Holman Fenwick Willan is set to reduce the length of its lockstep by one year in an effort to simplify the firm's current partnership structure.

The firm is looking at reducing its lockstep from six years to five as of the next financial year, as well as introducing a mandatory retirement age of 62.

Under the current system Holman partners start on the lockstep with 10 points, progress at 1.5 steps for the first two years, move one point during the third year, before three years of two-point increases to take them to the top of the lockstep at 20 points.

Under the proposed new system, partners will start at 10 points and progress two points each year to reach 20 points after five years.

The firm has instructed Roderick l'Anson Banks (pictured) of 48 Bedford Row – which specialises in partnership-related matters – to advise it on the changes.

Holman also maintains a salaried partnership rank, which junior lawyers join when they are first promoted to partner. There is no fixed term for partners to spend at this level before they progress to the equity.

The firm is also set to introduce a mandatory retirement age of 62 as of next year. Holman currently has no mandatory retirement age, with the majority of partners stepping down from the firm between the ages of 60 and 65.

At the close of the last financial year, the firm had 120 partners, including 63 in the equity, with profits per equity partner standing at £540,000.