In the wake of the Supreme Court’s ruling against affirmative action in college admissions, Wall Street firms like Simpson Thacher and Paul Weiss have initiated new practices dedicated to building diversity, equity, and inclusion (DEI). These law firms identified a business need for such dedicated practices due to client enquiries about racial equality audits and potential legal challenges that could follow in the aftermath of the court’s decision.
Former US Attorney General Loretta Lynch, who is leading the DEI practice at Paul Weiss, stated that the firm is responding to clients eager to ensure their DEI programs are effective. This has emerged as the second wave of DEI practice establishments, the first of which arose in response to the tragic killing of George Floyd in May 2020.
The recent developments mark a period of increased concern by corporations aiming to defend their DEI programs against attacks. These challenges are fueled, in part, by a new legal landscape created by the Supreme Court’s verdict in Students for Fair Admissions v Harvard, which prohibited the use of race-based criteria in higher education admissions.
Building upon this trend of fostering diversity and inclusion are firms such as Paul Weiss, which spearheaded a DEI task force resulting in a 93-page report offering guidance for private employers on how to sustain and strive for more DEI initiatives. Similarly, Simpson Thacher & Bartlett and McGuireWoods started their DEI practices in response to increased inquiries about diversity programs and racial equity audits.
Shared with corporations, the legal sector is facing increased scrutiny in its diversity programs, resulting in a unique dynamic where law firms share similar dilemmas to those of their clients.
Regardless of these challenges, a consensus exists among legal professionals: there is a lack of competition between law firms when it comes to providing conflict-free counsel. As legal landscapes continually shift, it’s crucial for clients to have multiple avenues for legal counsel, said Victoria Slade, co-leader of Davis Wright Tremaine’s group.
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