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Aspiring Lawyers - Interviews & Vacation Schemes
Commercial Awareness Discussion
ESG
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<blockquote data-quote="Alice G" data-source="post: 53590" data-attributes="member: 1160"><p>Hi [USER=1107]@Lauren[/USER],</p><p></p><p>I agree with what [USER=4043]@Naomi U[/USER] says here - just to add, here are my thoughts too:</p><p></p><p>Clients are driven by consumers and the trends seen in their target markets. A lot of businesses now are particularly conscious of ESG because fundamentally consumerism is in a time of flux. With the younger generation, we are much more mindful of the climate crisis and our impact on the world around us. Hence, when Pretty Little Thing were selling clothes at extraordinarily low prices, instead of much of the consumer market seeing that as a great thing for consumers there was widespread outrage because we have an awareness that to sell clothes so cheaply, there must be fundamental rights issues somewhere in the supply chain with workers being paid incredibly low wages and sometimes cases of exploitation. Hence, clients are needing to take stock and alter their business practices because without consumers, they are essentially doomed. The potential for backlash and repetutational damage is therefore much more of a consideration this day in age and businesses are constantly having to tread the line between making profit -to grow and keep investors happy - and ensuring moral practices. </p><p></p><p>In terms of law firms then, lawyers will be advising clients on how they can best do this within various jurisdictions and with regard to the different regulatory bodies and laws. But, for me, I think the key thing is law firms themselves have to have regard to ESG - if clients are altering their business practices then they would ideally like to see the same of their lawyers. It really boils down to values and the need for clients and their lawyers to be aligned on matters like this - it is why many law firms now have committed ESG principles and dedicate time to think of their strategy in this area.</p></blockquote><p></p>
[QUOTE="Alice G, post: 53590, member: 1160"] Hi [USER=1107]@Lauren[/USER], I agree with what [USER=4043]@Naomi U[/USER] says here - just to add, here are my thoughts too: Clients are driven by consumers and the trends seen in their target markets. A lot of businesses now are particularly conscious of ESG because fundamentally consumerism is in a time of flux. With the younger generation, we are much more mindful of the climate crisis and our impact on the world around us. Hence, when Pretty Little Thing were selling clothes at extraordinarily low prices, instead of much of the consumer market seeing that as a great thing for consumers there was widespread outrage because we have an awareness that to sell clothes so cheaply, there must be fundamental rights issues somewhere in the supply chain with workers being paid incredibly low wages and sometimes cases of exploitation. Hence, clients are needing to take stock and alter their business practices because without consumers, they are essentially doomed. The potential for backlash and repetutational damage is therefore much more of a consideration this day in age and businesses are constantly having to tread the line between making profit -to grow and keep investors happy - and ensuring moral practices. In terms of law firms then, lawyers will be advising clients on how they can best do this within various jurisdictions and with regard to the different regulatory bodies and laws. But, for me, I think the key thing is law firms themselves have to have regard to ESG - if clients are altering their business practices then they would ideally like to see the same of their lawyers. It really boils down to values and the need for clients and their lawyers to be aligned on matters like this - it is why many law firms now have committed ESG principles and dedicate time to think of their strategy in this area. [/QUOTE]
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