Germany’s largest independent Haarmann Hemmelrath is to vote on overhauling its recently installed lockstep structure, it has emerged, as co-founding partner Wilhelm Haarmann this week said he is to quit the firm amid a row over partners’ pay.
Partners will vote on lowering the top of the firm’s lockstep ladder from 32 to 25 points next month in an effort to free up equity for younger partners. The 12-year lockstep currently runs from eight points to 32 with two-point intervals annually.
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