Reed Smith has joined a small but growing group of large law firms that have decided to cut associate salaries as one way of adjusting to the economic downturn. The firm, as first reported on the blog Above the Law, said in a memo Wednesday that it would cut all existing U.S. associates' salaries by 10 percent effective July 1. In the memo, Reed Smith said that it has also lowered compensation levels for partners as a response to the recession.
Reed Smith Cuts Associate Salaries for U.S. Offices
The Legal Intelligencer
May 21, 2009