After more than a week of wondering when firms would start playing follow the leader with Biglaw bonuses, Davis Polk finally set a standard that the rest of the industry felt comfortable following. In unrelated large firm news, Cravath announces a change to its partnership model... could this be the final nail in the lockstep compensation coffin? Joe, Kathryn, Chris also talk about a salty exchange between Ninth Circuit judges and holiday gifts for lawyers.
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