Reed Smith has cut starting salaries by about 20 percent for the 51 first-year associates set to start in January and, in turn, is cutting their billing rates by the same margin. In New York, Chicago, California and Washington, D.C., for example, Reed Smith associates will move from $160,000 down to $130,000. The decision comes just weeks after the firm did away with associate classes and instituted three levels of associate tiers that will work within a competency-based advancement model.
Reed Smith Cuts First-Year Salaries, Billing Rates by 20 Percent
The Legal Intelligencer
November 10, 2009