As in-house legal departments continue to push their law firms to be more diverse, Swiss pharmaceutical giant Novartis has pledged to withhold 15% of fees if diversity and inclusion (D&I) levels are not met by its 22 panel firms.
The measure introduced as part of the company’s panel review, announced yesterday (12 February), has seen a host of advisers, including Magic Circle firms Freshfields Bruckhaus Deringer and Linklaters, pledge that no fewer than 30% of associate time and 20% of partner time on a legal matter will be provided by ‘females, racially/ethnically diverse professionals, or members of the LGBTQ+ community, with an expectation that such commitments will move to parity over the next several years.’
