McDermott Trims Starting Pay, Ditches Lockstep

Law360, New York (January 12, 2010, 5:54 PM EST) -- McDermott Will & Emery LLP said Tuesday that its associates will now start out with a lower salary and earn raises and promotions based on performance, making it the latest firm to respond to the recession by discarding its lockstep system.

The firm doesn't aim to cut total associate compensation, partner Jeffrey Stone said. "We ultimately think the gross number will be neutral," said Stone, chair of the firm's management committee. "This is about aligning performance with compensation."

Under the new system, first-year associates will start...
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