THE LAW Society of England and Wales has supported the City of London’s Socio-Economic Diversity Taskforce’s final report, which urges that by 2030, 50 per cent of senior executives in the financial and professional services sector should have non-professional backgrounds.
The report offers a road map that, according to Lubna Shuja, president of the Law Society, explains how companies might hasten progress while achieving equity of progression.
The five-point approach consists of entrusting senior leaders with accountability, collecting data, acting, setting goals, and publishing data. The main pieces of advice for employers are:
Lubna Shuja said: “Where you start in life should not determine where you end up. We are pleased to have contributed to the task force’s work to boost social mobility.”
The Law Society reported that at roundtables it conducted for the taskforce’s industry-wide engagement earlier this year, solicitors backed the suggestions.
“The legal sector is leading on diversity data collection, including socio-economic background, as this is mandatory for law firms regulated by the Solicitors Regulation Authority (SRA),” Shuja said.
“We know there is already great work underway to remove barriers to entry and progression for solicitors from non-professional backgrounds. However, the picture of socio-economic diversity in the profession shows there is much more to do and we hope the Taskforce’s five-point plan will support legal sector employers in driving change.” She explained.
It will implement the recommendations aimed at sector bodies by continuing to work closely with the SRA and the profession on getting the best data and sharing best practices.
“Our focus will be on supporting firms to set their own goals for success and publishing their data in the coming years,” Shuja added.
The City of London Corporation was given the taskforce’s leadership two years ago by the UK Government in an effort to increase socioeconomic diversity in the country’s financial and professional services industry. This taskforce is the first of its type.
Catherine McGuinness, chair of the City of London Corporation-led Socio-Economic Diversity Taskforce said: “It is vital that UK financial and professional services firms act now to enable people from all backgrounds to rise to the top. Boosting socio-economic diversity will enable firms to boost productivity, retention levels and innovation. Using this practical guidance, we can bring about change, ensuring a fairer and more equitable sector for all.”
Additionally, the taskforce urges UK financial services companies of all sizes to sign up with the organization’s newly created membership, Progress Together. The organisation is a pioneer in its field since it focuses on retention and progression to increase socioeconomic diversity at senior levels in the financial services industry.
A strategic steering committee is in charge of it, and members include DLA Piper partners Sandra Wallace, joint managing director for the UK and Europe, and Vincent Keaveny, whose tenure as Lord Mayor of London ended last month.
The taskforce itself contains 30 members from various parts of the industry, including Stephanie Boyce, a past president of the Law Society, and Peter Scott, managing partner for Europe, the Middle East, and Asia at Norton Rose Fulbright.
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