Credit: EGHStock/Adobe Stock Old Dog, New Tricks: Time to Retire Associate Lockstep Compensation
This article maps out a system that would enable law firm management to implement a meaningful pay-for-performance system that drives positive associate performance and enhances the firm's culture.
September 29, 2023 at 12:10 PM
6 minute read
Partner and associate lockstep compensation systems are a hand-me-down from the early 1900s. If the legend is to be believed, it was developed at Cravath and over time most of the old "White Shoe" law firms in the city adopted it as a mechanism to promote cooperation and collegiality among the partners.
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