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Why Should Law Firm CMOs Care About Social Responsibility and Sustainability?
In mid-2015, as the CMO of a global actuarial consulting firm, I noticed increasing interest in our firm's social responsibility and sustainability efforts from our clients — mostly global and multinational insurers and financial institutions. The questions were detailed and specific. Initially, we responded with the typical, catch-all responses: “Many of our offices participate in/donate to/volunteer for/recycle, etc.”
Our answers were vague simply because we believed that these questions were mostly aimed at our clients' other suppliers — certainly not us, their trusted advisers. We were very wrong.
We realized just how serious our clients were when a current client issued a questionnaire to their providers/supply chain/vendors covering many topics, including a section on social responsibility and sustainability. The scores we received on that section of the questionnaire were so low that our total score did not reach the threshold to continue to round two of the proposal process. We lost an existing client because our social responsibility and sustainability scores dragged us down. And, that particular client only issues RFPs every four years. Quite a loss.
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