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&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;We all know that the banking industry is undergoing&amp;nbsp;a metamorphosis,&amp;nbsp;but it looks like law firms&amp;nbsp;may also look different emerging from the recession.&amp;nbsp; This weekend, &lt;/font&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;The New York Times&lt;/font&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt; reported that top law firms are employing salary freezes:&amp;nbsp; &lt;/font&gt;&lt;/p&gt;&lt;blockquote dir=&quot;ltr&quot; style=&quot;MARGIN-RIGHT: 0px&quot;&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;&quot;In mid-December, the legal profession was taken aback when Latham &amp;amp; Watkins, considered a market leader, announced that it would keep 2009 associate salaries at their 2008 levels. At least 20 large firms nationwide have since done the same.&quot;&lt;/font&gt;&lt;/p&gt;&lt;/blockquote&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;The article further reports that firms may now be lowering starting salaries, reserve&amp;nbsp;bonuses for merit-based rewards (rather than hours-based), and that being made a partner will also depend on personal and entrepreneurial skill.&amp;nbsp; &lt;/font&gt;&lt;p&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;To keep up with the&amp;nbsp;latest in law firm salaries and news, be sure to check in with Vault&#39;s Law Salary Central and law blog, Void for Vagueness.&lt;/font&gt; &lt;p&gt;&lt;p dir=&quot;ltr&quot;&gt;&lt;span class=&quot;Apple-style-span&quot; style=&quot;WORD-SPACING: 0px; FONT: 15px/22px Georgia; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); TEXT-INDENT: 0px; WHITE-SPACE: normal; LETTER-SPACING: normal; BORDER-COLLAPSE: separate; TEXT-ALIGN: left; orphans: 2; widows: 2; webkit-border-horizontal-spacing: 0px; webkit-border-vertical-spacing: 0px; webkit-text-decorations-in-effect: none; webkit-text-size-adjust: auto; webkit-text-stroke-width: 0&quot;&gt;&lt;font face=&quot;Arial&quot; size=&quot;2&quot;&gt;&lt;strong&gt;&lt;em&gt;--Posted by Linda Petock, Vault News &amp;amp; Commentary&lt;/em&gt;&lt;/strong&gt;&lt;/font&gt;&lt;/span&gt;&lt;/p&gt;

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