant percentage of money for a client’s work. No progress can be made on diversity initiatives without the client’s understanding of the critical role origination credit plays in diverse lawyers achieving equity partner status within their firms.
Is your organization equipped with the data you need to initiate change and tip the scale on critical diversity efforts?
Bodhala is your partner for generating data-backed insights that can accelerate your company’s diversity journey.
With over $15 billion in legal invoices from over 235,000 timekeepers spread across over 30,000 law firms, Bodhala equips you with the data needed to hire the right lawyer at the right law firm at the right price.
Get in touch with our team of legal billing and data experts to find out how Bodhala can transform your legal department.