Reed Smith ups salaries to match rescued KWM trainees’ pay

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Reed Smith has raised its salaries for trainees and associates.

The US-founded firm has boosted first-year trainee pay by 4 per cent to £40,000, cancelling out a pay discrepancy that previously existed, where the three trainees it rescued from the collapsing King & Wood Mallesons were being paid more than the rest of the cohort.

King & Wood Mallesons had a starting trainee salary of £40,000, rising to £44,000 in the second year. Reed Smith’s starting trainee salary was £38,500, rising to £40,000 in the second year.

The new pay rises get rid of that gap, as second-year trainee pay has also been upped to the KWM level of £44,000 – a 10 per cent raise.

Meanwhile, newly qualified lawyers in the firm’s London office will now be paid £70,000, up from £63,000, an 11 per cent pay hike.

Past NQ level, the firm does not look at PQE but runs a “performance merit based approach” to salary and bonus.

Junior associates will receive base pay of between £70,000 and £80,000, depending on performance, plus a bonus of £7,000 should they meet their hours target of 1,600.

That chargeable hours target has risen by 100 hours, or 6.6 per cent, on last year.

Meanwhile, mid-level lawyers will now take home between £80,000 and £100,000, with a £10,000 bonus if they hit 1,600 hours. Mid-levels also have the opportunity to earn an additional bonus based on their individual performance and the firm’s targets being met

Senior associate base salaries start at £92,000, with a £13,000 bonus plus the opportunity for further bonuses.

The Lawyer Salary Survey 2016 PDF

The post Reed Smith ups salaries to match rescued KWM trainees’ pay appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.



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