Analysis

Will Pure Lockstep Partner Pay Survive The Decade?

Law360 (September 16, 2020, 7:41 PM EDT) -- Generational differences and fundamental changes in the legal industry are driving an increasing number of law firms that pay partners based on seniority alone to reexamine their compensation systems, begging the question, will strict lockstep soon be a thing of the past? Some say it may survive, but in a greatly modified way.

Davis Polk & Wardwell LLP announced last week that it was moving away from its longtime partner compensation model to one that allows the firm to consider performance criteria along with seniority when determining pay. A number of other law firms have made similar moves away from pure lockstep...

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