Law firm implements "living wage" program
Employee groups affected by the increase are largely office support staff. Nearly 20 percent of the firm's employees, or approximately 220 individuals in the firm's 22 domestic offices, will benefit from the increase, which was recently announced at the firm's annual meeting in Atlanta, Ga.
Overall, the minimum wage for employees will increase between 6% and 73%. The increase, along with other medical and profit sharing benefits the firm is instituting, is expected to cost the firm approximately $1 million, according to a firm spokesperson.
Holland & Knight, one of the world's 20 largest law firms, has more than 1,100 lawyers throughout the U.S.
"At a time of unprecedented economic prosperity, it can't be ignored that as many parents move from welfare to full time employment, they are among a growing number of families who can't stretch their wages to meet the costs of basic necessities," said Steve Lind, director of operations, Holland & Knight. "And, while many of these employees are not poor by official poverty measures, their gross income is inadequate if they're receiving only minimum wage."
"If it helps us attract and retain a more talented and diverse workforce, great," Lind added. "But that was not the driver here." He was unaware of a higher minimum wage standard that exists in the legal industry.
Holland & Knight also recently announced an increase in the match for employee contributions to the firm's profit sharing plan while medical benefits were also improved for all employees through elimination of the $100 deductible to the employee's PPO insurance plan. In addition, the firm increased benefits for annual physical exam and speech therapy coverage.