Reed Smith is decimating associate salaries, cutting pay 10% across the organization.
From the memo:
…Reed Smith has adopted many changes to our business in response to global economic conditions… Among other things, this has meant lower compensation levels for partners. Today, we are announcing another change which we believe is appropriate to further sound business operations. Effective July 1, 2009, we will reduce associate salaries in the U.S. by 10% across the board. We will set the salaries for our incoming class of U.S. associates at a later date, but the new salaries will be at least 10% lower than current first year levels.
In Europe and the Middle East, the firm is freezing current associate salaries; and it will set the starting salary for newly qualified UK associates approximately 10% lower than the current level. Asian operations are not affected.
Founded in 1877, Reed Smith LLP