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Birmingham Bar Association Bulletin | Winter 2014

minorities. President Obama has appointed 101 minority federal judges – the most in history.”7 For the fi rst time, there are three women on the Supreme Court, one of whom is Hispanic. In other federal courts, the fi rst openly-gay federal judge now sits on the bench. Additionally, and for the fi rst time, a Haitian-American has been appointed to the bench and women judges of Chinese, Filipino, Korean, South Asian and Vietnamese descent sit on the bench. Th us, attorneys who practice in federal courts will face a more diverse bench as they argue their clients’ positions. On its own, this fact should surely generate conversation about the business case for diversity. Indeed, at this time in the Tenth Judicial Circuit of Alabama, Honorable Houston L. Brown is this Circuit’s fi rst African-American Presiding Judge. Meanwhile, Chief Judge Karon Bowdre is the second woman in a row to preside over the Northern District ...the most racially diverse companies earn nearly 15 times more revenue than those that are less racially diverse. of Alabama following former Chief Judge Sharon Blackburn. Sheryl Axelrod, President of the Th e Axelrod Firm, PC, analyzed the quesboard. question of whether diversity is more, less, or equally profi table than less diverse business models. In her article, “Banking President’s Message on Diversity: Diversity and Inclusion as Profi t Drivers – Th e Business Case for Diversity,” posted online by the ABA Section of Litigation, June 12, 2014, Axelrod studied a 2011 research report in Catalyst, Inc., by Nancy M. Carter and Harvey M. Wagner entitled “Th e Bottom Line: Corporate Performance and Women’s Representation on Boards (2004-2008),” which looked at the fi nancial returns of companies with three or more women on the nies board. Th e Carter/Wagner report concluded that companies with three or more women on their boards outperformed companies with all-male boards by 60% in return on invested capital, 84% in return renumber on sales, and 60% in return on equity. Moreover, according to Axelrod, the Fortune 500 companies with the greatest number of women on their boards out- outperformed those with the fewest number of women on their boards by 66% in return on invested capital, 42% in return on WE’VE SPENT THE PAST 50 YEARS PLANNING FOR RETIREMENT. WHEN DID YOU START PLANNING? Planning for retirement requires forethought, perception, and a little patience. That’s why the American Bar Association created the AbA RETIREMENT FuNdS PROGRAM – a comprehensive and affordable retirement plan built exclusively to address the unique needs of the legal community. Contact Todd Harrell at the ABA Retirement Funds Program today! (205) 428-7547 I Todd.Harrell@abaretirement.com www.abaretirement.com The Program is available through the Alabama State Bar as a member benefit. This communication shall not constitute an offer to sell or the solicitation of an offer to buy, or a request of the recipient to indicate an interest in, and is not a recommendation of any security. Registered representative of and securities offered through ING Financial Advisers, LLC (Member SIPC). The ABA Retirement Funds Program and ING Financial Advisers, LLC, are separate, unaffiliated companies and are not responsible for one another’s products and services. CN0311-8585-0415 Birmingham Bar Bulletin/ Winter 2014 9


Birmingham Bar Association Bulletin | Winter 2014
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