How Lockstep Works

How Lockstep Works In the UK, Europe and Australia, 50% to 70% of partner remuneration[1] is still largely based to some extent on a lockstep system but the use of pure unadjusted lockstep continues to fall steadily in these jurisdictions.  Instead, hybrid forms of lockstep are slowly growing in which performance related adjustments of some kind are made based on qualitative criteria. Few firms in North America have ever used lockstep and most who have used the system have now abandoned it.  Partners in North America seem more willing to place their compensation in the judgement of others wh...
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Why law firms are re-examining profit sharing structures

Why law firms are re-examining profit sharing structures A number of influencing conditions or factors in the market place are persuading firms to abandon their previous more egalitarian model of equal profit sharing and to move towards a structure which has at least some performance or merit element.   The first influencing factor is that firms can no longer rely on a captive set of loyal clients and referrers who can be counted on to provide them with work on a consistent and enduring basis.  Clients have become more sophisticated and ready to move their work to firms which can provide them...
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