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Associate Bonus Watch: Allen & Overy Matches

associate bonus watch 2007 law firm Above the Law blog.jpgGuess it's "Magic Circle" night here at Associate Bonus Watch. Fresh on the heels of Freshfields, we've confirmed the Allen & Overy bonus announcement.

Check out the memo, announcing year-end and special bonuses at market rates, after the jump.

ALLEN & OVERY -- MEMORANDUM -- 2007 ASSOCIATE BONUS ANNOUNCEMENT

From: Shrank, Ian:BK (NY)
Sent: Wednesday, November 14, 2007 6:03 PM
To: Associate_New York; New York_Senior Counsel
Cc: Partner_New York; Cosentino, Nicholas:FN (NY); Brincat, Anthony:HR
(NY); Judge, Celene:HR (NY); Meinen, Patricia: (NY); Fuchs, Elizabeth:KT (NY); Lancia, Nicole:KT (NY)
Subject: Bonuses

We are pleased to announce that, in recognition of the hard work and dedication you have all provided this year, we will be paying bonuses as set out below in respect of 2007. Lawyers more senior than the class of 2000 will be contacted separately in the next few days regarding the amount of their bonus. The special bonus should be in your pay of December 15, and the regular year-end bonus in mid-January. If you have been here for part of the year, the amounts will be pro rated. To be eligible for either bonus, as in the past, you must be in good standing on the day the bonus is to be paid.

Thanks so much for the immense contribution you have made to our success in NY and around the world.

Regards,
Ian

Ian Shrank
Partner
Allen & Overy LLP
www.allenovery.com

Class of 2007: Year-end 35K, no special bonus
Class of 2006: Year end 35K, special 10K
Class of 2005: Year end 40K, special 15K
Class of 2004: Year end 45K, special 20K
Class of 2003: Year end 50K, special 30K
Class of 2002: Year end 55K, special 40K
Class of 2001: Year end 60K, special 50K
Class of 2000: Year end 65K, special 50K

Comments
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Posted by oh mah god I'm 1st | Permalink Wednesday, November 14, 2007 10:28 PM

1sssssssssssssssssst

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Posted by guest | Permalink Wednesday, November 14, 2007 10:29 PM

1st

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Posted by guest | Permalink Wednesday, November 14, 2007 10:32 PM

It's "first," not 1st. Get it right next time....

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Posted by guest | Permalink Wednesday, November 14, 2007 10:34 PM

well then...first

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Posted by Anon | Permalink Wednesday, November 14, 2007 10:35 PM

Please fuck off Mr. "first" police.

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Posted by guest | Permalink Wednesday, November 14, 2007 10:40 PM

Lat, ever read fark.com.

When you post "first" there, it automatically time stamps it for a later time (so it shows up far down the list) and changes the word "first" to boobies.

You could change it to WGWAG or something I guess.

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Posted by guest | Permalink Wednesday, November 14, 2007 10:46 PM

anyone else heard the rumor that a record number of ny bar exam takers failed the exam this summer? its starting to concern me

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Posted by guest | Permalink Wednesday, November 14, 2007 10:53 PM

i think someone's playing with your head 10.46

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Posted by V20 Son! | Permalink Wednesday, November 14, 2007 10:59 PM

What the hell is Allen & Overy, an OBGYN clinc? If these guys match the Law Offices of Jim Schmuch & Associates will have match.

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Posted by G. Costanza | Permalink Wednesday, November 14, 2007 11:07 PM

Bovery?

Mulva?

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Posted by guest | Permalink Wednesday, November 14, 2007 11:20 PM

How about a prospective merger of "Slaughter Overy"? Sort of like an abortion clinic.

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Posted by guest | Permalink Wednesday, November 14, 2007 11:33 PM

Right on 10:35.

I really didn't think there was anyone more pathetic that the "first" people, but there it is.

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Posted by J. Seinfeld | Permalink Wednesday, November 14, 2007 11:34 PM

Overy Procter ftw...

sort of like a fertility clinic. pro-life. nah j/k. slaughter overy all the way.

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Posted by ATL Fan | Permalink Wednesday, November 14, 2007 11:44 PM

Lat,

I'm a bit disappointed that you have been forgetting to post nonsequitors the past couple of days.

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Posted by guest | Permalink Wednesday, November 14, 2007 11:46 PM

DC FIRMS: Where Are You?

Arent Fox?

Arnold & Porter?

DLA?

Dickstein?

Hogan?

Holland?

Mayer Brown?

Patton Boggs?

Squire Sanders?

