Half of the UK's leading law firms have either changed their partner remuneration structure since the onset of the credit crunch or are currently reviewing it, according to Legal Week's latest Big Question survey, which highlights the increasing acceptance of merit-linked pay for partners. Forty percent of partners responding to the survey said their firm had changed its remuneration model for partners since the onset of the financial crisis, with a further 11% in the process of looking at it and an additional 1% saying they had plans to review it. About 41% had made no changes, while 6% said they had reviewed their partner reward system but decided against an overhaul. The findings show that only 10% of respondents work in firms with pure lockstep structures, compared with 27% in firms with pure merit systems and 23% in firms keeping aside part of their profits for rewarding top earners. The largest group – 40% – said their firms operate modified locksteps allowing partners to be moved up or down or held based on their individual performance.
June 13, 2013 at 07:03 PM
1 minute read
The original version of this story was published on Legalweek
Merit-based pay growing in popularity as firms look to reward star performers. Gerard Starkey reports
Half of the UK’s leading law firms have either changed their partner remuneration structure since the onset of the credit crunch or are currently reviewing it, according to Legal Week‘s latest Big Question survey, which highlights the increasing acceptance of merit-linked pay for partners.
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