In US legal circles, lockstep compensation is most frequently described as a relic of the profession's past. Although a handful of elite firms continue to embrace it, most others long ago discarded lockstep and its seniority-based pay scale in favour of performance-based compensation schemes for partners. Many large US law firms are now looking at abolishing lockstep for associates too.
May 28, 2009 at 12:48 AM
1 minute read
The original version of this story was published on Legalweek
As US firms freeze out lockstep, the Asian market is welcoming it back in from the cold. Anthony Lin reports
In US legal circles, lockstep compensation is most frequently described as a relic of the profession’s past. Although a handful of elite firms continue to embrace it, most others long ago discarded lockstep and its seniority-based pay scale in favour of performance-based compensation schemes for partners. Many large US law firms are now looking at abolishing lockstep for associates too.
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