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Posted by guest | Permalink Wednesday, November 14, 2007 11:49 PM

NYC Bonus List of Shame

2008 Vault Rank / Firm / 2006 RPL
1
2
3
4
5
6
7
8 Latham & Watkins LLP / $920,000
9
10
* 11 Kirkland & Ellis LLP / $1,035,000(Punted)
12
13
14
15 Wilmer Cutler / $890,000
16 Williams & Connolly LLP / $955,000
17
18 Gibson, Dunn & Crutcher LLP / $1,050,000
19 O'Melveny & Myers LLP
20
21 Arnold & Porter LLP / $855,000
22 Jones Day
23 Morrison & Foerster LLP
24
25
26 Cadwalader, Wickersham & Taft / $1,000,000
27 Hogan & Hartson LLP
28 Mayer, Brown, Rowe & Maw LLP
29
30 Ropes & Gray LLP / $855,000
31 Paul, Hastings, Janofsky & Walker
32
33 Akin Gump Strauss Hauer & Feld LLP / $840,000
34 Winston & Strawn LLP
35
36 Wilson Sonsini Goodrich & Rosati
37 Linklaters
38 Orrick, Herrington & Sutcliffe
39
40 Proskauer Rose LLP
41. King and Spalding
* 42. Morgan, Lewis & Bockius (Punted)
43.
44. Baker & McKenzie
45. Baker Botts LLP
46. Boies, Schiller & Flexner LLP / $980,000
47. Munger, Tolles & Olson LLP / $1,025,000
48. Dechert LLP
49. Irell & Manella LLP / $1,050,000
* 50. McDermott, Will & Emery / $875,000 (Punted)
51. Jenner & Block LLP
52.
53.
54. DLA Piper
55.
56. Fish & Richardson P.C.
57. Fulbright & Jaworski LLP
58. Pillsbury Winthrop Shaw Pittman LLP
59. Goodwin Procter LLP
60. Cooley Godward LLP
...
67. (Kaye Scholer Matched w/ Performance Reqs.)
92. (Kramer Levin Matched w/ Perf. Reqs.)
NR. McKee Nelson (Failed to Match)

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Posted by guest | Permalink Wednesday, November 14, 2007 11:49 PM

BONUS STATUS BY 2006 RPL
Rank 2006 in revenue
by revenue Revenue per lawyer
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1 Wachtell ABOVE MARKET $2,455,000 2.5%
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2 Sullivan & Cromwell MARKET & ABOVE MARKET FOR SENIOR ASSOC. $1,565,000 1.3%
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3 Wiley Rein $1,520,000 162.1%
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4 Cravath MARKET $1,355,000 5.9%
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5 Davis Polk MARKET $1,200,000 4.8%
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5 Simpson Thacher-MARKET $1,200,000 6.7%
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7 McKee Nelson BELOW MARKET $1,190,000 1.7%
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8 Milbank, Tweed MARKET $1,110,000 10.4%
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9 Skadden MARKET $1,095,000 10.1%
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10 Cahill Gordon MARKET $1,075,000 8.6%
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11 Fragomen, Del Rey $1,070,000 26.6%
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12 Gibson, Dunn $1,050,000 4.0%
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12 Irell & Manella $1,050,000 9.9%
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14 Kirkland & Ellis PUNTED $1,035,000 5.1%
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14 Paul, Weiss MARKET $1,035,000 0.5%
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16 Munger, Tolles $1,025,000 18.5%
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17 Quinn Emanuel $1,020,000 28.3% SLIGHTLY ABOVE MARKET BUT PARTIALLY DEFERRED
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18 Shearman & Sterling MARKET $1,010,000 2.0%
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19 Debevoise & Plimpton MARKET $1,005,000 8.6%
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20 Cadwalader BONUS ANNOUNCED, NO $ FIGURES $1,000,000 6.4%
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21 Boies, Schiller $980,000 3.2%
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21 Weil, Gotshal MARKET $980,000 2.6%
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23 Cleary Gottlieb MARKET $975,000 7.1%
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24 Willkie Farr MARKET $970,000 12.8%
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25 Williams & Connolly $955,000 2.7%
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26 Finnegan, Henderson $945,000 11.2%
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27 Townsend and Townsend $940,000 6.2%
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28 Fried, Frank $930,000 MARKET 4.5%
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29 Schulte Roth $925,000 6.9%
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30 Latham & Watkins $920,000 5.1%
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31 Wilmer Cutler $890,000 5.3%
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32 McDermott Will PUNTED $875,000 12.9%
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33 Kaye Scholer MARKET WITH POSSIBILITY OF MORE & PERF. REQS. $865,000 7.5%
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34 Arnold & Porter $855,000 4.9%
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34 Ropes & Gray $855,000 1.8%
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36 Choate, Hall $850,000 10.4%
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36 Kramer Levin MARKET W/ PERF. REQS. $850,000 6.3%
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38 Heller Ehrman $845,000 5.0%
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39 Akin Gump $840,000 7.7%
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40 Hughes Hubbard $835,000 12.1%


