Putting the theory into practice
Striving to demonstrate purpose and value now goes beyond a binary social strategy and the notching up of pro-bono hours. The challenge, however, remains the delivery of initiatives rooted in tangible outcomes. Here’s Tamara Bot of Arendt & Medernach.
Tamara Bot, Head of Bids, Tenders and Client Due Diligence Arendt & Medernach SA
tamara.bot@arendt.com
Law firms and professional services companies in general have been working on a new agenda over the last few years – one that strives to demonstrate their purpose and value, rather than just creation of value for their own benefit.
This drive to think about the impact on social and environmental issues has kept marketing and PR teams busy across the globe. But often it felt like a compliance exercise rather than a fundamental change of direction, with new ideas that could be generated and implemented by an empowered group.
Technology has helped to change and accelerate thinking in this area. Client ESG due diligence questionnaires have changed from paper-based exercises to online comparison tools that evaluate and apply a relative score to your ESG initiatives.
Scores can be published publicly and firms can find themselves in an uncomfortable position, even relegated from legal panels.
For our firm, we decided to change our strategic thinking, cut out the marketing “gloss” and implement new initiatives that had a real impact.
“The days of the binary social strategy called 'pro-bono hours' are long gone. The most progressive firms who really make an impact are thinking much broader.”
Here are our top five tips to get you on your way:
- Agree your strong fundamental principles: for us it is people, the environment, innovation and education. These fundamentals will guide you in your choice of projects, investments and philanthropic initiatives.
- Governance measures have to be in place in order to implement your strategy. This sounds obvious, but you need to recruit someone to lead this implementation as their full-time role, not something they do on the side of other projects or client work.
- This is not the responsibility of one person – we have a Sustainability Committee, a Sustainability Steering Committee, a Diversity and Inclusion Committee and an internal Diversity and Inclusion Network. All committees and networks need to work in a co-ordinated manner, guided by your strong fundamentals.
- Learn from others - we are members of a number of outside organizations that focus on social value. Listening to others and sharing ideas will build momentum and inject fresh thinking into your plans. Signing up to public charters also demonstrates your commitment to initiatives.
- Review your supply chain – everything from utilities to toiletries and put it under the lens of social value. Whilst finding a 100% renewable energy provider might be difficult just now, it is easy to find and work with companies that provide, for example, employment for the disadvantaged in local communities for the other services you need.
The days of the binary social strategy called “Pro-Bono hours” are long gone. The most progressive firms who really make an impact are thinking much broader and, more importantly, implementing what they talk about in client questionnaires.