After watching its competitors slash salaries all summer, King & Spalding has announced it will cut pay for associates, other salaried attorneys and consultants, effective Sept. 1.

King & Spalding announced the pay cut to its personnel late Thursday in a memo from the firm’s chairman, Robert D. Hays Jr. “The economic turmoil has led to a reduction in demand for legal services and increased pressure on firms to reduce costs,” Hays wrote.

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