As we roll through the next segment of the 2010 Vault rankings, we get into some firms that have been caught testing the stealth layoff waters. To refresh your memory, here is the next list of firms:

31. Milbank Tweed Hadley & McCloy
32. Paul Hastings Janofsky & Walker
33. Akin Gump Strauss Hauer & Feld
34. Fried Frank Harris Shriver & Jacobson
35. Winston & Strawn
36. Allen & Overy
37. Willkie Farr & Gallagher
38. Freshfields Bruckhaus Deringer
39. Baker Botts
40. Munger Tolles & Olson

Check out the big move by Munger. It’s up 11 spots on this year’s list. And let’s not forget about the firm’s #1 A-List ranking by Am Law earlier this year. Munger’s managed to do all of this without laying off a massive number of associates. Hopefully other Biglaw firms (and current 2Ls) will take note.

We know people have strong opinions about some of the firms on this list. Let’s get into them after the jump.

American Lawyer has released its A-List for 2009. The rankings try to measure the qualities that make an elite law firm:

This list, which we launched in 2003, aims to measure and quantify the qualities that define an elite law firm, making an effort to look beyond profits. We examine four factors: revenue per lawyer, commitment to pro bono, diversity among lawyers, and associate training and satisfaction. Our formula gives more weight to the first two factors; we double a firm’s scores for revenue per lawyer and pro bono, and then add scores for diversity and associate satisfaction.

This year’s A-List? The elite of the elite? The top three firms are:

1. Munger, Tolles & Olson
2. Hughes Hubbard & Reed
3. Latham & Watkins

I’ll pause to give laid off Latham associates an opportunity to finish screaming. Please return after the jump.

We’re entering the second half of the Vault 100. This is part of a series of open threads to discuss the firms considered to be the profession’s most prestigious. Because we know you love prestige. And the opportunity for “TTT” accusations. [FN1]

Here’s the next bunch of firms, with prestige scores in parentheses:

51. Munger, Tolles & Olson LLP (5.851)
52. Dechert LLP (5.838)
53. Vinson & Elkins LLP (5.822)
54. Goodwin Procter LLP (5.815)
55. Jenner & Block LLP (5.778)
56. Pillsbury Winthrop Shaw Pittman LLP (5.728)
57. Alston & Bird LLP (5.715)
58. Fish & Richardson P.C. (5.706)
59. Cooley Godward LLP (5.692)
60. Irell & Manella LLP (5.635)

Vault notes that attorneys at Pillsbury are treated to “freshly baked cookies.” But they also have to put up with being referred to as “Pillsburians” by Vault.

Compare, contrast, discuss… and if you’re at Pillsbury, have a chocolate chip cookie for us.

Earlier: Vault 100 Open Threads - 2009

[FN1] We periodically get e-mails asking for the definition of “TTT,” which appears so often in comment threads. As the uninitiated have surely gathered, it’s a derogatory term. Likely originating on AutoAdmit, it stands for “third tier toilet.” For more, see Urban Dictionary.

* NFL Union president prepared for strike. [ESPN]

* Microsoft offers to acquire Yahoo for $44.6 billion to compete with Google. [MSNBC]

* Times reporter subpoenaed over “State of War” source. [New York Times]

* French President and supermodel girlfriend sue over pictures. [Washington Post via WSJ Law Blog]

* HLS grad Obama and YLS grad Clinton make nice, sort of, during debate. [MSNBC]

* SCOTUS stays Alabama execution, maintaining de facto moratorium on death penalty. [CNN]

* Roy Tolles and Arthur Kramer, of Munger Tolles and Kramer Levin, respectively, RIP. [WSJ Law Blog]

Warmest congratulations to our friends Junko Ozao and Jason Choy, whose lovely wedding was written up in this week’s Vows column. Jason is an associate at Kirkland & Ellis, but Junko is a normal person, and that shortcoming cost them a spot in this week’s Legal Eagle Wedding Watch. The news will likely ruin their three-week honeymoon, but such are the ruthless decisions our readers expect LEWW to make.

Here are the six finalists (all lawyers):

1.) Amanda Trivax and Brian Burnovski

2.) Anna Skotko and Ben Vonwiller

3.) Amy Tovar and Benjamin Horwich

We’re surprised that the firms in this latest group of Vault 100 law firms aren’t ranked more highly. Some of them are quite profitable (Dechert),* prestigious (Munger), or high-profile (Boies Schiller, home of legendary litigator David Boies).

But who are we to argue? For communal discussion, here is this morning’s batch of Biglaws:

46. Boies, Schiller & Flexner LLP (6.026)
47. Munger, Tolles & Olson LLP (6.004)
48. Dechert LLP (5.973)
49. Irell & Manella LLP (5.952)
50. McDermott, Will & Emery (5.946)

Please trade thoughts on these firms in the comments. Thanks.

* Dechert’s 2006 profits per partner clocked in at just under $2 million. But it should be noted that the firm has multiple partnership tiers and only 169 equity partners (out of 898 lawyers).

The Vault Top 100 Law Firms [Vault]

Earlier: Vault 1-5; Vault 6-10; Vault 11-15; Vault 16-20; Vault 21-25; Vault 26-30; Vault 31-35; Vault 36-40; Vault 41-45

To follow up on our earlier post, as well as this post from before the holiday, here are more confirmed pay raise announcements not previously mentioned in these pages:

1. Munger Tolles & Olson: They’ve raised to the $160K scale, according to The Recorder.

(The same article also mentions Pillsbury Winthrop going to $160K in its California offices; we previously reported that news before the holiday.)

2. Winston & Strawn: We previously posted about their raising salaries in their Washington office. But they have also gone to $160,000 in their home office in Chicago, according to the Chicago Daily Law Bulletin (subscription).

3. Wachtell Lipton Rosen & Katz: They now pay $165,000 for first years. We’re not sure of what they pay higher up the ladder, but we’re looking into it.

Pillsbury, Others Hit or Exceed $160K Mark for Associate Salaries [The Recorder via Law.com]
Rising associate salary tide washes over more firms here [Chicago Daily Law Bulletin (subscription)]