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This makes no sense why they don't raise base. Moelis revenue was $1.5 Bn in 2021, PWP somewhere around a billion... how many IB analysts do they have, 200 max? Increasing base salaries 10k to match competitors costs you $2 million a year...probably less because they don't have 200 analysts. 

I'm sure Ken Moelis settles MD fights over fees where he pays out an extra $1mil in comp. Matching analyst base salaries with peers is literally 10 bps of revenue... Again, this makes absolutely zero sense why they haven't raised. It makes some UGs look at you as less than EVR/LAZ when they are your peers. It pisses off the analysts you have on staff currently. Just a dumb HR move. I wonder if management even knows. 

 

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