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Norton Rose Fulbright announces 2021 Global Charitable Initiative

Norton Rose Fulbright’s 2021 Global Charitable Initiative (GCI) will focus on fighting systemic racism and championing social justice worldwide. This important and timely cause was selected by the firm’s newly appointed Global and US Chair Shauna Clark, the first woman of colour to be chair of an “Am Law 200” firm.

The aim of the initiative will be to raise awareness as to the importance of fighting racism and championing social justice in business, in local communities and as individuals through fundraising, pro bono and volunteering opportunities with charities focused on these causes. Where possible, the firm will join with like-minded clients in these activities to expand its reach.

“I would like 2021 to be remembered as a year of action by the whole firm, uniting to use our time and our talents and our passion to fight racism and champion social justice,” Shauna said. “Our aim is that this initiative will leave a lasting legacy, inspiring our people to support antiracism and social justice causes and to commit to antiracism and social justice volunteering, fundraising and pro bono activities in their local communities.”

In late 2021, lawyers and support personnel firm-wide will be invited to participate in a global activity day. Likewise, each region or jurisdiction will be encouraged to interpret the themes of fighting racism and championing social justice in a way that resonates with their local community and culture, identifying an organisation active in this cause with which to partner in 2021.

“As a global law firm, we can use our voices to stand up for those who don’t have a voice, who don’t have access, who don’t have opportunities,” Shauna said.

Norton Rose Fulbright’s Global Charitable Initiatives are proposed and sponsored by a different region each year. Each region is asked to choose a cause which resonates with the firm globally, motivating lawyers and other personnel to participate and take action.

Past initiatives have included promoting the building of environmentally sustainable communities, fighting hunger and reducing food waste, supporting the Special Olympics and helping to build a facility for Menzi Children’s Home in South Africa.

Find out more about the firm’s commitment to corporate responsibility and diversity and inclusion.

Milton Cheng joins 70 Global CEOs in Catalyst For Change initiative

Baker McKenzie Global Chair, Milton Cheng has reinforced the commitment of the leading global law firm to join Catalyst’s mission to elevate women in leadership roles.

Milton is one of 70+ CEOs involved in the Catalyst For Change initiative to advance diversity, equity, and inclusion in the workforce. Catalyst’s 2020 report, Towards a More Equitable Future, found that Catalyst For Change companies are addressing challenges in the representation of marginalised groups by building a strong foundation at the manager level.

The Catalyst CEO Champions For Change are using their voices to advance women across the leadership pipeline. The 2020 report identifies ways global companies can collect data on ethnicity and race in their organisations, as well as highlighting the latest statistics for women’s representation in the global leadership pipeline. It also explores ways to measure the representation of women who identify with underrepresented ethnic and racial groups and provides a three-step plan to help organisations accelerate their journey toward equity:

  • Step 1: Get educated on intersectionality.
  • Step 2: Establish a system for collecting reliable data on race and ethnicity.
  • Step 3: Start the conversation about racism.

You can read the full report here.

Milton Cheng, Baker McKenzie Global Chair commented; “Twenty years after electing the first female Chair of any global law firm, we are proud to say that once again we are leading the way in the legal sector. To demonstrate our commitment to being inclusive, we have set global aspirational targets of 40% women, 40% men and 20% flexible (women, men or non-binary persons) by 2025. This target applies to Partners, senior business professionals, firm committee leadership and candidate pools for recruitment.”

“Women, and particularly women of colour, continue to face entrenched barriers to advancement in companies across the world, but it’s important that Catalyst CEO Champions For Change companies continue to demonstrate collective progress,” said Catalyst President & CEO Lorraine Hariton. “We know more work needs to be done, but the data show positive gains, and we’re proud to partner with these CEOs in this effort.”

This pledge follows Baker McKenzie’s earlier commitment with Catalyst in 2020. The Firm became one of 56 companies and organisations who have joined Catalyst’s Gender and Diversity KPI Alliance (GDKA) to support the adoption and use of a set of key performance indicators (KPIs) that will measure gender and diversity.

