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<b><i>Online Extra:</b></i> Reed Smith Raises Salaries, Matching $180K in Some Markets
Reed Smith has announced a new associate pay structure, raising the starting salary to $180,000 in some markets, $160,000 in Philadelphia and $145,000 in Pittsburgh.
Reed Smith's first-year salary will raise to $180,000 in New York; Washington, DC; Chicago; Houston; McLean, VA; and the firm's four California offices. The $160,000 salary will go to first-year associates in Princeton, NJ, and Wilmington, DE, as well as Philadelphia. The first-year salary in Richmond, VA, is increasing to $130,000.
The new salaries will take effect Jan. 1, the firm said in a statement.
'These changes are aimed at attracting and retaining the strongest talent to provide the highest level of service to our clients,' the statement said. 'As always, we look forward to providing the highest and best level of talent and service to our clients and believe that these changes will continue to enable us to do so.'
Reed Smith previously paid $145,000 in Philadelphia, Wilmington and Princeton, and $140,000 in Pittsburgh. It had been paying $160,000 per year to new associates in Chicago, Houston, New York, Washington, DC, McLean, and California.
The change comes on the heels of a number of announcements across the country by large law firms raising their first-year salaries. It began early this month when Cravath, Swaine & Moore said it would be raising its first-year salary to $180,000. A number of firms in other markets quickly followed suit.
Last month, Dechert said it would be raising its first-year salary as of July 1 to $180,000 firmwide, matching Cravath. Dechert also increased salaries for each associate class, up to eighth-year associates and above.
Dechert previously had different first-year salaries based on the city, like Reed Smith, but last year it raised Philadelphia and Princeton salaries to bring them up to the same amount as other offices.
Lizzy McLellan'writes for this newsletter's ALM sibling, The Legal Intelligencer. She can be contacted at [email protected]. Follow her on Twitter @LizzyMcLellTLI.
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