Men have always dominated the legal profession, but in recent years the industry is shifting towards gender. One of the most noticeable changes is the increasing number of women in equity partnerships. These women and firms are often referred to as “Ceiling Smashers,” as they are leading the way in creating a more inclusive workplace and equitable work environment for women in the legal profession.
The tides in the industry are turning and now firms and industry are prioritizing diversity, equity, and inclusion (DEI) initiatives. With DEI, the legal industry is focusing more on gender equality within their equity partnerships. More women lawyers are becoming a part of the force. In this blog, we will talk more about women’s equity partners and firms with higher percentages of female equity partners. This blog is based on the survey data cited by Law360.
Understanding Equity Partnerships
Before diving deep into top law firms with the highest equity partners, it’s essential to understand what an equity partner is. In a law firm, an equity partner is an individual who owns a share of the firm. These individuals have a stake in the profit and loss of the firm and they have a significant role in the decision making.
Becoming an equity partner in a law firm is a major milestone in the career of any attorney. But this path has been usually challenging for women more than for men.
Factors Contributing to Higher Female Equity Partner Rates
Here are some factors that contribute to the higher female equity partner rates:
Flexible Work Arrangements
Flexibility is one of the most important factors for a lot of women. Firms that offer flexible work arrangements that include remote work, reduced hours, and flexible working. All these things make it easier for female lawyers to work and balance their professional and personal responsibilities.
Mentorship Programs
Most of the time, women don’t get the support that they deserve. But providing them with mentorship programs can help women with opportunities, guidance, and support for advancing their careers.
Diversity and Inclusion Initiatives
Firms that prioritize diversity and inclusion are usually more likely to attract women in the firm. These kinds of initiatives create a culture that is welcoming and supportive of women.
Transparent Promotion Processes
Having a clear and transparent promotion process can ensure that women are also considered for equity partnerships. These promotion processes should be based on their qualifications and contributions.
Top Firms with High Female Equity Partner Rates
Here is the list of top law firms with high female equity partner rates:
For large firms sized (600 + attorneys), with top female equity firms:
- Jackson Lewis (30.5%)
- Littler Mendelson (30.4%)
- Morrison & Foerster (29.5%)
- Ropes & Gray (29.1%)
- Ballard Spahr (28.1%)
- Jones Day (27.2%)
For medium to large-sized firms (101-600 attorneys), the top five best firms for female partners were
- Fragomen (51.0%)
- Tyson & Mendes (50.0%)
- Berry Appleman (42.9%)
- Verrill Dana (39.6%)
- Hanson Bridgett (38.8%)
Small law firms (20-100 attorneys) had the highest percentage of female equity partners, including
- Reichman Jorgensen (75.0%)
- Wright Finlay (66.7%)
- Walsworth (58.3%)
- Sideman & Bancroft (57.1%)
- Wilson Turner (56.3%)
The Importance of Gender Parity in Equity Partnerships
Gender parity in equity partnerships is crucial and important for various reasons, such as:
Improved Decision-Making
By having gender diversity in the team and leadership, you can bring different perspectives to the team. This will help with decision-making in the team. Not just that it also helps with a better problem-solving approach.
Client Demand
Nowadays, clients are becoming more aware and they usually want to work with firms and corporations that promote diversity, inclusivity, and gender equality.
Enhanced Retention
For firms, retaining talent is crucial. Law firms and organizations that support the career growth of women are most likely to retain the top female talent.
The Bottom Line
For gender equality, the legal industry has a long way to go, but these firms taking steps towards equality are promising signs of change. By actively promoting gender equality and creating an environment where women can thrive. We have mentioned some firms that have the highest women in equity partnerships. These firms are setting standards for others in the industry and building an inclusive feature within the legal industry. If you want to be a part of this revolution, make sure to create a more inclusive workplace for all genders and grow your practice together.