Home

Reed Smith Asks Non Equity Partners for a Tithing
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

Render unto Caesar what is Caesar’s, or so the expression goes. Now Reed Smith is asking much the same of its non equity partners. Non equity partners are being asked to contribute as much as 15% of their base salary to the company or risk losing partnership status. Gregory Jordan, the firm’s chairman, had this to say about the plan. ““It’s about not just saying you’re a partner, but actually being one. It means something. It revolves around risk-sharing in the business.” Jordan defended the move, saying that it isn’t a means to get a quick cash infusion into the company, and going on to say that Reed Smith is having “a very strong year”.

A very strong year? That doesn’t square up with the history.

In March, Reed Smith laid off 100, 26 lawyers and 74 staff.

  
What
Where


In May, Reed Smith cut all US associate salaries by 10%.

In August, Reed Smith cancelled on campus interviews at Fordham law at the last minute, prompting the school to ban Reed Smith from on campus recruitment for five years.

Last week, Reed Smith cut the salaries of incoming associates by 20% and lowered their billing rates for work done by new associates. This came two weeks after announcing a plan to move away from lock step.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




If this is a very strong year, I would hate to see what things look like in a bad year.





 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Corporate, Mergers and Acquisitions and Securities Associate Attorney

USA-NY-New York City

New York City office of our client seeks corporate, mergers and acquisitions and securities associat...

Apply Now

Business Litigation Attorney

USA-CA-Santa Monica

Santa Monica office of our client seeks business litigation attorney with 1-3 years of experience. T...

Apply Now

Intellectual Property Litigation / Enforcement Associate Attorney

USA-CA-San Francisco

San Francisco office of our client seeks intellectual property litigation / enforcement associate at...

Apply Now

Eminent Domain Attorney

USA-TX-Richmond

Richmond office of our client seeks eminent domain attorney with 5+ years of experience. The candida...

Apply Now

RELEVANT JOBS

Hotline & Training Managing Attorney (IMMIGRATION)

USA-NY-New York City

The Hotline & Training Services Managing Attorney will guide, develop, and supervise the Hotline sta...

Apply now

Associate Attorney

USA-CA-Sacramento

A civil plaintiff’s law firm is hiring for an associate attorney, preferably with strong resea...

Apply now

Associate Attorney

USA-TX-San Antonio

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

Associate Attorney

USA-TX-Dallas

One of Texas\'s largest Personal Injury Law firm seeks a highly motivated associate attorney with 3-...

Apply now

SEARCH IN ARCHIVE

To Top