In recent years, discussions about the gender pay gap have risen to the surface in a litany of industries and in just about every corner of the country. For far too long, women have earned less than their male counterparts, despite having the same, or better, job titles, backgrounds, and experience levels. In his article for Investment News, titled “’Murky disparity’ stalls progress,” Bruce Kelly explored the issue of gender pay disparities specifically as it relates to women working in the financial services industry.
According to the article, women only make up about 20% of financial advisors nationwide, and only about a third of the seats on the boards of S&P 500 companies are held by women. Jenice Malecki, the female founder of the New York-based securities law firm, Malecki Law, was quoted in the article, stating there are still plenty of pay disparities between employees of different genders at various firms. Ms. Malecki explained that she still gets contacted by women regarding their struggle with the glass ceiling they encounter in their employment and pay discrepancies. She added that, while some improvements have been made regarding pay disparities at the largest firms, those issues remain at firms that have smaller offices in various parts of the country. Smaller firms and satellite offices for larger firms generally operate with less oversight and supervision than their larger counterparts, allowing gender pay disparities to persist. If you are a female financial service professional and have suffered from unfair treatment at the hands of your employer, you should consult an experienced securities law attorney, like the ones at Malecki Law.
Another added layer to the pay disparity dilemma is the issue of transparency. Because of the lack of transparency, employees are unaware whether they are getting compensated equally as their peers. Few employees take the risk of complaining about this issue for various reasons, such as fear of retaliation or the loss of their job, so the lack of transparency remains, leading to the natural result of unequal pay. As Ms. Malecki explained in the article, many employees are not willing to challenge this unequal system, and as a result, numerous concealed disparities persist.
Here at Malecki Law, we are actively taking steps to fight against pay disparities, lack of transparency, and discrimination against women in the financial services industry. First, Malecki Law is one of the few woman-led law firms handling securities law issues on Wall Street, at the heart of the financial district. Women make up 2/3 of the team at Malecki Law, with the top leadership position filled by Ms. Malecki.
Second, Malecki Law has represented many women working in the financial services industry. The claims Malecki Law has brought on behalf of female financial professionals include claims related to wrongful termination and the expungement of false statements made in regulatory filings, to name a few. Malecki Law takes pride in helping break down barriers to the professional advancement of women working in the financial service industry. Malecki Law is at the forefront of the fight for women’s issues within the industry on and off Wall Street, and we are proud of the work we have done and will continue to do.
Contributions by Yorlson Lotin, New York Law School Securities Arbitration Seminar and Field Placement Extern.