McDermott Will & Emery has become the latest firm to move away from lockstep and introduce a merit-based pay system for associates, reports The National Law Journal. The process will result in pay cuts for some of the firm's associates, with first-year salaries set to drop from $160,000 (£98,000) to $145,000 (£89,000) this year, according to Jeffrey Stone, the chairman of the firm's management committee.
January 13, 2010 at 08:39 AM
1 minute read
The original version of this story was published on Legalweek
McDermott Will & Emery has become the latest firm to move away from lockstep and introduce a merit-based pay system for associates, reports The National Law Journal.
The process will result in pay cuts for some of the firm’s associates, with first-year salaries set to drop from $160,000 (£98,000) to $145,000 (£89,000) this year, according to Jeffrey Stone, the chairman of the firm’s management committee.
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