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What do life-saving medicines, instant ramen, and yogurt have in common? They have all proven that a business can do good while doing well, according to Womble Carlyle’s Director of Impact Strategies Mark Newberg. In this Forbes article, Newberg argues that the long-held belief that an Impact Economy can’t exist within Milton Friedman’s free market economy ignores the success of companies that have done just that.
“The key to successful impact is to apply the kind of rigorous management practices Milton Friedman endorsed,” Newberg explains. “Yet it’s the broad misinterpretation of what Friedman actually said that has led (some) to insist that Impact and profitability are mutually exclusive. But examples of Impact and profitability (whether Impact Investments or Impactful products or practices) are hidden in plain sight, all around us, every single day.”
Attorney Pam Rothenberg leads Womble Carlyle’s Impact Team, which serves clients from many sectors, including public and private companies seeking to increase their impact within their existing structure, as well as those seeking to expand into the burgeoning Impact Economy. In addition to legal services, the team of attorneys and experienced professionals provides clients with strategic and advisory services as well, such as establishing sound organizational and operating principles tailored to their business models. The team also works closely with businesses and investors to structure transactions that will provide the necessary access to, and effectively deploy, capital in support of sustainable, profitable and social responsible operations.