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Reed Smith law firm to reduce billing rates, cut salaries
Legal Business |
2009/11/11 09:26
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Reed Smith, one of Pittsburgh's largest law firms, said Tuesday it will reduce its hourly billing rates 20 percent in January, as well as cut salaries of newly hired lawyers. The moves are a response to client concerns about "driving down the cost of legal services," said global managing partner Gregory Jordan. First-year associate salaries in Reed Smith's 15 U.S. offices will shrink to a range between $130,000 in New York, Chicago and other major markets to $110,000 in Pittsburgh.
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Class action or a representative action is a form of lawsuit in which a large group of people collectively bring a claim to court and/or in which a class of defendants is being sued. This form of collective lawsuit originated in the United States and is still predominantly a U.S. phenomenon, at least the U.S. variant of it. In the United States federal courts, class actions are governed by Federal Rules of Civil Procedure Rule. Since 1938, many states have adopted rules similar to the FRCP. However, some states like California have civil procedure systems which deviate significantly from the federal rules; the California Codes provide for four separate types of class actions. As a result, there are two separate treatises devoted solely to the complex topic of California class actions. Some states, such as Virginia, do not provide for any class actions, while others, such as New York, limit the types of claims that may be brought as class actions. They can construct your law firm a brand new website, lawyer website templates and help you redesign your existing law firm site to secure your place in the internet. |
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