Canadian Lawyer

38 O C T O B E R 2 0 1 8 w w w . c a n a d i a n l a w y e r m a g . c o m The RSM Canada and CIBC roundtable discussion By Tim Wilbur CRITICAL TOPICS FACING THE LEGAL COMMUNITY L aw firms are under increasing pressure to run their businesses more effectively. Throughout 2018, Canadian Lawyer, with research part- ners RSM Canada and CIBC, invited members of the legal community to provide input on six critical topics facing the legal community, including diversity, succession planning, talent, growth/capitalization, expense control and technology. Managing Editor Tim Wilbur then sat down with Hasan Khorasanee, Direc- tor of Commercial Banking at CIBC, and Michael Nicoló, a partner at RSM Canada LLP, to discuss these topics. The goal was to offer insights to our read- ers that both Khorasanee and Nicoló bring to their law firm clients about these key issues. Our aim was to help lawyers and law firm administrators tackle these issues to ensure that their law firms are successful, profitable and well positioned for future growth. Wilbur: Many law firms don't measure diversity or actively promote diversity. Why is that and why should they consider doing so? Khorasanee: Measuring diversity is one thing; working to ensure that all stakeholders in your firm are conscious of the benefits diversity brings to your organization and the benefits achieved through greater diversity is another. They're conscious about the diversity gap within their partner ranks, and their associate populations today tend to be more reflective of the diverse world in which they operate. Now, the actual measurement of it in addition to action plans to address any gaps tends to be relative to their size and resources. Nicoló: At RSM, our experience with law firms has found that a key reason many firms struggle with diversity is structural. In most law firms, few initiatives happen, particularly major cultural changes, without the support of the managing partner and/or the executive com- mittee. There are many competing initiatives, and if diversity is not high on leadership's prior- ity list, nothing happens. Diversity is not an easy agenda item, but it is critical that firms address it. Research shows that diverse groups outperform homogenous ones. At RSM, we have noted that diversity is good for business. Firms that invest in diversity report seeing many advantages, such as an increased ability to attract talent, greater innovation and improved financial performance. Wilbur: If firms want to invest in improving diversity, how can they best do that? Khorasanee: Being conscious of your firm's diversity gaps and ensuring partners and employees understand why diversity is RESEARCH PARTNERS ROUNDTABLE

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