With International Women’s Day coming up on 8th March, now is a great time to think about the significance of diversity and inclusion in a law firm.

All the evidence from the corporate world tells us that diversity is good for business. And that’s what Jayne-Anne Gadhia, CEO at Virgin Money, is saying in this great conversation piece with Goldman Sachs. Translated into the legal profession, this means that firms with women in their leadership will outperform firms with all-male leadership, and firms with more racial diversity in their employee ranks will outperform firms with less. Put broadly, law firms with greater diversity will outperform firms with less diversity.

In this context, things like work / life balance and flexible schedules are really important. But contribution, and creating the right conditions to contribute, is so important too. So we need to focus on things like bringing in business and assuming positions of leadership. The risk, If we stress work / life balance over business development, is that we invite people to be pegged as lawyers not interested in business. So let’s work on both.