Linklaters' managing partner hustings have been dominated by debate over the firm's US strategy, a potential lockstep review and relations between management and partners.

The firm is in the process of selecting a new managing partner after Simon Davies, the current post holder, unexpectedly announced in July that he was stepping down early to take up a senior role at Lloyds Bank in January 2016. His exit will take place a year before his term was due to end.

The final three contenders in the race to succeed him have been touring Linklaters' offices to speak to partners about their vision for the firm.

Asia head Marc Harvey, banking head Gideon Moore and litigation head Michael Bennett have hit the road to drum up support for their priorities.

Legal Week understands that all three have been talking about similar issues including US strategy, the prospect of a review of the firm's partner remuneration structure and how to improve the relationship between management and the partnership.

Watching America
Success in the US is seen as key to the firm fulfilling its ambitions. A former partner says: "To be a credible international firm with ambition to be the best, you have to have proper resources in all the key financial markets, of which the US is fundamental."

Former partners say that there is recognition within Linklaters that other UK firms have stolen a march in America, either by merging with US firms or pursuing a more enthusiastic US hiring strategy.

Another former partner comments: "There must be a realisation that firms which have done US mergers, which would not previously have been considered as competitors, are getting lots of traction because of having a bigger US presence."

Another ex-Linklaters partner says that Freshfields Bruckhaus Deringer's drive to build up its US arm – where senior hires have included former partners of firms such as Fried Frank Harris Shriver & Jacobson and Skadden Arps Slate Meagher & Flom – would prompt Linklaters to review its own approach. "They tend to measure themselves by each other, as they are very similar, if one has a strategy and the other hasn't, one will look at that strategy," he says.

One former partner says discussions about the firm's remuneration structure and its US strategy are linked.

"The strategy would be about how to get the best people out of the US firms into Linklaters." He adds:

"The challenge for Linklaters is do you break lockstep?"

Linklaters' lockstep runs from 10 to 25 points over 10 to 12 years. Reform of the system was previously discussed at the firm's April partner conference with ideas mooted including bringing in flexibility to better reward high-performing junior equity partners.

Another former partner also believes reviewing lockstep is key to the firm's international expansion. He says:

"If you have ambitions to be a global law firm then you are going to have to have some flexibility in your compensation."

He adds that lockstep has been a lingering issue for some time but the fact that Davies (pictured) failed to receive the required 75% majority in the 2012 partnership vote to confirm his reappointment and was only appointed after a second round of voting, hampered efforts at reform.

"The kerfuffle with Simon Davies' re-election put on hold any ability to have a meaningful conversation about compensation. After the non-election he didn't really have the mandate to run something quite as fundamental as a review of the lockstep," he says.

Relationship management
The need for debate over relations between management and the partnership is also a legacy of Davies' watch, which saw two restructurings, including a painful restructuring of the partnership in 2012 with 25 partners asked to leave, and 16 stripped of their equity status or asked to take a reduced profit share.

A former partner comments "it was a very odd situation where you have the owners of the business at odds with the management of the business".

Ex-partners though are optimistic about the future state of relations between management and the partnership, with one saying the candidates were "three super guys".

Once the hustings have finished the firm's partnership board will meet to select the successful candidate.

The board's choice will then be ratified by a vote of the partnership at the firm's November 17 partner conference.

Linklaters declined to comment.