Taft Moves to a One-Class Partnership Structure
Taft Stettinius & Hollister LLP announced that it has adopted a one-class partnership structure, eliminating the two-tier system (equity and non-equity) that had been in place for more than 25 years. After several months of study conducted by an eight-person taskforce and following an extensive process seeking input from all of the firm’s partners, Taft’s Executive Committee unanimously proposed the new structure to its equity partners for their vote and approval. The new structure was approved by a nearly unanimous vote of Taft’s equity partners.
“Achieving this vote with such a strong mandate is a great day for Taft because the new structure will advance our culture in a highly positive, open and transformative way. Nothing epitomizes teamwork more than having one group of owners with a common purpose in mind – the future success of Taft,” said Taft’s Chairman and Managing Partner Robert J. Hicks.
Today, Taft has approximately 415 attorneys of which more than 100 gained equity and voting status effective as of Jan. 2, 2018.
“The one-class structure gives all partners a ‘meaningful seat at the table’ with full eligibility for any leadership positions in the firm. Overall, we hope this encourages, energizes and empowers all of our partners, including all of our new or younger partners, to make a positive impact on the future success of Taft,” said Taft Executive Committee Member Barbara A. Duncombe, who chaired the taskforce.
Taft undertook several new initiatives in 2017 to achieve its goal of becoming an employer of choice in each of its markets. Notable accomplishments in 2017 included: offering an industry-leading, gender-neutral, 16-week paid parental leave; creating a Gender Advancement Committee and hosting the firm’s inaugural Women’s Symposium; launching a Diversity Fellowship Program; and being recognized as the highest ranked new entrant on the NLJ 500. In 2017, 58 attorneys joined Taft with the majority of those as lateral attorneys from other firms.
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