External ESG - what are firms doing?
Undoubtedly, ESG is a massive opportunity for law firms. And many firms could look to the Big Four who are showing leadership in this field by putting ESG front and centre of their client strategies.
Learning and development
- Upskilling all of their people, not just their ESG specialists
- Delivering matters through an ESG lens – for example, fairness within employment contracts, plain English in commercial contracts with consumers, evaluating merger targets for ESG risk, building ESG criteria into financing agreements and, of course, preparing for ESG regulations
Client relationships
- Training relationship managers for strategic clients to become fully ESG literate
- Proactively working with clients on their sustainability roadmap, being a supportive partner throughout their transformation journey
- Talking to boards about long-term ESG risk and highlighting the opportunities
Strategic positioning
- Becoming leading voices on ESG risks and opportunities
- Addressing the material risks for each sector through their go-to-market industry groups
- Putting out regular thought leadership by way of surveys and expert commentary
- Integrating pro bono opportunities with the core business, for example, building sector expertise for attorneys by being at the leading edge of helping industries transform
These efforts combine to create competitive advantage, grow long-term client value and enhance firms' brands.
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About the author
Lisa Hart Shepherd
Lisa Hart Shepherd leads on strategy and product development for Lamp House Strategy. By leveraging empirical research with clients, talent and ESG experts across the industry, she helps firms to devise strategies that create greater value for their stakeholders and, in turn, sustain their success for the long term.