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SEC Filings

JONES LANG LASALLE INC filed this Form S-1/A on 07/03/1997
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  Historically, the Company's revenue, operating income and net earnings in the
first three calendar quarters are substantially lower than in the fourth
quarter. This seasonality is due to a calendar year-end focus on the completion
of transactions, which is consistent with the real estate industry generally.
In addition, an increasing percentage of the Company's management contracts
contain clauses providing for performance bonuses to be received if the Company
achieves certain performance targets. Such incentive payments are generally
earned in the fourth quarter. In contrast, the Company's non-variable operating
expenses, which are treated as expenses when incurred during the year, are
relatively constant on a quarterly basis. Therefore, the Company typically
sustains a loss in the first and second quarter of each calendar year, reports
a small profit or loss in the third quarter and records a substantial majority
of the Company's earnings in the fourth calendar quarter. See "--Quarterly
Results of Operations."     
  The Company's operations are directly affected by various national and
economic conditions, including interest rates, the availability of credit to
finance real estate transactions and the impact of tax laws. To date, the
Company does not believe that general inflation has had a material impact on
its operations, as revenue, commissions and other variable costs related to
revenue are primarily impacted by real estate supply and demand rather than
general inflation.
  In connection with the Offering and the Incorporation Transactions, the
Company will become subject to Federal and additional state and local income
taxes as it converts from partnership to corporate form. Concurrently with the
Incorporation Transactions, the Company will record deferred tax assets and
liabilities in accordance with the provisions of SFAS No. 109. Such amounts are
not expected to have a material effect on the Company's Pro Forma Consolidated
Financial Statements.

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