#31 Legal Profession This Week: The COP26 Summit

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By Dheepa M​


The COP26 summit kicked off this week in Glasgow with over 200 nations attending to discuss accelerated implementation of the Paris Agreement and the UN Framework Convention on Climate Change (UNFCCC). When it comes to climate change, law firms seem to be at the forefront of advocating for serious action. Many firms have consistently announced goals to reduce carbon emissions and have also supported climate pledges specific to the legal industry, such as the Greener Litigation Pledge.

Despite these efforts, The Lawyer reports that only 35% of firms have set targets for the year 2021 and beyond, and only 15% of these firms have specific quantitative climate targets. The report suggests that while many firms offer ESG services to clients (take Gibson Dunn’s launch of a new dedicated ESG team for example) and have ample marketing spiel surrounding sustainability goals (Linklaters and Baker McKenzie and Freshfields Bruckhaus Deringer all celebrated the introduction of a new sustainability head role), most firms are far from implementing serious action to tackle climate change.

Accountability to clients is likely to be an important factor in forcing law firms to make real changes. Clients facing pressure to comply with environmental regulations need to become more selective about working with firms that voluntarily comply with those same regulations. Many have already begun to adopt that approach when it comes to offering panel positions to firms that meet diversity and inclusion targets. Firms that are more transparent about their climate goals and how they are tackling them will not only be more tangibly doing their part to fight climate change but will also likely be better at convincing clients that they can help them do the same.

‘Business as usual’ – the notable deals and cases which went ahead this week:

Freshfields Bruckhaus Deringer and Reed Smith are acting for IKEA on its purchase of Topshop’s previous landmark location on Oxford Street. Freshfields is advising Arcadia, the parent company behind Topshop while Reed Smith advises Ingka, IKEA’s largest owner.

Linklaters and Davis Polk are advising PwC on its largest disposal in two decades - the sale of its mobility and tax immigration service arm. The unit is being sold to private equity firm Clayton Dubilier & Rice who are being advised by Debevoise & Plimpton.