Inclusion Initiative Companies Spend More than $1 Billion on Minority- and Women-Owned Law Firms

By a News Reporter-Staff News Editor at Insurance Weekly News -- The Inclusion Initiative, a collaborative program among law departments at major corporations across the country, announced that member companies have spent more than $1 Billion over the past six years with minority- and women-owned (MWBE) law firms.

This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160523006280/en/ Total spent with MWBE law firms (Graphic: Business Wire) "When the Inclusion Initiative was launched in 2010, we hoped we would have a significant positive impact on MWBE law firms across the country," said Rick Meade, Vice President and Chief Legal Officer for International Businesses at Prudential Financial, Inc. and Chairperson of the Inclusion Initiative. "To have reached such a substantial spend level in just six years testifies to the collective dedication and commitment of the participating companies to diversity and inclusion in the legal profession; as well as to the quality of the service being provided by the many MWBE law firms that are doing our work. We are extremely proud to reach this important milestone and look forward to doing even more."

Six years ago, the law departments at 11 large corporations spanning various industries launched the Inclusion Initiative to help increase diversity in the legal profession. At the heart of the Initiative is the belief that MWBE firms play a vital role in providing opportunity to diverse attorneys, and excellent, cost effective legal services that meet the needs of Corporate America. Inclusion Initiative members believe that MWBE firms provide a reliable pathway into the legal profession for law students and young lawyers of diverse backgrounds and an alternative career path for experienced diverse attorneys who seek an alternative to majority owned law firms.

Participation in the Inclusion Initiative has nearly tripled to 31 members since its founding in 2010. The current roster of participating companies includes: 3M, Accenture, Aetna, Allstate, American Airlines, AT&T, Bank of America, The Coca-Cola Company, Comcast, Exelon, Federal Deposit Insurance Corporation, General Mills, GlaxoSmithKline, Google, JPMorgan Chase, McDonald's Corporation, Macy's, Merck, Microsoft, Morgan Stanley, Nationwide, Pacific Gas and Electric Company, Prudential Financial Inc., Sempra Energy, Shell Oil Company, UPS, Verizon, Walmart, Wells Fargo, and Xerox. Most recently, the Inclusion Initiative welcomed NBCUniversal to its ranks in 2016.

In the initial year of the Inclusion Initiative, members together spent $42 million with MWBE law firms. Since then, the total amount of money participating law departments have spent on MWBE firms has grown significantly and exceeded $200 million in 2015 for the third year in a row as illustrated in the chart.

"At Accenture, inclusion and diversity are fundamental to our culture and embedded in our core values," said Chad Jerdee, General Counsel and Chief Compliance Officer at Accenture. "We have long been committed to providing opportunities to diverse businesses. Together with the Inclusion Initiative member companies, we are proud to have reached this significant milestone of spending $1 billion with minority- and women-owned law firms."

The Inclusion Initiative is administered by the National Association of Minority and Women Owned Law firms (NAMWOLF), which comprises 155 certified MWBE law firms in 34 states. "We could not be more thrilled with the continuing success of the Inclusion Initiative. Breaking the $1 Billion threshold in just six years is something we all can be proud of," said Carla Fields Johnson, Inclusion Initiative Task Force Co-Chair for NAMWOLF. "Each year participating corporate law departments have set and achieved aggressive goals for utilizing minority- and women-owned law firms. NAMWOLF is excited about the future of the Inclusion Initiative and its ability to shape a more inclusive legal environment through encouraging collaboration with minority and women owned law firms." View source version on businesswire.com: http://www.businesswire.com/news/home/20160523006280/en/

Keywords for this news article include: Financial Companies, Inclusion Initiative, Life Insurance Companies, Prudential Financial Inc.

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