In his first announcement as head of Reed Smith’s New York office, Douglas Wood said first-year associate salaries in Manhattan would increase to market-rate standards.
Wood and other New York partners had been pushing for the increase, and firm management decided this summer to raise pay for first-year Manhattan associates to $160,000, considered standard for large firms, from $145,000, which the firm set during the recession. Second year associates will make $170,000. The change is effective Jan. 1, 2015. “We’re a big player here and we ought to be one and act like one,” Wood said, adding the pay helps the firm compete for the best talent.
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