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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