VINSON & ELKINS — MEMORANDUM — ASSOCIATE COMPENSATION

On Wednesday, Vinson & Elkins announced bonus ranges for 2012 and announced that it has made several changes to its base compensation structure in the DC and Texas offices for 2013.

In DC, the Firm will no longer defer a portion of base pay and associates will be paid at the national pay scale starting January 1, 2013.

In Texas, we are making a number of changes to base compensation in an effort to phase-out the deferred compensation structure over the next few years. In general, those associates in the classes of 2010 and more senior who have earned the deferred portion of their salary in 2012 will no longer be subject to the deferred compensation system. The same is true of associates in the classes of 2011 and 2012, and future associate hires. For associates in the salary classes of 2005 and 2006 (and higher), the base salary in Texas has been increased to $265,000 and $280,000, respectively, matching national scale.

In terms of bonuses, last year, the Firm paid bonuses in the range of $5,000 to $45,000. This year, V&E will increase the range to $5,000 to $60,000. As in the past, we do not have a lockstep bonus system. Instead, individual bonus amounts will be based primarily on productivity including client hours, firm credit and pro bono hours and upon achievement of exemplary annual reviews. As in prior years, 2012 bonus amounts will be distributed on January 31, 2013.

Attracting and retaining the best associate talent has always been a priority for V&E, and we believe that these changes to our compensation structure will continue to allow us to remain competitive in our respective markets.

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