Taft Stettinius & Hollister has announced an annual raise of at least $10,000 for first-year associates at offices in Indianapolis and elsewhere in the Midwest.
Salaries will increase under a new compensation schedule the firm announced this week that will take effect in July. The company said current associates in Indianapolis, Cincinnati, Cleveland, Columbus, Ohio, Dayton and Minneapolis will receive a $10,000 salary increase, while Chicago associates will be paid an extra $15,000 annually.
Starting salaries for first-year associates also will increase as follows:
Indianapolis, Cincinnati, Columbus and Dayton: From $125,000 to $135,000.
Chicago: From $175,000 to $190,000.
Cleveland: From $135,000 to $145,000.
Minneapolis: From $140,000 to $150,000.
The Taft Executive Committee said the salary increases are part of the firm’s commitment to recruit and retain top talent, provide exemplary client service, maintain market-competitive compensation and promote a fair, inclusive, professional and empowered workplace culture while always acting with high integrity and transparency.
“Part of our ‘Play to Win’ strategy is to hire great talent, both on campus and laterally,” Taft chairman and managing partner Robert J. Hicks said in a press release announcing the pay increase. “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.”
According to Indianapolis Business Journal data as of May 2020, Taft was the fourth largest law firm in central Indiana with 136 attorneys and 213 full-time employees. Taft reports 625 attorneys in 12 offices nationwide.