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The “S” in ESG – Social

Boosting a law firm’s ability to function in a rapidly changing world where Environmental, Social, and Governance(ESG) capabilities are required is paramount for remaining relevant. Practices that fail to future-proof by hiring knowledgeable ESG attorneys risk losing valuable talent to other firms. At the same time, clients may move to competitors to find proper ESG-knowledgeable legal services. ESG in Law Firms Environmental consciousness, contribution to social justice, and ethical corporate governance are gaining importance with people and corporate entities. ESG deals with how companies operate regarding these issues, bringing them to their core policies and effecting real-world change. Applying ESG facilitates transparent data use and efficient business practices that promote eco-friendliness, fairness, and equitable governance. Law firms need the flexibility to respond to client requests that stem from this triad of factors. For example, an international corporate client may want to conform to human rights practices for employees in the United States and abroad. In a world where many faceless corporations take advantage of human rights imbalances between countries, this social issue can significantly impact the client’s positive public perception. Companies apply ESG by quantifying their outcomes using metrics and changing their practices to meet specific values. For law firms, ESG is becoming increasingly important for keeping clients compliant while mitigating risks for themselves. A recent study shows that 65.8% of Chief Legal Officers expect the focus on ESG to accelerate over the coming years, making it an essential priority for legal practices. The social aspect of ESG is one of the most difficult to quantify. It requires a legal framework for assessing its effectiveness and places heavy emphasis on hiring attorneys with experience in labor and employment law to ensure compliance. The Social Impact The S in ESG emphasizes corporations’ social impact on issues that affect groups of people in the workforce. Being socially conscious arises from actively caring about human rights and diversity issues. Corporations are entities with the ability to effect change in the face of political strife and accommodate the social change that respects a broad range of backgrounds. Social components of ESG affect policies put in place in the workforce, such as diversity, human rights, engagement, equality, training, and employment requirements. They also prioritize safeguarding company data and protecting the privacy of stakeholders. Stakeholders are a vital element of ESG when contemplating adopting the social model. Issues in this category pertain to companies’ corporate cultures as much as they do to customers, and adopting equitable and healthy ‘S’ practices benefits organizations. Hiring an ESG attorney can help your firm implement an ESG framework that highlights your company’s focus on social justice and equality. Promoting this trait engages consumers on a human level and can help you deepen relationships with your clients. Stakeholder Relationship Management Creating socially oriented policies that involve inclusion, diversity, training, and safety issues are at the heart of stakeholder relationship management. Being aware of demographic shifts and how they affect client needs requires an ESG worldview. Balancing local community engagement with overarching global practices calls for corporate legal experts to be flexible in adapting to changes. Stakeholder relationship management is also affected by security and reliability practices by corporations. Protecting secure data from cyber risks and maintaining robust IT protections are necessary. In the competitive legal space where firms vie for top talent, sustainability hinges on finding lawyers who are adept at creating and assessing ESG-focused policies. These experts can work with your firm to promote a socially conscious culture. Law firms should include their social justice initiatives in their recruiting materials to broadcast to as wide a talent pool as possible. Regulatory Risk Mitigation Regulations don’t only affect a company’s environmental and governance compliance but also its ability to act in its stakeholders’ best interest. Companies that build strong corporate cultures and take a proactive stance in adopting policies that promote positive social change and transparent disclosure are less vulnerable to political, regulatory, and reputational risks. A high-level ESG legal expert ensures a company does its due diligence concerning operations, supply chains, contractors, and how these issues relate to human rights and regulatory matters. Remaining on top of regulatory compliance requires a blueprint with which a company monitors the effectiveness of its social policies. Hiring Top ESG Lawyers for Your Firm Law firms seeking to climb to the top of their fields are recruiting top ESG legal experts. Building your firm’s policies around comprehensive ESG policies and framework will prepare your law firm for upcoming regulatory changes regarding ESG. Our highly qualified ESG attorney candidates can help your firm establish meaningful labor agreements that support social causes and advise on social policies and assessment procedures pertaining to ESG. To seize the opportunity to transform your firm with a top ESG expert, work with Collier Legal Search. We have access to a large pool of ESG-qualified candidates who can benefit your firm and ensure you implement ESG policies into your operations.

