Bingham McCutchen is set to move to a 'merit lockstep' system that will keep base pay on lockstep but introduce a merit component into bonuses, reports The Recorder. Bonuses at Bingham were previously based solely on meeting a billable hours target. Although billable hours will continue to play a significant role in determining bonuses at the US firm, they will also be based on less tangible factors such as teamwork and the overall market rates for bonuses.
October 06, 2009 at 04:26 AM
1 minute read
The original version of this story was published on Legalweek
Bingham McCutchen is set to move to a ‘merit lockstep’ system that will keep base pay on lockstep but introduce a merit component into bonuses, reports The Recorder.
Bonuses at Bingham were previously based solely on meeting a billable hours target. Although billable hours will continue to play a significant role in determining bonuses at the US firm, they will also be based on less tangible factors such as teamwork and the overall market rates for bonuses.
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