Taft Stettinius & Hollister LLP announced Wednesday the firm has adopted a new one-class partnership structure.
This move eliminates the two-tier system — equity and non-equity — that had been in place at the firm for more than a quarter-century.
After several months of study conducted by an eight-person task force and an extensive process seeking input from all the firm’s partners, Taft’s executive committee unanimously proposed the new structure to its equity partners for their vote and approval. The firm said in a statement the equity partners approved the new structure in a nearly unanimous vote.
“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,” said Taft chairman and managing partner Robert J. Hicks.
Taft has approximately 415 attorneys. More than 100 of those gained equity and voting status Jan. 2.
For example, former Taft partner Tony Paganelli retired from the firm in 2013 and moved his practice to the spare bedroom of his house after his son fell ill. With his child’s health restored, he now runs Paganelli Law Group using a one-principle business model.
He and other attorneys who have experimented with these models say they allow for more of a work-life balance.