All associates, including incoming and summer associates, will see a reduction to $145,000 in Boston, Washington DC, New York, Chicago and California; less in other locations. There will also be additional performance-based cuts.
Meanwhile, associates can look forward to merit-based bonuses, based on such criteria as hours worked, new business brought in, community leadership, and “extraordinary contributions to the welfare and advance[ment] of the firm.”
In other words, management will pay whatever they want to pay, with criteria that squishy.
Nixon Peabody LLP is one of the largest multi-practice law firms in the US, with offices in 17 cities in the United States and one in London, and more than 700 attorneys in 25 major practice areas.