Hogan Lovells commits to disability inclusion

Hogan Lovells has marked the International Day of People with Disabilities by announcing that it has become a member of The Valuable 500 – the largest network of global CEOs dedicated to diversity.

As a member of The Valuable 500 the firm commits to drive change and embed disability inclusion throughout the business. Delivering on its commitment to diversity and inclusion and responsible business is a strategic priority for Hogan Lovells, with ability inclusion a core focus the firm recognises is crucial to achieving the UN’s 2030 Sustainable Development Goals.

CEO Miguel Zaldivar said: “Inclusion of individuals with different abilities is a key focus of our firm. We have had a longstanding commitment to people of different abilities across the globe, and we are excited that our participation in The Valuable 500 will accelerate our progress. We want our people of all abilities to understand that Hogan Lovells is a place where they belong and can thrive.”

The firm has also become a signatory to the American Bar Association Pledge for Change: Disability Diversity in the Legal Profession, further affirming its commitment to disability diversity. Pledge signatories recognise that diversity is in the best interests of their organisation, the legal profession as a whole, and the clients they serve. By becoming a signatory Hogan Lovells commits to encouraging others in the legal industry to follow suit.

In the UK, Hogan Lovells is a Disability Confident Committed employer, and has a long-standing relationship with the British Paralympic Association, being a Gold Partner and the Official Legal Services Provider. In addition, the firm supports British para-sport through its Nicholas Cheffings Para Athletes Bursary and investment in their ambassador and Paralympic, world, European and Commonwealth champion, Ollie Hynd MBE.

Hogan Lovells also provides pro bono legal advice to clients including GB SnowSport, Great Britain Wheelchair Rugby, the International Wheelchair Rugby Federation, UK Boccia Federation, the International Boccia Federation, the International Paralympic Committee, and the Japanese Para-Sports Association.

In the run-up to the re-scheduled Tokyo 2020 Summer Paralympic Games, the firm is sponsoring the Japan Riding Association for the Disabled, working in partnership to raise awareness in Japan of people with disabilities and the need for more inclusion of the disabled in sport. The firm’s sponsorship will provide para equestrian athletes with additional support as they pursue their sport.

Hogan Lovells also advises Movements for the Intellectually Disabled of Singapore on a range of matters, and has created an internship program recognised by The Luxembourg Diversity Charter, and in cooperation with Ligue HMC, to change perceptions of intellectual disability by welcoming interns in office support roles for an eight week period.

Caroline Casey, Founder of The Valuable 500, commented: “We are thrilled to welcome Hogan Lovells on board in the midst of the continuing pandemic. We believe in collaboration rather than competition and the multiplier effect of the collective impact of 500 leading CEOs and brands. I am confident that over the next decade, if the business community pulls together and stands united in ensuring disability inclusion is a central part of their leadership agenda, we can truly make a difference globally across the next decade.”

Duane Morris receive Women’s Impact Network for Success awards

The Duane Morris Women’s Impact Network for Success (WINS) has honoured three attorneys for their efforts to advance women in the legal profession. Manita Rawat, managing partner of the firm’s Silicon Valley office, and Chicago partner Lisa T. Scruggs received the Cheryl Bryson Leadership Award. Philadelphia partner Linda B. Hollinshead received the Margery Reed Professional Excellence Award. Rawat, Scruggs and Hollinshead received the awards at Duane Morris’ virtual annual firmwide meeting.

The Cheryl Bryson Leadership Award recognises significant contributions, including professional development, leadership and mentoring, made by a lawyer to women in the legal profession. The award is named in honour of the late Cheryl Blackwell Bryson, a Duane Morris partner in Chicago who died in January 2012 after a long battle with cancer. Bryson was a leader in many significant civic and community causes, and she was repeatedly honoured throughout her career as a major pioneer, both as a female lawyer and as a lawyer of colour.

