NAMWOLF Calls for California Public Employees Retirement System to Examine Outside Counsel Retention Practices of Companies it Invests in

The National Association of Minority and Women Owned Law Firms (NAMWOLF) requests California Public Employees Retirement System (CalPERS) closely examine the law firm retention practices of the companies it invests in.

SACRAMENTO, CA (PRWEB) May 14, 2004 --- The National Association of Minority and Women Owned Law Firms (NAMWOLF) requests California Public Employees Retirement System (CalPERS) closely examine the law firm retention practices of the companies it invests in.

NAMWOLF is concerned that many companies are selecting their law firms based on friendships and tradition rather than competence and/or cost. Indeed, despite the many qualified women and minority-owned law firms in the United States, virtually all the law firms hired by Fortune 1000 companies are large, minority-owned law firms with poor track records relative to diversity.

All too often qualified minority and women-owned law firms are overlooked," stated Yolanda Coly, Associate Director of NAMWOLF. She added We believe that if CalPERS takes a look at the outside counsel retention practices of many of the companies in whom it has invested, it will be shocked to learn of the virtual exclusion of less expensive, minority and women-owned firms."

CalPERS provides retirement and health benefits to more than 1.4 million public employees, retirees, and their families and more than 2,500 employers. It is one of the largest public pension systems in the U.S.

The National Association of Minority & Women Owned Law Firms (www.namwolf.org) was founded in June, 2001. It is a national trade association comprising a select group of minority and women-owned law firms who exhibit excellence in the legal profession. The primary aim of the organization is to advocate for the increased utilization of minority and women-owned law firms by major corporations and public entities throughout the United States.