Reed Smith on Thursday announced a temporary 15% cut to associate pay, a day after reporting that it would delay its first-year start date to January 2021 and shorten its summer associates’ program to five weeks.

The firm has already made the decision to defer partner distributions across the firm, and a spokesperson acknowledged Thursday that it has also reduced base pay for counsel by 10%, while deferring decisions on merit increases and discretionary bonus payments for professional staff.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

To view this content, please continue to their sites.

Not a Lexis Subscriber?
Subscribe Now

Not a Bloomberg Law Subscriber?
Subscribe Now

Why am I seeing this?

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]