Likewise, Margery Reed spent her entire professional career as an attorney at Duane Morris, including 24 years as a partner of the firm. As demonstrated by her numerous awards, including her admission as a fellow in the prestigious American College of Bankruptcy, Reed was repeatedly recognised as one of the best commercial bankruptcy lawyers in the country. A consummate partner, Reed was incomparably selfless in giving of her time and talents to assist her colleagues and mentor junior lawyers. She was a true professional in every sense, and her unwavering commitment to her clients and colleagues, the firm and the profession of law is the reason this award for professional excellence is given in her name.

Despite her extremely busy schedule, Manita Rawat was chosen for going out of her way to work with young female lawyers and serve as a mentor to them in terms of “work product, marketing and what it means to be a good firm citizen.” She is committed to having open and honest discussions with young attorneys related to practice and personal issues.

Rawat is the managing partner of the firm’s Silicon Valley office and a member of the firm’s Intellectual Property Practice Group. She counsels clients on a variety of issues related to intellectual property, working primarily with software, mechanical and aerospace technologies. Rawat also has significant experience with patent office post grant proceedings (including inter-parts review and re-examination). She also has substantial experience in supporting intellectual property issues related to corporate deals, such as mergers and acquisitions and investment funding. Rawat also assists clients in patent licensing and transactional matters, including structuring, negotiating and drafting agreements. She has significant experience with providing technical support on patent litigation matters at various stages of a case as well. In 2020, Rawat was honoured with a Women of Influence Award from Silicon Valley Business Journal. She is a member of the firm’s governing Partners Board and serves on the firm’s Diversity and Inclusion Committee.

Lisa T. Scruggs was chosen for her dedication to mentoring young female attorneys. “In a profession that can often be dominated by competitiveness and egos, she goes out of her way to provide kind leadership.”

A core member of the Education Industry group at Duane Morris, Scruggs provides litigation and counselling services for education and school reform organisations, including individual charter and private schools, early childhood centres, charter school networks, charter and education management organisations, school districts and other education non-profit and for-profit organisations and service providers. She has handled a wide range of litigation, regulatory and policy matters for clients relating to new school development, teacher evaluation, credentialing and certification reforms, public/private education ventures, virtual education/remote learning, school finance and parent and student civil rights. Scruggs has been recognised by Crain’s Chicago Business on its listing of Notable Minorities in Law (2019) and as an Illinois Super Lawyer (Business Litigation and Education Law) for eight years running. She was awarded the firm’s Pro Bono Leadership Award for her work handling a legal challenge to the school funding system in Illinois and is a Pahara-Aspen Education Fellow, joining a cohort of leaders who are “reimagining America’s public schools.”

Although employment issues surrounding COVID-19 have left Linda B. Hollinshead incredibly busy, she is still taking the time to support her colleagues during these unexpected times. She was chosen for the “advice, resources and humour she has contributed to fellow parents these past few months while coping with the new normal.”

Hollinshead practices in the area of employment law. She provides training and counselling to employers throughout the country on a variety of subjects, including monitoring employee attendance, FMLA compliance, medical and religious accommodations, leaves of absence policies, harassment and discrimination prevention, responding to harassment and discrimination claims, FLSA and wage and hour compliance, including employee misclassification, diversity and inclusion, termination of employees, hiring practices, performance appraisals and performance management. Hollinshead also advises public accommodations as well as recipients of federal financial assistance on program accessibility and other compliance obligations. She advises clients in numerous industries, including colleges and universities, manufacturing and retail companies, hospitals and other healthcare organisations, technology companies, financial services organisations, energy companies and not-for-profit entities. Hollinshead is also a member of the firm’s Cannabis Industry Group. She also assists employers by drafting employees policies and handbooks, confidentiality and restrictive covenant agreements, employment agreements, termination and severance agreements as well as independent contractor agreements. Hollinshead is a member of the firm’s COVID-19 Strategy Team.

Baker McKenzie Named Best Firm for Women in Business Law

Leading global law firm Baker McKenzie took home three awards at Euromoney’s European Women in Business Law 20120 event last night, including overall Best International Firm for Women in Business Law for the fourth year running.

