This Week's Sign of the Legal Apocalypse

We aplogize if it feels like we're picking on Reed Smith, but this firm seems like it can't help but find itself in the bad news headlines. According to The American Lawyer, Reed Smith has asked non-equity partners to cobble together a nice little law firm stimulus package and fork it over asap. The whole process has even created a new title in the legal world - "fixed-share partners."

Then again, just how fixed is anyone's share these days at Reed Smith? How long until the firm asks for non-equity partners to donate a little more cash to avoid a pink slip? Would that be the dawn of the sliding scale partner?

Lawyers are nothing if not creative, but this whole end around on the traditional salary cut looks and smells like pay to play. That does raise an interesting question. How much would an unemployed attorney pay to be associated with a firm like Reed Smith? Unfortunately, we may know the answer to that question sooner rather than later.