In a radical departure from the status quo, Howrey is getting rid of lockstep compensation for its associates. The 630-lawyer firm said it will introduce a merit-based system of advancement and compensation for associates at the beginning of next year. Industry insiders say other firms will be watching Howrey to see whether its "competency model" will be deemed competent by associates and clients. "To say it's a bold move would be an understatement," said one recruiter.
Howrey to Ditch Lockstep Compensation for Merit-Based Model
June 29, 2007