Exclusive: Reed Smith hikes pay, one year after increasing chargeable hours
03 March 2017
A year after telling its lawyers that their target hours were going to be increased from 1,500 to 1,600 while staying silent on pay, Reed Smith
has finally hiked its salaries - and bonuses - to match.
In March last year
RollOnFriday revealed that Reed Smith was increasing its chargeable hours target by 100 hours in 2016 (equivalent to 6.7% more work) and would add another 100 hours in 2018 (that's 13%). But in a poke in the eye to conventional views on morale, PR and basic numeracy, it didn't unveil commensurate rises in pay. However it has finally given in, confirming to RollOnFriday that there have been raises across the board. NQ pay has been hiked from £63k to £70k and junior associates' base pay is now between £70k and £80k dependent on performance. Mid-level associates will be paid between £80k and £100k and senior associates will start at £92k.
||Not that it had been on her mind or anything
All associates will also receive a bonus for hitting the 1600 hour target. Juniors will be paid £7k, mid-levelers £10k and seniors £13k, and performance-related bonuses will be available on top. It has been welcomed as a positive, if overdue, announcement.
RollOnFriday's source said it was a "good start
" and that the "overall mood is that they've made a move in the right direction, given that they are asking us to work 7% more this year
". Of course, "now they just need to make the same changes next year when we move again, to 1,700 hours