Along traditional lines
The lockstep system of partner remuneration is in common use in UK law firms but has long been out of fashion in the US. However, is still has much to recommend it, says Steven Shalen
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.
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