The majority of large US law firms approach associate compensation in the traditional ‘lockstep’ system: each associate is paid a base salary determined solely by the year in which that associate graduated from law school. Each year, associates march in tandem to the next rung of the wage ladder with their class or, if performance issues do not justify advancement, are released by their firm.
In late 1999, the US legal market changed dramatically when several West Coast technology-based law firms raised starting salaries drastically to allow them to compete with the booming dotcom industry and attract and retain the best legal talent.
