Nixon Peabody cuts first-year salaries to $145,000

, The American Lawyer

Nixon Peabody has cut first-year associate salaries in its major offices from $160,000 to $145,000 and also announced plans to cut associate salaries across the board, a spokeswoman confirmed Wednesday. According to a statement released by the firm's managing partner, in addition to cuts in major offices, first-year associates in offices outside "major financial centers" will see a salary reduction. And the base pay of current associates will be adjusted, "based on individual performance and contribution to our firm."

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