The latest report from the National Association of Women Lawyers came out last week, showing that the gender pay gap among equity partners has widened.
. Some of the key findings include:
-Women equity partnership ranks have barely risen in 10 years.
-Men far outnumber women among lateral equity partners.
-The gender gap in pay for equity partners has widened.
-Women logged more hours but got paid less.
-Among firms that provided data about the gender of the top 10 highest revenue generators, only 12% were women.
Although women are still underrepresented in the executive level of the legal industry, an article in The American Lawyer contends that partners and practice heads are eager to seek out strategies to alleviate this gap. Teams are going to work together in a new strategy, a hackathon– to come up with proposals to “better recruit, advance and retain experienced women in midsized and large law firms”. The top three ideas will be awarded cash prizes by Bloomberg Law, and the winning partners will donate to a nonprofit that advances women in the legal profession.
This is not only important for societal reasons, but relevant for companies to ensure they are attracting more than just a fraction of desired talent.