Taft Restores 100% Partner Pay and Repays All Partner Pay Reductions
As a result of Taft’s performance, the firm reinstated 100% of its partner pay and made a one-time lump-sum repayment to all partners of the 25% partner pay reduction amounts which were previously announced. The reduced pay program remained in effect from April through August, a period of only five months, and then all previously reduced partner pay amounts were distributed to partners in October.
As a result of the significant uncertainty of the potential economic effects of COVID-19 that existed in early 2020, Taft previously announced a comprehensive three-part plan to lead the firm through the pandemic. The COVID-19 plan has three key elements: 1) health and safety measures (which include remote working conditions, sanitation precautions, testing, contact tracing, the wearing of masks, etc.); 2) ensuring the maintenance of exceptional client service (including the creation of a COVID-19 Task Force); and 3) proactive and conservative financial planning. The cornerstone of the financial plan was its precautionary partner pay reduction (described above).
In a decision to shoulder the financial burden of the pandemic solely among the Taft partners, Taft chose to not implement any pay reductions for staff, associates, or of counsel attorneys related to the pandemic.
To help clients navigate the pandemic, a multidisciplinary firm-wide COVID-19 Task Force was launched in March 2020 to proactively provide clients with breaking developments and forward-looking perspectives.
Taft also has experienced robust lateral growth during 2020. Through the date of this release, 32 attorneys have joined Taft. Additionally, 15 first-year associates will join Taft in January 2021, taking its attorney headcount to more than 620.
Since 2007, Taft’s attorney headcount has nearly tripled as a result of its one-class partnership, high retention rates, modern gender, diversity, and inclusion initiatives, and market-competitive compensation system.
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