I can’t sum up enough energy to get all excited about another amazing diversity initiative launched by a brand-name mega-company. I know I should perk up, since covering diversity in the legal profession is my bailiwick. But, honestly, it feels like homework.

Not just homework, but the same old essay I’ve been writing over and over again. It’s not just boring but punishing. How many times can we tell ourselves that this time it’s different—that this is the game-changer we’ve been waiting for?

The latest “game-changer” is Coca-Cola Co.’s diversity initiative, launched by its general counsel Bradley Gayton, the former legal chief of The Ford Motor Co. Hailed as “the real thing”  by Corporate Counsel, Coke’s diversity plan is catching sparks. Gayton told Corporate Counsel that “the reaction has been incredible,” adding that he’s “proud and humbled by the broad support from so many firms, legal departments and individuals across the business community.”

What’s creating heat is that this initiative seems more rigorous and aggressive, requiring that new matters for Coke involve at least 30% diverse lawyers, and that Black lawyers comprise at least half of the team. Moreover, Coke mandates that firms be reviewed quarterly and give an account of how origination credit is awarded. And if firms miss diversity targets for two quarters, their fees will be docked by 30%.

All very impressive—and ambitious, if not arguably draconian (not a bad thing in my books). But what are the chance that these measures will make a real dent in the paucity of minority partners, particularly Blacks, in Big Law?

My advice: Don’t get too excited. Because we’ve been here before. More than a few times.

Almost exactly two years ago, 170 general counsel signed an impassioned letter, demanding that firms present much more diverse teams, threatening them with the loss of millions of dollars in legal fees for failure to comply. (You might recall that the letter was spurred by that photo of Paul Weiss, Rifkind, Wharton & Garrison’s all-white 2019 new partner class announcement.)

And what happened a year later? Not much. “Of the 177 lawyers who signed the letter, only two said they have dropped law firms that didn’t make efforts to become more diverse,” Reuters reported.

Then there were other stabs at diversity by clients. Perhaps you’ve forgotten. In 1999, over 500 companies signed on to the Statement of Principles, pledging to press law firms to promote women and minorities. In 2004, companies signed onto Call to Action, vowing to keep stats on law firms and “take action” if necessary.

Now, hope is riding high that Coke’s lead will make a difference. Diversity Lab CEO Caren Ulrich Stacy, who helped Coke with the initiative, told  Meredith Hobbs at The American Lawyer affiliate The Daily Report that “Coke is ‘changing the equation’ by asking its outside firms how they distribute matter credit.”

I’ll grant that checking up on how origination credit will be distributed and punishing firms that keep failing diversity goals are bold actions. But I can’t shed this nagging question: How many other GCs will go that far?

The fact is, it’s always easy to applaud bold action but much harder to take it. Krauss told Corporate Counsel, “I doubt, in a macro sense, that this is the individual, quintessential moment.” He adds, though, that Coca-Cola and Gayton have sparked a conversation.

Indeed, Gayton echoes that point. He told Corporate Counsel: “I also appreciate the discussion this has encouraged. Meaningful conversation is the first step to committing to actions that can have an impact.”

So we’re back to that: “Meaningful conversation” as a “first step.”

Not to be a pill, but shouldn’t we be way beyond that?

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