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".
 
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Comments

Anonymous 04 March 17 08:42

Clyde & Co lawyers not holding their breath for a similar announcement given an identical rise in target hours last year

Anonymous 06 March 17 09:32

Squire Patton Boggs continues its sub-par market salary streak yet again. Even Reed Smith now pay more than we do.

Anonymous 07 March 17 12:05

Still better than some international firms who have the same targets and pay significantly less

Anonymous 08 March 17 08:43

Seriously, these law firms are ridiculous. You can work 35 hours a week with great benefits and a 20% average bonus, in-house, for more than a senior associate starting salary. Who would bother.

Anonymous 30 May 17 15:13

This is the worst law firm to work for. Don't ever work for them. And they are very poor. Surprised they haven't gone down under.