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LPL Financial Launches Outside Counsel DEI Awards Program to Advance Diversity Within Financial Services

LPL Financial Holdings, Inc.
LPL Financial Holdings, Inc.

LPL now recognizes one firm and one champion each year that exemplify a commitment to diversity within the legal profession

CHARLOTTE, N.C., May 18, 2023 (GLOBE NEWSWIRE) -- LPL Financial LLC launched its Diversity, Equity and Inclusion (DEI) Awards program as part of its partnership with the American Bar Association and the Commission on Racial and Ethnic Diversity in the Profession, to promote diversity in the legal profession and expand opportunities for diverse professionals at all levels.

This year, LPL presented two inaugural awards, an individual Diversity Champion Award and a Law Firm DEI Recognition Award. Both awards recognize law firms and attorneys who have demonstrated a commitment to advancing DEI at their firms and in their communities.


“When you have a wide range of professionals from all backgrounds with different thoughts, experiences, and outlooks, you can drive the best kind of innovation. Inclusive and diverse teams make better decisions and create better results that can help deliver better capabilities to advisors,” said LPL’s Managing Director and Chief Legal Officer, Michelle Oroschakoff.

Mintz is the first law firm to win LPL’s Law Firm DEI Recognition Award. Julie Korostoff, chair of IT Transactions and Outsourcing, represents the firm and has been working with LPL’s legal team for more than nine years. Mintz was selected in part for their efforts to create opportunities for diverse attorneys by increasing the representation of women, people of color, LGBTQ+, and disabled individuals on LPL matters.

Working on some of LPL’s most strategic and sensitive matters, Mintz has become a trusted advocate and a welcomed extension to the LPL family,” said Ralph DiChiara, LPL Financial senior vice president, associate general counsel. “Mintz has leveraged a diverse team of talented lawyers to bring innovation and broader perspectives to LPL’s business needs and challenges.”

Alexander M. Madrid, a partner in the Pittsburgh office of McGuireWoods, is the winner of LPL’s first Diversity Champion Award. His focus on broker-dealers in regulatory and enforcement actions, as well as arbitrations and court litigation, makes him a highly valued asset to the legal team.

“I am deeply honored and humbled to receive LPL’s first Diversity Champion Award.  Diversity, equity, and inclusion are not buzz words – they are profound moral commitments that are at the heart of who I am.  I am proud to work at McGuireWoods, where these tenets are part of our institutional bedrock, and to have as a client LPL Financial, which is demonstrating every day its leadership in promoting these values,” said Alexander Madrid.

Madrid’s engagement in pro bono work has seen him successfully advocate for those seeking asylum as well as those who are disabled and incarcerated. He also serves on his firm’s diversity and inclusion committee and was selected as its representative member for the Leadership Council on Legal Diversity 2022 Fellows Program in recognition of his leadership and commitment.

“We congratulate Alex of McGuireWoods, who clearly exhibits his firm’s value of DEI as a cornerstone of their strategic plan, as well as the entire team at Mintz, which has consistently launched important initiatives, including recruiting, mentoring and promoting diverse talent,” added Oroschakoff.

Award winners were selected on a variety of metrics and considerations, including the proactive promotion of issues related to DEI among peers and within the firm as a whole. Community outreach efforts and support via legal associations, community groups, non-profits and educational institutions were also a vital component of the judging criteria. LPL encourages law firms to expand their thinking with a fresh perspective on diversity, believing that different perspectives can help drive the best legal advice across the entire legal profession.

About LPL Financial
LPL Financial (Nasdaq: LPLA) was founded on the principle that the firm should work for the advisor, and not the other way around. Today, LPL is a leader in the markets we serve, supporting more than 21,000 financial advisors, including advisors at approximately 1,100 institution-based investment programs and at approximately 500 registered investment advisor ("RIA") firms nationwide. We are steadfast in our commitment to the advisor-mediated model and the belief that Americans deserve access to personalized guidance from a financial advisor. At LPL, independence means that advisors have the freedom they deserve to choose the business model, services, and technology resources that allow them to run their perfect practice. And they have the freedom to manage their client relationships, because they know their clients best. Simply put, we take care of our advisors, so they can take care of their clients.

Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States.

Mintz and McGuireWoods are separate entities from LPL Financial.

Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial LLC.

We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

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