REED SMITH CUTS FIRST-YEAR ASSOCIATES
US FIRM Reed Smith has introduced a new pay scale which will see its newly qualified associates' (NQs) salaries cut by 20 per cent, reports The Legal Intelligencer.
The firm's managing partner, Greg Jordon, said that the cuts, which will affect only NQs, is market dependent and reflective of client demand for lowerpriced legal services. Billing rates for first years will also be cut by 20 per cent.
LOVELLS LOSES ENERGY TEAM TO WATSON FARLEY & WILLIAMS
WATSON FARLEY & Williams has snapped up a five-lawyer team from Lovells to launch its new office in Madrid, Spain, legalweek.com reports. The team focuses on energy and resources, and includes project finance specialist Joaquin Sales and energy specialist Maria Pilar Garcia, who both join as partners, along with three associates.
UK FIRMS SEE FURTHER REVENUE SLIDES
PINSENT MASON has seen revenues drop by 7 per cent in the first six months of FY2009-10, compared with the same period last year, The Lawyer reports.
The firm has pulled in £98 million ($175 million) in the six-month period, compared with £105 million last year. Others experiencing a revenue drop over the period include Wragge & Co (3 per cent), Berwin Leighton Paisner (5 per cent), Eversheds (6 per cent), Allen & Overy (7 per cent) and Simmons & Simmons (16 per cent).
ALLEN & OVERY SNAPS UP MALLESONS PARTNER
MALLESONS STEPHEN Jaques has lost litigation partner Simon Clarke to Allen & Overy's Hong Kong office, legalweek.com reports. Clarke has been with Mallesons since 2004, when the firm merged with Clarke's previous firm, Kwok & Yih. He specialises in complex commercial litigation, focusing on corporate collapses and international commercial fraud.
Clarke will become A&O's third Hong Kong litigation partner.
EVERSHEDS SCORES MULTIMILLION TYCO DEAL
EVERSHEDS HAS renewed its lucrative retainer - reportedly worth tens of millions of dollars - with Tyco for another two years, reports rollonfriday.com. Eversheds first scored the exclusive Tyco deal in 2006 when the multinational giant ditched its 250-strong legal panel in favour of the one-firm relationship with Eversheds.