While some might dismiss the retention and advancement of women in the profession as a ‘women’s issue’ or something that does not affect them or their practice, the reality is this is a serious issue for the profession as a whole.

The key to success for any firm, company or even country is the ability to attract, develop and retain the best talent. Talent shortages are a real problem both internationally and within New Zealand. This "talent crunch" is referred to in Deloitte's 2022 report "State of the State New Zealand 2022”.

With women making up more than half of those entering the legal profession it is essential that this talent pool is not wasted. In the words of the The World Economic Forum has stressed that maximising access to female talent is a strategic imperative for business. Any firm or organisation not aiming for gender-diverse leadership and gender pay parity is limiting its pool of available talent and also missing out on clear business benefits.

Greater gender diversity in the legal profession has proven financial and strategic benefits. There is mounting evidence that companies with a gender balance, particularly in governance and leadership roles, perform better both organisationally and financially.

This 2020 Harvard University Division of Continuing Education blog confirmed many of these benefits, and in reference to a decade of research by McKinsey and Leanin.org noted:

A growing body of research now demonstrates fairly conclusively that a true commitment to diversity generally—and gender equity more specifically—can have concrete financial benefits.

In December 2023, McKinsey issued a new report entitled Diversity Matters Even More: The case for holistic impact. In it, they asset that “the business case is the strongest it has been since we’ve been tracking and, for the first time in some areas, equitable representation is in sight. Further, a striking new finding is that leadership diversity is also convincingly associated with holistic growth ambitions, greater social impact, and more satisfied workforces.”

Diversity in all respects brings a wider range of views, experiences and innovative solutions which is beneficial for business, particularly for clients.

Additionally, firms and other organisations make substantial investments in their human capital. The cost of recruitment, education and training of employees is significant and will be wasted if they are not able to retain those employees they have invested heavily in.