A generation ago, almost all the premier UK and US law firms divided profits among partners on the basis of seniority, through a system known as lockstep. Today, that system has largely disappeared in the US. However, there are still firms – such as mine – that continue to believe that lockstep is the most satisfactory overall remuneration system for the global law firm.
The reasons for this go well beyond the question of how to split the pie. They touch, among other things, on assuring mutual trust and respect among partners; on creating internal community, rather than internal competition; and on showing our lawyers and administrative professionals that we are serious about demanding team-mindedness rather than self-aggrandisement.
