According to Matt Cutts, no. Matt states that adding “nofollow” to your internal links could negatively limit the flow of Page Rank on your site and even potentially cause unforeseen consequences.

Personally, I typically add “nofollow” to pages I don’t necessarily want Page Rank to flow through to and also to keep certain pages from being indexed. The “About Us”, “Contact Us” and even “Customer Profile/Links” pages are some that I restrict. Of course, doing so is on a case by case basis and is often times recommended by a client.

Using Google’s own Webmaster Tools though, one should easily be able to restrict certain pages from showing in searches so a lot of the reasons why a site would use “nofollow” are now obsolete.

Time to go through some clients’ sites and do some editing.