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First off, very few carriers have true first class any more. It's all just Business, Premium Economy and Economy. You'll mostly find the true first class cabins on international flights. 

As for bookings, it can vary widely from company to company. My current company bases it on time. I can't remember if its 4 or 6 hours but if it's longer than that you can book business, level doesn't matter. I think MDs and Directors can always book business. Other companies I've worked for make all domestic Premium Economy and all international Business, level doesn't matter. In the worst cases, you're working consulting and you get whatever the client is willing to pay for - SPOILER ALERT: it ain't Business!

 
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