The awards, which took place virtually this year, due to COVID-19, recognise individual lawyers at the top of their chosen fields, and firms that have shown outstanding commitment to the development of women in the legal profession.

Baker McKenzie was also named Best International Firm for Gender Diversity, and Corinne Schot, Managing Partner of the Firm’s Amsterdam office, was named Structured Finance and Securitisation lawyer of the year.

Speaking after the ceremony, Baker McKenzie’s Global Chair of Diversity & Inclusion, Constanze Ulmer-Eilfort, said, “I am so proud of the work our firm does to champion women in the workplace and these awards reflect our continued commitment to advancing diversity and inclusion at Baker McKenzie and in the legal profession. Last year, we became the first global law firm to announce global aspirational targets set at 40:40:20 per cent gender diversity, so I am delighted that our work is continuing to be recognised. Congratulations to our winners and nominees on this well-deserved recognition.”

PwC reports global revenues up 3% to US$43 billion

For the 12 months ending 30 June 2020, PwC firms around the world had gross revenues of US$43 billion – up 3% in local currency and 1.4% in US dollars.

During the first nine months of FY20 to the end of March, revenues grew by nearly 7% over the same period last year with increases across all lines of business and in every major market. From April to June, revenues were significantly impacted by the lockdown and subsequent slowing economies as countries around the world fought the COVID-19 pandemic. Compared to the same three months in 2019, revenues were down from April to June 2020 by 6%.

“First and foremost the COVID-19 pandemic has been a human tragedy that has deeply affected the lives of many people around the world including members of our PwC family, their relatives and friends and our heartfelt condolences go out to all those who have lost loved ones,” said Bob Moritz, Chairman of the PwC Network.

“Since the pandemic struck, our priorities have been the safety and wellbeing of our people, protecting and preserving jobs, and helping our clients and the communities in which we live and work deal with the impact of COVID-19. I am proud of what we have done over the last year and the way our people have adapted quickly to a huge amount of change while at the same time continuing to connect, collaborate and innovate for the benefit of our stakeholders across the world.”

“While the last few months have been very challenging for everyone, we have re-focused our business to help our clients manage the immediate impacts of the pandemic and reinvent their businesses for future success. It has never been more important to provide our stakeholders with high quality services. We have also continued our significant investments in technology and upskilling our people to help build a sustainable PwC for the future. Our investment in technology was borne out at the height of the lockdown when 95% of our 284,000 strong workforce were operating out of the office with no interruption to the service we were able to provide”, added Bob Moritz.

Revenues across the world

In the Americas, revenues rose by 3% with a particularly good performance from businesses in the United States and Canada. Revenues in Western Europe were up by 2%, while in Central and Eastern Europe, revenues grew by 4%.

Revenues from the Middle East and Africa rose by 10% with a strong result from the Middle East where revenues were up 14%. Across Asia, revenues grew by 5% while in Australasia and the Pacific, revenues were down 1% reflecting difficult trading conditions throughout FY20.

Regional growth numbers for the full year FY20 mask the impact of COVID-19, with all regions performing as anticipated up to the end of March 2020 and then feeling the full impact of the economic restrictions caused by lockdowns in the months of April, May and June. For the last three months of FY20, in most markets around the world we experienced declines in revenues compared with the same period in FY19 with falls in revenues of up to 30% in certain countries.

Revenues by line of business

Around the world, our businesses are focused on providing high quality services that help our clients respond to an ever more complex and challenging environment and address current and future opportunities. While all our lines of business continued to grow in FY20, each was impacted by the economic effects of COVID-19 and we expect market conditions to be challenging for all our operations as we go into our new financial year.

Assurance: Assurance remains PwC’s largest operation across the world and our brand defining business, serving key stakeholders and helping to build trust in the world’s capital markets. In FY20, revenues from our assurance operations grew by 3% to US$17.6 billion, driven by continued strong demand for our core audit. As management and other stakeholders seek insight into operations, risks and performance, and to increase confidence and resilience in business, we have seen continued strong growth in our broader assurance services, such as internal audit and governance, risk and controls. Demand for our digital risk solutions has also remained strong as companies look for support as they accelerate their transition to the Cloud. With almost 119,000 professionals, PwC is the world’s largest provider of assurance services.

