One of New Jersey's largest firms, McElroy, Deutsch, Mulvaney & Carpenter, has created a minority-owned subsidiary in an effort to attract business from Fortune 500 corporations eager to put diversity in their lists of outside counsel. Managing partner Edward Deutsch says his 230-lawyer firm is the first to acquire an ownership stake in a minority firm. The National Minority Supplier Development Council cautions that the goal should be to build true minority firms, not to enrich white majority firms.
May 24, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
One of New Jersey’s largest firms, McElroy, Deutsch, Mulvaney & Carpenter, has created a minority-owned law firm subsidiary in a novel effort to attract business from Fortune 500 corporations eager to put diversity in their lists of outside counsel.
Managing partner Edward Deutsch says his 230-lawyer firm in Morristown last month acquired a 49 percent stake in Espinosa & Espinosa — a six-lawyer, certified minority firm in Weehawken whose sole equity holder was Cuban-born Juan Espinosa.
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