Biglaw Firm Proves They're Strong Enough For Associate Raises
One firm, one compensation scale.
We’re not quite done with associate salary increases quite yet! The latest firm to announce raises is none other than the No. 26 Biglaw firm (according to Am Law) — Reed Smith. The firm took in $1,310,596,000 in gross revenue last year, and looks like they’re happy to share the wealth!
Reed Smith announced today they’re moving to the much ballyhooed $205,000 standard for first-year associate compensation. Though tipsters say what happens beyond the first year remains unclear. The firm says the move is part of a broader salary restructuring that will see the end of regional differences in compensation, which they say reflects how matters at the firm are staffed.
Why, you say? It’s all about recruitment, stupid.
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“Our culture and core values are central to who we are as lawyers and as a firm,” said Sandy Thomas, Reed Smith’s Global Managing Partner. “Our 2024 business strategy is focused on excellence and impact, and recruiting the best talent available is critical to meeting our promise of providing our clients with first-in-class legal services.”
A message that was reinforced by Casey Ryan, Global Head of Legal Personnel:
“We are in the talent business, pure and simple. We are committed to recruiting the best talent and helping our people build their careers at Reed Smith. We know that’s how we keep our competitive edge in the market. We also know that quality of life for our associates goes beyond pay. Through Associate Life, we are taking a holistic approach to life at Reed Smith and creating an overall experience that works for our associates.”
If they really want that recruitment message to stick, they best be paying more than just first years market salary. But congrats to the associates that got big raises.
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What Do Millennials Think Of Law Firm Life?
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Remember everyone, we depend on your tips to stay on top of this stuff. So when your firm matches, please text us (646-820-8477) or email us (subject line: “[Firm Name] Raises”). Please include the memo if available. You can take a photo of the memo and send it via text or email if you don’t want to forward the original PDF or Word file.
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Kathryn Rubino is a Senior Editor at Above the Law, host of The Jabot podcast, and co-host of Thinking Like A Lawyer. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).
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