Diversity in Chicago Companies: How New Players Can Change the Game
Yvan-Claude Pierre is a Corporate & Securities Partner for Cooley LLP. He is a leading capital markets lawyer and one of the only Black partners in the US and globally for IPO representations. YCP led the founding of Cooley’s Chicago office and serves on Chicago:Blend's Advisory Board.
When first researching Chicago in 2020 as a possible new office location for Cooley, I was immediately struck by how vibrant the city was in terms of both culture and diversity, but what I couldn’t understand was this: Why aren’t the law firms and companies equally diverse?
We quickly realized Chicago was a dynamic city in terms of race, identity, and background, but could benefit from a genuinely diverse, high-caliber professional ecosystem. Cooley set out to change the tone for Chicago law firms, just as Chicago:Blend is doing in the local venture capital and startup sector.
With some of the best universities in the country and an extensive talent pool, it’s no wonder the Midwest has exploded into a cross-industry powerhouse over the years with Chicago at the forefront. However, both Chicago:Blend and Cooley believe the city has much more to do to reach its full potential with respect to diversity within the ecosystem.
If the city’s leading companies evolve their priorities and acknowledge diversity as the key to innovation, Chicago will become a diversity, equity and inclusion (DEI) model for the nation, with unparalleled success. So how can VC firms and startups do this?
First, we need to shift our understanding of what makes someone an ideal addition to a team. Gone are the days when all that mattered was how much business a candidate could bring in or generate. The focus needs to be on the whole person and bringing all their attributes to bear to drive unprecedented results.
When Cooley came to town in 2021, we made it clear that we were looking to hire the best people, as well as the best lawyers. Despite being told, “That isn’t how it works here,” my partners and I held on to our vision. We brought in top talent from some of our strongest competitors and built one of the fastest-growing law offices in city history – organically acquiring many outstanding attorneys in a short period of time – and did so during a global pandemic. My team is extremely proud that we have built a firm office where more than half of our current lawyers are women and nearly half are racially diverse or identify as LGBTQ+.
A social media post acknowledging Black History Month or National Hispanic Heritage Month is not enough. If you truly believe in the importance of incorporating diversity into your workplace to build a team culture that will drive progress, you need to fully commit. This does not mean solely hiring people from historically underrepresented groups. It also means hiring people who care about and understand the importance of DEI – regardless of their personal identity.
To become an industry leader, you need to act like one. Support your mission statement and words with real action. Instead of relying on how things were done in the past, carve your own path. While this is true for the services you provide, it’s also true for the company culture and team that you construct.
Change is coming
Monumental change in DEI standards across the board is coming, but not overnight. If your company steps up to spearhead this development, people will take interest. Competitors, clients, and talented job-seekers throughout Chicago and the rest of the US will recognize your success and aim to either become involved or follow your lead – or face falling behind the pack.
When forming Chicago’s Cooley office, we stayed true to our mission and didn’t settle for what was expected or considered the norm. We remained committed and vigilant to our values and dedicated to building a firm that reflects equality for all while representing disruptive companies that share these values. In the past 18 months, we’ve seen the payoff in our business growth.
Chicago:Blend shares the same goal of setting new DEI industry norms. Just since its founding in 2018, the organization has made a tangible impact on diversifying company boards and increasing the life cycles of businesses through grassroots efforts. These changes are yielding results for both Chicago:Blend and its partners.
Now, it’s your turn. This year, let go of outdated models for achieving success. Instead, focus on the human caliber of your team to create an inclusive and dynamic company culture. By doing so, you will see results not only internally, but also in your presence and success in the greater professional community. When you fully commit to DEI efforts, people will notice – and positive business outcomes will follow.