JPMorgan to reward firms for diversity commitment

JPMorgan is about to kick off its panel review, bringing in diversity as a criteria for UK law firms for the first time.

The global investment bank will be sending out requests for proposals (RFPs), which will ask law firms to provide information on their diversity make-up, including questions on their lesbian, gay, bisexual, and transgender (LGBT) policy.

Associate general counsel and managing director at JPMorgan Tim Hailes said: "This will be the first time we factor in diversity for the UK and it will be a relevant consideration when we review our relationship with law firms."

JPMorgan has had a diversity section on its US RFPs for several years, in which it asks for percentage breakdowns of gender and race as well as LGBT figures.

"We're not going to take it as far as our RFPs in the US," explained Hailes. "It's going to be more looking at whether firms are taking practical action on diversity as opposed to simply ticking boxes."