Reed Smith, Covington Target Associate Salaries

By Jocelyn Allison

Law360, New York (November 10, 2009, 4:54 PM ET) -- In the latest round of law firm cost cuts, Reed Smith LLP announced Tuesday it would reduce salaries for incoming first-year associates, while Covington & Burling LLP said it would freeze associate salaries outside its New York office.

Reed Smith is planning a 20 percent reduction in the salaries of incoming first-year associates in the U.S. and their billing rates in order to meet growing client demand for cost control, the firm said in a statement.

The reductions will bring starting salaries down to $130,000 in...
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