The most recent data from the Solicitors Regulation Authority provides much cause for celebration as the number of practising female lawyers continues to rise: 62% of solicitors are women, as are a record 37% of law firm partners. Meanwhile, Black, Asian and minority ethnic lawyers comprise 19% of the total, also a record.
Looking back on my career, the landscape was very different when I qualified in 2002. As a transactional lawyer, I spent a decade working at three well-known law firms: Dickson Minto, Pinsent Masons and Linklaters. Big City firms were notably more male a generation ago, particularly at partnership level and especially in corporate law, where long hours and mandatory office attendance were the norm.
Despite the Employment Act 2002 giving parents of children under six and carers of those under 18 the legal right to request a flexible working arrangement, law firms were slow to respond to the new legislation. In practice, the concepts of flexible working and alternative career paths remained virtually non-existent for many years, especially for those trying to balance professional ambition with family life.
Thankfully, things have changed. More men are now working from home by choice and sharing domestic responsibilities with their partners: 25 years ago, that phenomenon did not really exist in the legal sector. More recently, the pace of change has accelerated further, especially since the Covid-19 pandemic when working from home became ubiquitous. Many more women now progress into partnership and leadership positions, which has created a new era of inclusivity in law firms.
In 2020, Georgia Dawson broke the glass ceiling by becoming the first woman to lead a Magic Circle firm when she was elected senior partner at Freshfields. Her appointment served as a catalyst for others to follow – women have since held leadership roles at several Magic Circle firms, including Linklaters, Slaughter and May and Clifford Chance. These appointments also reflect the evolving profile of their commercial clients, with women now holding 45% of boardroom seats at FTSE 100 companies.
Although progress in the legal sector is notable, it does not apply equally in parallel sectors. Litigation funding, which plays a crucial role in facilitating access to justice, remains behind the curve. It is evident from my experience in the sector over the past five years that much needs to be done to match the progress made by the law firms which they serve.
Worthwhile initiatives like The Equity Project, which funds cases led by female or racially diverse litigators, signal a clear awareness of the issue. But visible change has been slow. A quick online survey of the leadership teams of major litigation funders reveals a stark absence of gender diversity.
Personal experience reinforces this perception – too often, I have found myself the only woman in a room full of male funders. A similar story applies at industry events. At the IMN 3rd Annual International Litigation Finance Forum last October, the attendees were overwhelmingly male. A small breakout session for women in the industry highlighted the scale of the problem – there were just a handful of us among hundreds of delegates.
So, why does greater diversity matter? Because it is not just about fairness, it is a business imperative. Research consistently shows that gender-diverse teams are more innovative, efficient and commercially successful. Thanks to the broader range of perspectives and approaches achieved through a balanced gender composition, they perform better than homogenous teams.
The litigation funding sector is no exception. Women bring valuable perspectives that enhance decision-making and risk assessment, as well as skills and attitudes that are not exclusively transactional.
Manifestly, much more needs to be done to encourage women to enter the litigation funding sector in order to redress the gender imbalance, not least because of the potential client benefits.
So, how can this objective be realised? Law firms provide a useful model. Looking at what they have achieved in gender diversity and how they got there might help litigation funders to address the problem.
Progress in law firms has been driven by deliberate, carefully executed strategies comprised of many different elements – mentorship programmes, inclusive hiring practices, targeted leadership development, unconscious bias training and accountability through diversity targets. Litigation funders must now take similar steps, ensuring that recruitment, retention and promotion policies actively support gender diversity at every stage.
This will not happen overnight. Success in achieving gender diversity takes time and consistent effort. Change requires commitment and action. But as law firms have demonstrated, sustained effort yields results. The litigation funding industry must now step up to meet the challenge, not only to foster equality, but to unlock the full potential of the sector. Ultimately, gender diversity is not just the right thing to do, it's smart business.
Lucy Glyn is a director at disputes finance advisory Exton Advisors.
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