Bingham Announces New 'Merit Lockstep' Pay System

Law360, New York (October 6, 2009, 5:46 PM EDT) -- Bingham McCutchen LLP plans to usher in a hybrid “merit lockstep” compensation system by the end of 2009, slightly defying the current trend of law firms that have implemented full-on merit-based pay systems or made across-the-board salary cuts in response to economic pressures.

Under the new approach, the firm will retain a salary class level system for associates and counsel but will decide bonuses based on merit factors other than just billable hours, according to an internal memo that was posted on the legal blog Above...
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