How can we Accelerate Action this International Women’s Day?

Bexley Beaumont is a female founded business, and as founders, we have witnessed first-hand the benefits and challenges of this journey. As my co-founder Anna always says – there is a published book somewhere as part of our journey, but it may be uncomfortable reading for some! #AccelerateAction is the topic of this year’s International Women’s Day, but to accelerate this action, we need to look at the very start of the business journey. There are still only a small minority of law firms, or any businesses, founded solely by women, even though we should all by now know the many benefits of diversity and inclusion within the business community. Bringing about real change means funding and supporting the businesses and individuals who are championing that change.

For every £1 of equity investment in the UK, only 2p goes to fully female-founded businesses, a statistic which hasn’t improved at all in the past decade. It can be of no surprise that with dwindling funding, the proportion of growing, female founded companies remains low. The Government report on High Growth Enterprises released in February 2024 found that only between 7% and 13% of high-growth businesses were all female founded, and at best, only 25% of these businesses included women founders at all. The figure is even lower for professional services, where only 6% of high-growth businesses were founded by women.

The World Economic Forum suggests it will be 2158 before we reach true gender parity at the current rate of progress, which is five generations from today. Whilst there have been challenges, we have also benefitted from so many people helping us on our journey with their kindness and experience, irrespective of gender. Words of encouragement are so powerful, especially when delivered at the right moment, and we have had support from so many founders over the years.

Sitting as a women’s representative on the Law Society Council, I see first-hand that there is still work to be done and while we have made progress, it’s time to #AccelerateAction. It’s important to continue breaking down barriers, particularly with women entering law and for women looking at the most senior positions in the legal industry and beyond. This year BBFoundation, the firm’s registered charity, has partnered with The Sutton Trust to help break down the initial barriers to entry within the legal industry, a project I am particularly passionate about!

In 2022, over 150,000 new all-women-led companies were founded and in 2024, almost one in five (18%) UK businesses were led by women, which accounts for almost 900,000 entities. Three in four female business owners (74%) are also anticipating revenue growth this year, another positive sign. Away from ownership, the UK sits in the top five globally for the percentage of women in the workforce, a statistic I have seen personally increase at Bexley Beaumont. But more can be achieved if we do #AccelerateAction and that’s incredibly exciting.

Creating the thriving team culture, we have at Bexley Beaumont has been a personal highlight in my career, and I am privileged enough to tailor the approach of the business to empower not just women, but any lawyer looking to define their own version of success. Giving people the choice and freedom to work in a way that benefits them is true of any firm in the fee-share space, but having that freedom in a culture that actively empowers people to collaborate is where we excel and how Bexley Beaumont breaks barriers, carving out its own unique space in the industry.

Helping to break down traditional barriers is all well and good, but some barriers still need to be broken by the individual. Bexley Beaumont was built upon delivering quality to clients and lawyers alike, so barriers to entry can be effective. Having no filter for a firm like ours can detract from either the quality, the culture, or both, which is why Bexley Beaumont has maintained, and will always maintain a selective approach to recruitment.

Breaking barriers and accelerating action are two topics we have found ourselves consistently tackling throughout the years. These themes are concurrent throughout the business world, and in many cases aren’t just relevant to women. Accelerating action is the only way to continue growth, whether that is in terms of revenue, improving culture, or improving the prevalence of women in law, and in senior leadership positions.

Every individual story is different, and every business will have a different relationship with International Women’s Day. We all should be playing our part in accelerating action and one of the biggest ways to help Accelerate Action for gender equality is to Support the Supporters.

To discuss any of the above, please contact Karen Bexley:: karenbexley@bexleybeaumont.com  |  07971 859332