McGuireWoods Cuts First-Years’ Salaries by 10%

McGuireWoods chairman Richard Cullen left a voicemail to his attorneys yesterday evening, announcing that first year salaries will be cut 10%, from $160,000 to $144,000.

Salaries for all other associates at the firm have been frozen at 2008 levels.

Cullen also announced that the firm is cutting its 2009 summer program to eight weeks. He does not anticipate any layoffs.

It is not known if he made any other important announcements by instant message, Twitter or passing notes in class.

McGuireWoods is based in Richmond, Virginia. Founded in 1834 in Charlottesville, the firm now has more than 900 attorneys and advisers in 17 offices in the United States, Europe and Asia.