Advisory: PwC Advisory operations grew by 4% to US$14.7 billion. This growth was driven by high demand across the world for advice on strategy, business transformation and value creation in the first nine months of the financial year. Our advisory business differentiates by bringing together consulting, deals and cybersecurity professionals, and our operations benefited from increased teaming with our tax and risk assurance colleagues to provide a more integrated service for our clients that gives the advice and support they need from strategy right through to execution. PwC Advisory now employs over 71,000 people.

Tax & Legal Services: PwC Tax & Legal revenues grew by 2% to US$10.7 billion, with demand for tax reporting and strategy, people and organisation and legal services in the first nine months of the year offset by the impact of the pandemic in the final three months. Guided by our PwC Global Tax Code of Conduct, the over 55,000 professionals in our Tax & Legal Services teams use their knowledge and expertise to help clients – ranging from individuals to the largest global corporations – to navigate complex and challenging environments, address people and legal issues, and comply with their tax and reporting responsibilities.

The year ahead

“While we adapted quickly to many of the new challenges that the COVID-19 pandemic brought, there is no doubt that the next 12 months and beyond are going to be difficult. Our economists are predicting that the global economy will contract by 5.5 % by the end of 2021 and while different countries will recover at different rates it is clear that the economic downturn will impact us and our clients across the world,” said Bob Moritz.

We are now very clearly focused on a number of priorities.

  • Jobs: Doing the right things to preserve jobs for our people, continue to invest in building the workforce PwC needs for the future, while maintaining the sustainability of our operations. Unfortunately we have seen some job losses in a few markets around the world, particularly in the advisory business, but we are working hard to limit these by containing non-essential costs and investments.
  • Safety and Wellbeing: Where we are returning to office based work, ensuring that our people are safe and comfortable and that we have processes and technologies in place to protect our people in line with relevant safety protocols. And where our people remain working from home, we continue to provide the support that they need to meet the challenges this can bring.
  • Quality: The uncertainty created by the pandemic and its economic impact has placed an even greater focus on the importance of trust in institutions, information and increased transparency. Investing in the enhancement of the quality of all of the services we provide to our stakeholders remains our number one priority, including continuing to invest the US$1 billion we announced last year to drive quality and innovation by making us the most cloud-enabled organisation in the world.
  • Clients: Supporting our clients across the world as they deal with the impact of the pandemic and look to restart operations, repair their balance sheets and rethink their business models.
  • Innovation: Driving and scaling up innovation right across our network and the development of new products and services. As our stakeholders grapple with the challenges of the current economic environment, it is vital that we are able to advise and support them on the best ways to construct sustainable businesses for the future.
  • Upskilling: Upskilling our own people and collaborating with UNICEF in support of Generation Unlimited to help upskill young people across the world has become even more important as the pandemic has accelerated the use of technology and remote working. Despite the economic uncertainty, we continue to invest heavily to help our own people and others better prepare for the new world of work.
  • Diversity and Inclusion: Redoubling our efforts to create a PwC culture where everyone feels valued, listened to and has the opportunity to grow and succeed and taking a leading role in the global dialogue on diversity. We have created our first global diversity and inclusion leadership council.

“The pandemic brought many challenges but it also brought the opportunity to reflect and to some degree rethink the future. How we work together, how we use technology, what real estate we need, whether we need to travel so much, how to innovate, how to connect with our stakeholders and how to prioritise our health and wellbeing. These are all issues that we are actively working on as we think about the PwC of tomorrow,” said Bob Moritz.

The PwC Global Annual Review will be published in October 2020 and will cover in more detail how PwC responded to the COVID-19 pandemic, the work that we do with our clients, stakeholders and the communities where we operate, how we supported our people, the results of our quality inspections and how we are embedding a high-quality culture across PwC, and the actions we are taking relating to important issues such as diversity and inclusion.