'The work of DirectWomen is more important than ever'.

• Author: Liebenberg, Roberta
• Position: Editorial

Ed. Note: Roberta Liebenberg is senior partner of the Fine, Kaplan & Black law firm in Philadelphia (www.finekaplan.com) and chair of DirectWomen, an organization whose mission is to increase the representation of women attorneys on corporate boards (www.directwomen.org). The following is an adaptation of her remarks at the DirectWomen Sandra Day O'Connor Board Excellence Award program held on June 13, 2013, in New York. (See page 72 for the article by Mary B. Cranston, one honoree of the Sandra Day O'Connor Award at this year's program.)

The number of women on Fortune 500 boards has been stuck in the 16% range for many years. Moreover, women currently account for only 3% of board chairs and less than 9% of lead directors. Distressingly, 70% of Fortune 500 companies have no women of color directors, and 10% have no female directors at all. The statistics show that the rate of progress for women on boards is far too slow, and therefore the work of DirectWomen is more important than ever.

The glass ceiling that exists in the corporate boardroom also still exists in law firms. Indeed, just as women comprise only 16% of the board members of Fortune 500 companies, they also comprise only 16% of the equity partners at the 200 largest law firms, and that percentage has remained static for over a decade. Unfortunately, the barriers that have impeded women's advancement on corporate boards mirror the obstacles that continue to confront women at law firms.

There is good news, however, because we are in the midst of great historical change for women and we have much to celebrate. As evidenced by the remarkable past and present Sandra Day O'Connor Award winners, and the many distinguished alumnae of the DirectWomen Board Institute program, there is certainly no shortage of highly qualified and talented women attorneys to serve as directors.

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The business case for increased representation of women on corporate boards is crystal clear. Women now have greater participation and importance in the workforce than ever before. In fact, 40% of the sole or primary breadwinners in American families are women, which is at an all-time high. The tremendous economic clout of women is further demonstrated by the fact that the number of women-owned businesses continues to grow, and they represent nearly 30% of all U.S. businesses. Women now account for over 50% of all stock ownership; control more than 60% of all...