<p>
</p>
<p>Bear Stearns, Lehman, Merrill? That’s certainly a much higher percentage than top law firms that have gone under. </p>
<p>Historically, you cannot refute that corporate law has been more stable. There has been no practice of fire the bottom 10% every year in law even in good years the way there was in IB. Where things go from here is still in flux but it is IB too. IB is moving towards law with regards to what % of total comp that base salary will represent. However, I don’t see the pay every third year associate in IB the same bonus any time soon like corp law does or at least had been doing.</p>