Bingham McCutchen has joined the ranks of firms that are tweaking their compensation systems, saying Monday it is moving to a “merit lockstep” system that will keep base pay on lockstep but introduce a merit component into bonuses.
Several firms this year have announced a move away from lockstep compensation, including Howrey, Orrick, Herrington & Sutcliffe and Townsend and Townsend and Crew. Nixon Peabody and Pillsbury Winthrop Shaw Pittman have lowered salaries for some associates in each yearly class, resulting in a de facto departure from lockstep. Jones Day says it has always used a merit-based system, and DLA Piper has said it is considering a departure from lockstep.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Not a Bloomberg Law Subscriber?
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]