Biglaw

Biglaw Firm Shares The Wealth With Associates By Raising Salaries

Happy news for everyone at the firm.

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Back in March, after completing an incredibly successful financial year against all odds in the face of a pandemic, DLA Piper decided it was high time to increase associates’ salaries outside of its major market offices. Slowly but surely, other firms began to follow in DLA’s footsteps: first came Alston & Bird, and then came King & Spalding.

Which firm is next in line?

It’s Midwestern firm Taft Stettinius & Hollister, which is now doing business as Taft Law following its early 2020 merger with Minneapolis-based Briggs and Morgan. Effective July 1, the firm will increase salaries for all associates by $10,000, and increase first-year salaries as well, based on the following matrix:

  • Chicago: From $175,000 to $190,000
  • Cincinnati, Columbus, Dayton, and Indianapolis: From $125,000 to $135,000
  • Cleveland: From $135,000 to $145,000
  • Minneapolis: From $140,000 to $150,000

The firm’s Chicago office is the only one that will be following the prevailing market rate for most Biglaw firms. Will that office’s bonuses match the prevailing market rates as well? Time will tell.

Robert J. Hicks, Taft’s chairman and managing partner, said of the increases:

Part of our ‘Play to Win’ strategy is to hire great talent, both on campus and laterally. To do that, we need to do everything well, including providing highly competitive compensation and benefits packages in each of our markets. Given our strong financial performance and growth, this strategy – at the direction of our executive committee – is clearly delivering results for the firm and our clients.

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Here’s what Lisa Watson, Taft’s chief recruiting officer, had to say about the raises:

We are in the talent business. The market has become hyper competitive for top talent and this decision is based on understanding current trends and taking a long-term view. Our ability to hire top talent is critical to providing exemplary client service and to achieving all of our quality, cultural – including diversity and inclusion – and financial goals.

Congratulations to everyone at Taft on the well-deserved raises. Which firm will be the next to share the wealth with associates?

Please drop us a line — text (646-820-8477) or email (subject line: “[Firm Name] Raises Salary”) — when you know of another firm making a compensation move. Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file. All sources are kept confidential.

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Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

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