What Corporates Want: corporate social responsibility

Law Firms and Corporate Social Responsibility

A study conducted by Managing IP+, IFLR+, and ITR+ surveyed 28,265 in-house counsel to determine the importance of corporate social responsibility (CSR) policies in law firms. The results showed that 58% of respondents considered CSR to be important or very important. Specifically, 61% of Managing IP+ survey participants marked CSR as a factor in their hiring decisions.

Impact on Hiring Decisions

Conversations with in-house counsel revealed that while CSR compliance is not the primary consideration, it does matter. A Seattle-based IP counsel stated that CSR is not essential unless it is the driving factor for finding external counsel. The importance of CSR initiatives varies depending on the company’s requirements and needs.

Smaller corporations with tighter budgets prioritize factors like billing rates and practices over CSR initiatives. The general counsel at a US-based manufacturing company explained that smaller entities focus on decisions that will ensure their future success.

Regional Importance

The survey results showed that over half of the counsel surveyed in the Americas, APAC, and EMEA considered CSR to be an important consideration when hiring external counsel. This indicates that in-house counsel across all regions value law firms that demonstrate tangible efforts towards fulfilling their social duties.

The Americas showed the most interest in responsible social businesses, with 61% of respondents marking CSR as important or very important. EMEA and APAC followed closely behind, with 57% and 56% respectively finding it significant. However, over one-third of respondents across all regions were indifferent towards CSR initiatives.

Impact of Global Revenue

The study also analyzed the relationship between a company’s revenue and its interest in CSR initiatives. Companies with higher earning power showed more interest in CSR, with 60% of survey participants in the highest earning bracket considering it important or very important. On the other hand, companies in the lowest earning segment showed the least interest in the social responsibility of potential partner firms.

Industry Perspective

The advanced manufacturing sector expressed the most interest in CSR, with 66% of respondents considering it important or very important. The consumer and power and utilities sectors also valued CSR considerably. However, the financial services and technology sectors showed the least interest in the CSR credentials of their prospective external counsel.

Practice Area Considerations

Tax lawyers demonstrated the highest level of interest in CSR, with 67% considering it important or very important. In-house counsel across other practice areas also showed moderate levels of interest. Overall, the findings suggest that regardless of their area of expertise, in-house counsel prefer working with counsel who prioritize CSR.

Methodology

The study aggregated responses from practice area-specific surveys conducted between 2022 and 2023. Over 25,000 in-house counsel respondents were analyzed to determine their views on the importance of various attributes in decision-making when selecting outside counsel.

Overall, the study emphasizes the significance of CSR in law firms and its impact on hiring decisions. Law firms that can demonstrate responsible business conduct are likely to create a positive impression on prospective clients.

SDGs, Targets, and Indicators

SDGs Addressed or Connected to the Issues Highlighted in the Article:

1. SDG 8: Decent Work and Economic Growth
2. SDG 9: Industry, Innovation, and Infrastructure
3. SDG 12: Responsible Consumption and Production
4. SDG 16: Peace, Justice, and Strong Institutions

Specific Targets Under Those SDGs Based on the Article’s Content:

• SDG 8.8: Protect labor rights and promote safe and secure working environments for all workers.
• SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
• SDG 12.6: Encourage companies to adopt sustainable practices and integrate sustainability information into their reporting cycle.
• SDG 16.5: Substantially reduce corruption and bribery in all their forms.

Indicators Mentioned or Implied in the Article:

• Percentage of in-house counsel who consider CSR important or very important.
• Percentage of in-house counsel who factor CSR initiatives into their hiring decisions.
• Percentage of respondents indifferent towards CSR initiatives of a prospective external adviser.
• Mean scores indicating the level of interest in CSR initiatives based on region, global revenue, industry, and practice area.

Table: SDGs, Targets, and Indicators

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Fuente: managingip.com

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