Esta E. Stecher
General Counsel
Gregory K. Palm
General Counsel
The Goldman Sachs Group, Inc. is a leading global investment banking, securities, and investment management firm. Its three core business lines—investment banking, trading and principal investments and asset management and securities services—helped Goldman Sachs generate over $24 billion in net earnings in 2005. Its diversified client base includes corporations, financial institutions, governments, and high net-worth individuals
Goldman Sachs' Legal Department is run by two powerful advocates for diversity, Gregory K. Palm and Esta E. Stecher, who share the titles executive vice president and general counsel. "In the Legal Department, similar to other areas of Goldman Sachs, we strive to identify, attract, and retain the very best people. Diversity is inherent in attaining that goal since talent is found everywhere; some places are just harder to reach. Lack of diversity means that you do not have the best people," says Palm. Stecher echoes the sentiment, saying, "We are optimistic that through the many efforts undertaken at Goldman Sachs, we will continue to increase the diversity of the people in the Legal Department and to develop them into successful leaders. In this way, we hope to create the next generation of role models for those that will follow."
Goldman Sachs' Legal Department has launched many innovative programs to promote diversity and inclusion with emphasis on recruiting, retaining, and increasing opportunities and visibility for minorities and women at the firm. The department creates an annual diversity plan that is presented to the chairman and chief executive officer. As part of the plan, all lawyers receive annual career development reviews. Through this process, action plans for career development and advancement are put into place, and managers are held accountable for employees' progress. The department also has its own Diversity Council, and senior leaders within the department have been designated to champion inclusiveness issues.
The Legal Department places special emphasis on building the pipeline of diverse law school candidates. In July 2006, Goldman Sachs co-sponsored "Winning Strategies for Young Black Men," along with Sullivan & Cromwell and the Charles Hamilton Houston Institute for Race and Justice at Harvard University. This event featured a panel discussion with speakers from academia, community affairs, and the law and was followed by a networking reception. The goal was to discuss strategies to close the achievement gap between African Americans and Caucasians.
Goldman Sachs is a platinum sponsor of Practicing Attorneys for Law Students (PALS), a program designed to provide mentoring and career guidance services to minority law students attending 13 New York metropolitan area law schools. During the last three years, Goldman Sachs' Legal Department has co-sponsored several career forums with PALS such as, "What You Can Do with a Law Degree," in which Goldman Sachs' attorneys shared their experiences and thoughts regarding career options.
Last year, Goldman Sachs received the first award ever given by PALS for its commitment to diversity and ongoing support of PALS. Fortune magazine ranked Goldman Sachs number 35 on its list of "The 100 Best Companies to Work For" in 2005 and it is one of 22 companies that have been selected each year since Fortune created the list in 1998. Working Mother magazine recognized the company on its "100 Best Companies for Working Mothers" in 2006 and 2004. Additionally, Goldman Sachs ranked number 10 on Universum's list of "The Top MBA Women's Employers 2003."
At press time, the N.Y. dinners had not been held. Group photos of the award winners for the northeast region will appear in the Jan./Feb. 2007 issue of Diversity & the Bar®.
From the November/December 2006 issue of Diversity & The Bar®