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Reed Smith cuts first-year associate pay, rates and hours

Reed Smith LLP, an international law firm with offices in Richmond and Northern Virginia, will cut by 20 percent the billings rates and annual salary of first-year associates in its 15 U.S. offices.

The changes affect 51 attorneys who will join the firm in January. The firm’s global managing partner says the move is intended as a clear message that the firm is listening to the concern of clients about driving down the cost of legal services.

A press release with the details is here.

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