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.
November 10, 2009 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
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.
The decision comes just a few weeks after the firm did away with associate classes and instead instituted three levels of associate tiers that will work within a competency-based advancement model.
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