Five law firms have joined together with 26 general counsel to establish a $5 million fund for research initiatives and programs designed to address the lack of diversity in the legal profession.

Orrick, Herrington & Sutcliffe; Goodwin Procter; Eversheds Sutherland; and Stoel Rives have agreed to participate in the project along with the 26 GCs, who hail from such corporations as Bloomberg, Ford Motor Co., Starbucks and 3M, among others. A fifth law firm will be chosen through a blind application and selection processes.