PITTSBURGH — Reed Smith today announced that it has been named to Bloomberg Law’s inaugural Diversity, Equity & Inclusion (DEI) Framework. The firm is one of 28 U.S.-based law firms that were recognized for their level of disclosure of diversity-related metrics and distinguished performance against six core pillars: demographics, leadership and talent pipeline, recruitment and retention, business innovation and strategy, marketing, and diversity & inclusion in the community. More information about the first-of-its-kind Bloomberg Law 2021 DEI Framework, the methodology, and a full list of members, is available at bloomberglaw.com.

“Through a demonstrated commitment to DEI, Reed Smith is helping to move the legal industry forward and we recognize their performance by naming them as a member of our 2021 DEI Framework,” said Joe Breda, president, Bloomberg Law. “As we look to the future, it is increasingly apparent that businesses and corporations will look to legal service providers who reflect their values and commitments. Reed Smith has distinguished itself as a law firm that - based on its track record to date - deserves to be a part of that consideration set.”

“We have prioritized our efforts in the specific areas of focus in Bloomberg Law’s DEI Framework, so to be recognized for our hard work in those areas is particularly satisfying,” said John Iino, Reed Smith’s Chief Diversity Officer. “We look forward to taking a deep dive into the insights gleaned from the Framework and putting them into action as part of our ever-evolving DEI efforts.”

Bloomberg Law’s DEI Framework was developed in collaboration with Bloomberg’s Gender-Equality Index team, as well as diversity leads at corporations and U.S.-based law firms. Performance was assessed across more than 85 metrics, each associated with one of the framework’s six core pillars. Going forward, the methodology and membership criteria will be reviewed and updated annually to ensure alignment with industry trends, methodologies, and best practices.

Among the members of the Bloomberg Law 2021 DEI Framework:

  • The overwhelming majority (96%) have a public statement regarding their commitment to diversity and inclusion, but only two in five (42%) shared a specific, time-bound action plan to increase the representation of diverse groups in leadership positions.
  • Nine out of 10 (89%) report having a Chief Diversity Officer or equivalent position.
  • However, a slight majority (61%) say that Practice Group Leaders have clear diversity and inclusion goals as part of their annual performance review, and two out of three (68%) tie a component of partner compensation to diversity efforts.