- Ashurst issues ultimatum to plateau partners
Ashurst management has given partners at the top of equity a warning to keep up their game if they want to stay at that level of the lockstep.
Rumuneration committee head Nigel Ward sent partners an e-mail last week stressing that members...
- Australia merger talks push Herbert Smith to mull lockstep revamp
Herbert Smith is set to overhaul its rigid lockstep structure, as merger talks with Australia’s Freehills bring forward a consultation on whether the firm should introduce a more flexible system.
The firm is expected to begin...
- Addleshaws weighs up move towards all-equity partnership
National firm considers dropping fixed-share model in overhaul
Addleshaw Goddard is looking to overhaul its partnership structure, with the firm taking its first steps towards going all-equity.
The national firm is...
- TLT ditches lockstep to focus on performance
South West firm TLT Solicitors is consulting with partners about overhauling the firm's lockstep to adopt a more merit-based system.
Under the current system the firm's partners typically enter the lockstep on 50 points and progress up to...
- Blake Lapthorn PEP woes kill off lockstep
Blake Lapthorn has abandoned its lockstep after its average profit per equity partner (PEP) figure fell by 68 per cent last year, dropping to £65,000 from last year's £204,000.
In a major overhaul of its partnership structure...
- CC increases associate salaries as firm restarts lockstep
Clifford Chance (CC) has unfrozen associate pay and increased the levels of its salary bands.
The magic circle firm has announced that this year associates will move through the lockstep pay bands as normal, and that the level of the bands...
- Barlows overhauls partner pay system with new merit-based focus
Barlow Lyde & Gilbert (BLG) is to ditch its modified lockstep in favour of a merit-based pay system for the firm's partners.
The overhaul will also affect associate salaries as the firm becomes the latest to move away a salary model...
- Ashurst lengthens road to lockstep after PEP fall
Ashurst has mooted extending the length of time it takes for junior equity partners to gain senior status, dropping the value of an equity point by a third.
Junior equity partners receive a small number of equity points, which are...
- DLA abandons US associate lockstep in move to performance-based pay
DLA Piper has released details of a new associate pay model that is set to throw out lockstep in favour of a performance-based system, reports The National Law Journal.
The plan will do away with minimum billable hour requirements and pay...
- Firms warned against ditching associate lockstep
City managing partners are warning that ditching associate locksteps as the job market shows signs of recovery could be harmful.
Many firms are gearing up to revamp their current remuneration structures.
- City firms incite cynicism with shift towards meritocratic remuneration
City law firms are being accused of taking advantage of the economic downturn by slashing associate pay as they move away from the lockstep model.
Several firms have already abandoned the system, with more understood to be undergoing a...
- Reed Smith breaks associate lockstep
Reed Smith has broken the lockstep remuneration system for its associates, replacing it with a merit-based structure.
From next year, associates at the firm will be assessed on a range of core competencies. Remuneration will then be...
- Lovells will axe lockstep to push through Hogan tie-up
US firm's merit-based system hailed as selling point for merger. Lovells is secretly planning to abandon its lockstep in a bid to seal the proposed merger with Washington DC firm Hogan & Hartson.
The firms are gearing up to promote the...
- Bingham McCutchen to adopt 'merit lockstep' system
Bingham McCutchen is set to move to a 'merit lockstep' system that will keep base pay on lockstep but introduce a merit component into bonuses, reports The Recorder.
Bonuses at Bingham were previously based solely on meeting a billable...
- Simmons puts forward proposals to usher in merit-driven pay regime for assistants
Simmons & Simmons looks set to press ahead with an overhaul of its associate pay model with plans to abandon the post-qualification experience system in favour of a merit-driven regime.
The proposals will be put before the firm's...