Arrow Electronics Joins New Collective Designed To Encourage and Increase Diversity in Outside Counsel Teams
CENTENNIAL, Colo., September 9, 2021 /3BL Media/ - Arrow Electronics, Inc. (NYSE: ARW) has joined a coalition of corporations hoping to use their influence to motivate the law firms they work with to diversify their ranks. Arrow’s legal department is one of 15 founding members of the Move the Needle Fund (MTN) Diversity Dividends Collective, a group that has pledged to work in unison to increase diversity in their outside counsel through simplified assessments, financial incentives, and collective action.
“Arrow’s commitment to diversity and inclusion does not stop at its four walls,” said Arrow Senior Vice President and Chief Legal Officer Carine Jean-Claude. “We expect the same level of commitment and dedication from our outside law firms. Diversification and inclusion encourage all of us to consider factors and issues that may otherwise be overlooked, undervalued, or dismissed by bringing different perspectives, experiences, and opinions.”
Members of the Diversity Dividends Collective agree to evaluate their outside counsel teams through a “5 x 5 Matrix,” which includes five core metrics targeting the representation of women lawyers, underrepresented racial and ethnic lawyers, lawyers with disabilities, and LGBTQ+ lawyers working on their matters. Rather than just looking at sheer numbers, collective members will examine whether other forms of representation, including whether members of traditionally disadvantaged groups are given opportunities to do high-level work, to become equity partners and to receive financial rewards for the work they do for corporate clients.
“The Diversity Dividends Collective 5x5 Matrix is specifically designed to address the power and economic gap in law firms where years of pledges, calls-to-action, and letters signed by general counsel without financial incentives have fallen short,” said Leila Hock, Diversity Lab’s Director of Legal Department Partnerships and Inclusion Initiatives, for the Diversity Lab, the incubator administering the collective program.
To incentivize change, the legal departments involved in the collective will provide more work to the firms that have shown year-over-year progress on at least three of the metrics after two years. Those that have not advanced, will receive less work.
For more information visit www.diversitylab.com/pilot-projects/diversity-dividends-collective.
About Arrow Electronics
Arrow Electronics guides innovation forward for over 180,000 leading technology manufacturers and service providers. With 2020 sales of $29 billion, Arrow develops technology solutions that improve business and daily life. Learn more at FiveYearsOut.com.
About Diversity Lab
Diversity Lab is an incubator for innovative ideas and solutions that boost diversity, equity, and inclusion in law. Experimental ideas – such as the OnRamp Fellowship and the Mansfield Rule – are piloted in collaboration with more than 100 top law firms and legal departments across the country. Diversity Lab leverages data, behavioral science, design thinking, and technology to further develop and test new ideas and research, measure the results, and share the lessons learned.