The ‘Glass Box’ of Corporate Law – Why Women Are Still Missing from High-Stakes Deals
Prachi Dahiya
The Persistence of Gender Disparities in Corporate Law
Despite the increasing representation of women in the legal profession, corporate law remains a sector where gender disparities persist. While entry-level positions in corporate law firms reflect a relatively balanced gender ratio, the presence of women in high-stakes deals and leadership roles remains dismally low. This phenomenon is not just a symptom of a general lack of diversity in senior legal roles but reflects deeper systemic issues that act as a ‘glass box’ — a structure where women are visible within the profession but remain constrained from breaking into the most lucrative and influential deals.
The Numbers Behind the Inequality
The numbers paint a clear picture of gendered disparity. Studies show that while women make up a significant proportion of law graduates and junior associates, they remain underrepresented in senior corporate roles and deal-making teams. According to a 2023 report by the Law Society, women constitute over 50% of solicitors in the UK but represent less than 25% of partners in corporate law firms. Moreover, an even smaller percentage lead on mergers and acquisitions (M&A), private equity, or billion-pound transactions. High-stakes corporate deals demand long hours, intense negotiations, and strategic networking. The barriers to entry for women in these transactions are not merely incidental but are built into the culture of corporate law firms. The unspoken requirement of always being available, coupled with entrenched male-dominated networks, ensures that women are frequently side-lined in major negotiations.
The Enduring ‘Boys’ Club’ Culture
One of the key reasons for the underrepresentation of women in high-value corporate transactions is the unwritten ‘boys’ club’ culture that still dominates the industry. High-profile deals are often cultivated in exclusive, informal settings where professional relationships are forged beyond office walls — at private clubs, golf courses, and late-night networking events. The exclusion of women from these spaces, whether intentional or not, creates a pipeline that inherently favours men when it comes to high-value deal-making. This culture is further exacerbated by the expectation of ‘always being on call’ in corporate transactions. The unpredictable and high-pressure nature of deal-making often conflicts with traditional caregiving responsibilities that disproportionately fall on women. Despite progress in flexible working arrangements, the reality remains that many firms still reward presenteeism over productivity, putting women at a disadvantage.
The Double Standards of Leadership Perception
When women do make it to senior corporate law positions, they often face a different set of expectations compared to their male counterparts. Studies have found that women are more likely to be judged on past performance, while men are judged on potential. This results in women having to work harder to gain trust and demonstrate their ability to lead high-value deals. Additionally, the perception of assertiveness in negotiations differs along gender lines. While male lawyers are often commended for being tough and strategic, women displaying the same qualities are more likely to be perceived as aggressive or difficult. This ‘confidence bias’ contributes to the reluctance of firms and clients to place women in lead roles on crucial transactions.
The ‘Glass Box’ Versus the ‘Glass Ceiling’
Unlike the well-documented ‘glass ceiling’ that hinders women from reaching leadership positions, the ‘glass box’ concept highlights the paradox of women’s presence in corporate law. Women are visible in law firms, taking on crucial roles in due diligence, compliance, and risk management, yet they are kept from the key strategic and decision-making positions that define the sector. They are often assigned to supporting roles rather than leading negotiations, reinforcing a cycle where they lack the experience necessary to break into high-stakes deal-making.
Breaking the Barriers: The Way Forward
The question then arises: How can the corporate legal industry ensure that women are not just participants in corporate law but leaders in high-stakes deals? Firms need to move away from exclusionary networking practices and actively integrate inclusive networking opportunities where women can build relationships essential for deal-making. Work allocation should be monitored to ensure that women have access to high-value deal experience. Additionally, firms should reassess their promotion criteria to mitigate biases that undervalue women’s contributions. Male allies and senior women in corporate law must actively mentor and sponsor junior female lawyers, ensuring that they receive the necessary exposure and advocacy needed to thrive in high-value deals. Firms should promote work-life balance without penalizing those who take advantage of flexible arrangements. Implementing structures that recognize productivity over mere hours spent at work can enable more women to take on leadership roles. Internal training and policy changes should address confidence bias, ensuring that women are judged on their skills and potential rather than outdated gendered expectations.
Conclusion: Beyond Diversity to True Inclusion
Women in corporate law have long been visible but constrained within a professional framework that does not provide them equal access to power. The challenge now is not just to acknowledge the disparities but to take proactive steps in dismantling them. Law firms must recognize that breaking the ‘glass box’ is not merely about diversity for the sake of optics but about ensuring that talent and merit, rather than gender, dictate who gets to lead the deals that shape global markets. Until this is addressed, corporate law will continue to fall short of its potential for true inclusivity and equality.