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Boom of ESG in Legal Consulting

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Recent years have seen a boom in ESG (Environmental, Social, and Governance) in legal consulting. ESG factors are continually growing in importance to businesses, investors, customers, and suppliers, and the trend shows no signs of stopping. Expected to continue for many years, corporations and law firms are now hiring their own armies of ESG experts, consultants, and advisors. Globally, ESG has taken hold as a central concern in corporate, financial, and legal entities to such a degree that to neglect ESG integration in your business is likely to lose you customers and jeopardize your competitive advantage. The financial industry in the United States today has already fully incorporated ESG, with younger investors, in particular, fueling the development. It follows that there has also been an boom of ESG in legal consulting. If you are a legal firm looking to incorporate ESG into your company structure, look no further than Collier Legal Search. We can draw on our extensive network of legal professionals fully versed in ESG to help overhaul your company to meet modern standards. What is ESG? Business as usual no longer suffices for U.S. companies to compete globally. With the explosion of global interest in ESG and the integration of ESG into the decision-making processes of almost every industry, you cannot afford to ignore it. But what is ESG? ESG stands for Environmental, Social, and (Corporate) Governance, which are intangible assets within an enterprise that nevertheless translate into a kind of social credit for a company: Environmental relates to environmental concerns such as the climate crisis and sustainability. It includes addressing externalities associated with a company’s revenue not strictly measured in market mechanisms. Climate change and sustainability issues factor into investment choices in ways that seek to both maximize revenue and act ethically toward the environment, for example, through investment in renewables and other technologies. Social relates to social concerns and the imperative of a company to act in a socially responsible manner, including in its hiring process. Considerations can include human rights, diversity, consumer protection, and animal welfare, among others. Governance relates to rights and responsibilities in managing a company, relating to corporate ethical standards for the board, the shareholders, and the stakeholders. Examples can include issues such as management structure, employee relations and management, and employee compensation. Each company must decide who holds the responsibility for ESG within it. Usually, it will be the board of directors, often creating unique ESG positions and appointing ESG experts to ensure compliance with its commitments. In addition, it is becoming increasingly common for investors and stakeholders to request reporting on non-financial opportunities and risks. The Head of ESG ensures that reporting is also available for all the company’s externalities and non-financial activities. What is Driving ESG Growth? Companies are beginning to understand value in ways besides financial reporting. Especially among younger generations, the future shareholders and industry leaders, there is a strong imperative to support ESG companies over more traditional ones. Consumers are voting with their wallets. However, there still needs to be convergence between ESG and the company’s bottom line. While this can appear contradictory, incorporating ESG priorities into the corporate values and culture of the company can be complementary to the bottom line, especially today. Some of the benefits of implementing ESG initiatives are: Being seen as a thought leader in your industry, which today is unlikely without an ESG strategy Boosting the company’s social brand and reputation, both in your industry and without Building trust to increase engagement within the communities your business operates in Mitigating ESG risk exposure, e.g., by systematically detecting and assessing significant ESG risks inherent to specific business transactions Fostering a win-win mentality by encouraging more responsible business practices while growing the company’s bottom line in the longer term On the other hand, some of the risks of a wait-and-see approach to ESG are: Waiting too long may result in extra costs if potential regulatory reforms become mandated Not adapting could lead to a loss of competitive advantage, hurting sales and talent attraction and retention Not adjusting damages the company’s brand and reputation merely through the semblance of irrelevance ESG Drives Hiring There is no uniform approach to ESG. It can be industry, company, or issue-specific. Your company can decide which opportunities and risks to address and be measured against by getting ahead of any universal standards or federal mandates on the issue early. Having pre-existing ESG incorporation explicitly tailored to your company can help mitigate any externally mandated demands and costs later. Professional services network PricewaterhouseCoopers (PwC) is an example of a company that invested in ESG early. The result has been that PwC projects that it will expand its workforce by ⅓ over the next five years by hiring 100,000 new employees. PwC plans to seek experienced, qualified workers with a profound, active knowledge of ESG. Futureproofing Your Organization This year, U.S. law firms have begun aggressively building ESG practices into their company structures to anticipate new federal government initiatives and increasing interest from their clients. Law firms are retooling and positioning themselves to provide legal guidance to clients regarding ESG-compliance. A legal consultant can advise on how best to perform ESG reporting according to a company approach. A strong stance on ESG can help you attract the best new employees and retain the valuable ones you already have. Having a law firm on your side can help you smoothly transition to ESG compliance without unsettling your daily operations or upsetting your bottom line. How Collier Legal Staffing Can Help Collier Legal Search offers services in placing associates, partners, and legal professionals of the highest credentials at every level in corporations and law firms. With our extensive connections, experience, and exclusive approach, we have built a candidate database that delivers consistent results and on which our clients have come to depend. We commit ourselves to satisfied clients and successful candidates. If you are considering migrating your company into ESG compliance, discover what we can do for you.

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