Not listed: Dewey (Market with hours requirement)
Clifford Chance (Market)
White & Case (Market)
Morgan Lewis (Punted)
Covington (Special Bonus - Regular Bonus not yet announced)
Sidley (Special Bonus - Regular Bonus not yet announced)
Freshfields (Market)
Allen & Overy (Market)

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Posted by guest | Permalink Wednesday, November 14, 2007 11:50 PM

Bonus List of Shame
by NY Attorneys (Source: Crains)

1)
2)
3)
4)
5)
6)
7)
8)
9)
10) Proskauer
11)
12)
13)
14)
15) Schulte
16) Wilson Elser
17)
18)
19) Latham & Watkins
20)
21)
22)
23)
24)
25) Greenberg Traurig

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Posted by guest | Permalink Thursday, November 15, 2007 12:09 AM

Non-NY Bonus List of Shame:
(firms not matching in all domestic offices)

Firm (Offices that DID match)
1) Dewey & LeBoeuf (NYC)
2) Fried Frank (NYC)
3) White & Case (NYC)
4) Sidley Austin (NYC)
5) Covington & Burling (NYC)

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Posted by guest | Permalink Thursday, November 15, 2007 12:29 AM

DC FIRMS- WHERE ARE YOU?????

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Posted by 11:44 is a lawyer?! | Permalink Thursday, November 15, 2007 1:08 AM

Uhm, you mean Non-Sequiturs and did you not check ATL as of 5:25 pm EST?

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Posted by guest | Permalink Thursday, November 15, 2007 1:08 AM

bow wow wow

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Posted by guest | Permalink Thursday, November 15, 2007 1:28 AM

Kirkland, Latham, Jenner: TIME TO D.E.L.I.V.E.R. I and my friends NEED YOU TO.

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Posted by guest | Permalink Thursday, November 15, 2007 1:45 AM

DLA, time to step up to the table with the big boys and match in all U.S. offices.

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Posted by guest | Permalink Thursday, November 15, 2007 2:03 AM

Proskauer matched for New York, Boston, and LA.

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Posted by guest | Permalink Thursday, November 15, 2007 3:00 AM

My pants, DLA peeps. Wishing DLA will match is not going to make it so... and those of you who work there should no better.

The Executive Committee is not even hiding underneath their desks on this one. Leroy Inskeep is laughing at you... and he is going to lay your ass off in the next six months... be glad you are employed.

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Posted by NY BE | Permalink Thursday, November 15, 2007 4:08 AM

10:46 - A record number of people took the bar this year, so that would be correct. It's all curved, you'll be fine!

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Posted by anonymous | Permalink Thursday, November 15, 2007 4:43 AM

3:00 Am--sounds like you were one who left before DLA Piper got good. Your bitterness won't change the fact that DLA Piper matches.

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Posted by Kill me | Permalink Thursday, November 15, 2007 5:18 AM

Still in the office.... how 'bout my fellow associates in Cleveland, Atlanta and Chicago....

didn't think so

NY to 190K

Don't pitch me your bullshit about wasting time and padding. I will bill 2900 this year... I haven't seen my family since last thanksgiving.


Pay me.

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Posted by Also.... | Permalink Thursday, November 15, 2007 5:20 AM

on behalf of my fellow associates in New York let me reiterate:

WE DON'T CARE ABOUT WHAT ATTORNEY'S IN OTHER OFFICES MAKE.

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Posted by Last one? | Permalink Thursday, November 15, 2007 6:00 AM

Linklaters hasn't announced yet, has it? They're the last remaining Magic Circle firm, I think (other than Slaughter & May, but they don't have a NY office).

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Posted by Anon | Permalink Thursday, November 15, 2007 6:20 AM

10:59 -- only the 6th largest firm in the world by revenue (with $2MM+ profits per partner).

11:05 -- makes you wonder why anyone works for Cravath, eh?

5:18 am -- your life sucks.

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Posted by guest | Permalink Thursday, November 15, 2007 6:37 AM

ANYONE ELSE WAITING FOR BAR RESULTS?

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Posted by guest | Permalink Thursday, November 15, 2007 7:15 AM

06:20: who are the top five grossing firms?

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Posted by Anonymous | Permalink Thursday, November 15, 2007 8:16 AM

If any of you think that there isn't a performance component to every single bonus that's given at any firm anywhere, you're incredibly stupid. "Matching" means that the articulated bonus is a match with what has become the market standard for this year. It doesn't mean that everyone gets that bonus "no matter what", any more than simply having a job means that everyone gets to keep their job, no matter how much of a doofus they are.

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Posted by 06:20 | Permalink Thursday, November 15, 2007 8:23 AM

07:15 -- you can see the top 100 at the AmLaw Global 100 (http://www.law.com/jsp/tal/PubArticleTAL.jsp?hubtype=Cover+Story&id=1190745419711).

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Posted by guest | Permalink Thursday, November 15, 2007 8:37 AM

NY bar results are available on the nybarexam.com website.

