Optimistic Outlook: Women’s Progress in Big Law

A trio of legal academics presents a hopeful view of the future for women in Big Law, suggesting that women are poised to achieve parity with men in prominent roles on large deals within the next decade. Their findings, detailed in a new paper, indicate significant strides in gender representation on deal teams within major law firms.

Study Overview

The paper, which examined law firm press releases covering 10,000 deals spanning from 2013 to 2023, sheds light on the evolving landscape of gender diversity in Big Law. Despite women still trailing men in leading deals, accounting for 19% of lead roles, the data reveal a notable increase in the presence of women on deal teams overall.

Increasing Representation

In 2023, 78% of deal leadership teams featured at least one woman, a substantial rise from the 42% recorded in 2013. Over the decade studied, women’s participation on deal teams surged from 19% to 31%, suggesting a promising trajectory toward gender equality in deal team composition.

Implications for the Future

The findings suggest that while women have yet to achieve equal representation on deal teams, they are receiving equitable opportunities relative to their presence within law firms. This trend mirrors the progress women have made in partnership ranks, which increased from 20% to nearly 28% during the same period.

Insights from the Authors

Co-author Tracey George, Vice Provost for Faculty Affairs and Professional Education at Vanderbilt University Law School, expresses optimism about the future, foreseeing women matching men in top deal positions within the next decade. The paper’s mathematical analysis suggests a potential shift towards gender parity on deal leadership teams by 2033.

Challenges and Progress

Despite these encouraging findings, women in Big Law still confront challenges, particularly concerning support for mothers in the legal profession. A report from the American Bar Association underscores the need for improved support systems for women with children.

Methodological Approach

To provide a comprehensive analysis, the authors expanded their scope beyond previous studies, which focused solely on SEC filings. Instead, they examined press releases from six prominent law firms, including Cravath, Swaine & Moore, and Sullivan & Cromwell. This approach allowed for a more nuanced understanding of women’s roles within deal teams.

Women’s Progression in Deal Teams

The study challenges the notion of a “glass ceiling” for women, indicating that women are steadily ascending the hierarchy ladder within deal teams. Contrary to expectations, women associates are more likely than their male counterparts to secure positions on deal teams, suggesting a promising trend toward gender parity.

Future Directions

While the report highlights encouraging advancements for women, the authors acknowledge the need for continued research into the representation of Black lawyers on deal teams. Preliminary findings indicate a concerning lack of progression for Black lawyers, prompting further investigation into this critical issue.

Conclusion

The research offers a hopeful outlook for women in Big Law, emphasizing the potential for continued progress toward gender equality. By recognizing the strides made by women in deal team representation and partnership ranks, the paper underscores the importance of fostering inclusive environments within law firms to sustain this momentum.