Acosta & Díaz law firm establishes social impact business model
Grupo Legal Acosta & Díaz, LLC, headed by Puerto Rican Attorneys Ricardo Díaz-Soto and Loira Acosta-Báez, recently became the only establishment in Puerto Rico certified as “B Corp,” for promoting a business model with inclusive practices that have a social impact among its business partners and a significant reach in the local community.
The global certification is granted by nonprofit institution B Lab to companies with economic profitability that show verifiable high standards in social involvement, environment, and transparency, the firm stated.
“We’re extremely proud of the fact that we are the only company in Puerto Rico certified as B Corp.,” said firm Co-Founder Díaz-Soto. “This certification is the equivalent of a quality seal, it implies the firm has a triple impact: economic or financial profitability, socially and environmentally.”
“Different from the traditional business model, as a B Corp company, we’re commited in an institutional, legal, and personal manner to make decisions and actions that positively impact the community, the environment, employees, and clients,” he said.
B Corp-certified companies comply with high social, environmental, and community standards, besides assuming a role and commitment of transparency in their operations. They operate under a unique business model and as employers, must have good labor practices, and offer clients products pr services that improve the common good in society, therefore promoting social impact among their clients.
Also, they benefit from attracting and preserving talent, investors, and capital, as well as to have collaborations and business relations with those in search of been more responsible with the environment and society through their products and services.
To become certified, companies must comply with documentation that validates the impact the law firm has in the following five areas: governance, employees, clients, community, and environment. Also, they must pass the verification process every three years to maintain their certification current.
“Many more companies worldwide are looking for transparence and metrics to evaluate their social and environmental impacts. It’s the new way of doing business” said Acosta, co-founding partner.
The firm offers legal services to businesses based on a sustainable and social economy. Both founding partners combined their respective professional experiences in several legal fields such as labor, corporate, and participatory legal structures to develop business structures based on a new economy, they said.