Transcript: 2024 Law Firms' Survey - ESG progress and sustainability reporting
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ESG progress and sustainability reporting
Transcript
Mark Anderson: ESG continues to be an important and developing aspect of law firm strategy, and this is being driven by regulatory compliance requirements as well as increasing client demands and staff expectations.
This year's survey shows that many firms continue to make good progress in strengthening policies and setting ESG targets. Among the top 50 firms, 49% now have a well-developed ESG policy that is embedded into their activities.
But this contrasts with just 28% of the top 51 to 100 firms, so there’s significant potential for progress within this group.
Greenhouse gas emissions, gender diversity, ethnicity representation and employee engagement remain the most prevalent ESG targets used by law firms.
But our survey respondents expect several other ESG areas to have an impact on their business models within the next five years, and these include travel policies, supplier selection and recruitment.
Sustainability reporting requirements are also increasing, so law firms need to consider a more strategic approach to both ensure compliance and create value, particularly as many see ESG related client services as a key growth area.
Download our latest Law Firms’ Survey to find out what progress the top 100 firms are making on ESG and how firms can better deliver on their sustainability ambition.
