Magic Circle firms Freshfields Bruckhaus Deringer and Linklaters are considering changes to their partner compensation schemes so as to more closely match those of U.S. firms and reduce the number of high-earners at the top of their respective locksteps, U.K. publication Legal Week reports.
The two firms currently operate pure locksteps, the traditional compensation system employed by U.K. law firms under which an equity partner’s profit share automatically rises each year based on seniority, rather than on merit.
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