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Posted by 8:37 | Permalink Thursday, November 15, 2007 8:39 AM

Oops, www.nybarexam.org, I meant.

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Posted by guest | Permalink Thursday, November 15, 2007 8:41 AM

woo hee, i passed!

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Posted by Ny 1st Year | Permalink Thursday, November 15, 2007 8:41 AM

I PASSED!!!

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Posted by guest | Permalink Thursday, November 15, 2007 8:49 AM

I Passed!!! Now pay me!!!

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Posted by guest | Permalink Thursday, November 15, 2007 8:50 AM

Dewey matched in Tx, apparently ...

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Posted by guest | Permalink Thursday, November 15, 2007 8:54 AM

WTF is up with Jones Day!!!!

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Posted by DLA is a Joke | Permalink Thursday, November 15, 2007 8:58 AM

No one cares about DLA. Please go post your comments on www.TTTcrapfirms.com to go pretend like you work somewhere that matters.

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Posted by guest | Permalink Thursday, November 15, 2007 9:10 AM

8:58 AM:

LOL... I can't say I like DLA Piper, but I'm not going to be here forever.

So while I coast for the next few years, making the same salary as you, you're going to be slaving yourself away at some NY firm with no prospects of partnership, unless of course you have no intention of getting married or starting a family.

Have fun guy... Keep Hope Alive.

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Posted by guest | Permalink Thursday, November 15, 2007 9:12 AM

Buchanan Ingersoll, now is the time to match and raise!!!!

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Posted by Me too. | Permalink Thursday, November 15, 2007 9:15 AM

I passed.... two years ago.

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Posted by guest | Permalink Thursday, November 15, 2007 9:24 AM

8:58: You're short-sighted if you don't care what firms like DLA are doing. If firms down the PEP scale don't match, that would be a good signal of labor market conditions shifting against associates -- a shift that would certainly impact the likelihood of continued salary and bonus wars over the next year or two. The salary/bonus leaders aren't leading out of the goodness of their hearts, but rather because of a competitive market.

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Posted by guest | Permalink Thursday, November 15, 2007 9:26 AM

8:58: You're short-sighted if you don't care what firms like DLA are doing. If firms down the PEP scale don't match, that would be a good signal of labor market conditions shifting against associates -- a shift that would certainly impact the likelihood of continued salary and bonus wars over the next year or two. The salary/bonus leaders aren't leading out of the goodness of their hearts, but rather because of a competitive market.

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Posted by Anonymous | Permalink Thursday, November 15, 2007 9:27 AM

8:58: You're short-sighted if you don't care what firms like DLA are doing. If firms down the PEP scale don't match, that would be a good signal of labor market conditions shifting against associates -- a shift that would certainly impact the likelihood of continued salary and bonus wars over the next year or two. The salary/bonus leaders aren't leading out of the goodness of their hearts, but rather because of a competitive market.

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Posted by Anonymous | Permalink Thursday, November 15, 2007 9:30 AM

8:58: You're short-sighted if you don't care what firms like DLA are doing. If firms down the PEP scale don't match, that would be a good signal of labor market conditions shifting against associates -- a shift that would certainly impact the likelihood of continued salary and bonus wars over the next year or two. The salary/bonus leaders aren't leading out of the goodness of their hearts, but rather because of a competitive market.

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Posted by 09:24-09:30 | Permalink Thursday, November 15, 2007 9:32 AM

And in case you didn't get it the first four times . . .

Sorry -- it gave me an error page on submitting the first three times, and the post hadn't shown up on the page yet either when I opened up another Internet Explorer browser and checked, so I assumed it hadn't posted.

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Posted by I hate 3:00 am | Permalink Thursday, November 15, 2007 9:40 AM

"no better" are you serious?

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Posted by anon | Permalink Thursday, November 15, 2007 10:20 AM

How many retards are on ATL right now?

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Posted by guest | Permalink Thursday, November 15, 2007 10:25 AM

DLA will match. No question.

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Posted by guest | Permalink Thursday, November 15, 2007 10:33 AM

10:20, if you're still on, then at least one.

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Posted by guest | Permalink Thursday, November 15, 2007 11:04 AM

10:33 - Oh no you dit-ent!!!!!

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Posted by guest | Permalink Thursday, November 15, 2007 5:57 PM

This list of the largest firms speaks for itself; DLA is in very good company.

DLA Piper – 3,623 lawyers
Baker & McKenzie – 3,335 lawyers
Jones Day – 2,338 lawyers
Latham & Watkins – 2,181 lawyers
Skadden, Arps, Slate, Meagher & Flom – 2,086 lawyers

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Posted by guest | Permalink Friday, November 16, 2007 9:15 AM

Now compare that with the biggest firms by revenue according to the AmLaw Global 100 . . .

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