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.
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