Ince & Co has introduced a bonus pool to reward its top billers as it moves to a managed lockstep system.

The shipping and insurance firm will move to a managed lockstep system from 1 May with a bonus pool to reward its highest performing partners.

Under the new system partners will be awarded base pay on a 10-step lockstep ranging from £140,000 to £240,000.

The rest of the firm's profit will be distributed between partners based on performance. Partner pay will be decided annually by a five-member remuneration committee, which includes international senior partner Jan Heuvels and non-executive director Ashley Steel.

In 2014-15 the firm reported profit for distribution of £21.9m. The firm's estimated average profit per equity partner (PEP) stood at £275,000.

Speaking to Legal Week, Heuvels said the new lockstep system and bonus pool is aimed at introducing a more entrepreneurial culture within the firm and would assist it in hiring star partners.

"Every partner has put at risk a chunk of what they would have got through the previous lockstep system… The people who are very successful could get higher pay," he said. "What it does also mean is I don't have to be that afraid of other firms making offers to my best partners that I can't match."

The changes were not put to a partner vote, which under Ince's governance arrangements is only needed if 10% of the partnership make an objection to the changes. Heuvels said: "There was more than 90% support for this."

The remuneration committee will also have the ability to move partners up and down the 10-step lockstep.

It comes in the context of a new strategy, which aims to increase the proportion of transactional work at the firm in the wake of a slowdown in disputes matters.

The firm has also made a number of partner hires in recent months including insurance partner Jennifer Donohue from Locke Lord, aviation partner Will Cooper from the Export Credits Guarantee Department (ECGD) and Charles Russell Speechly's Bahrain corporate head Tom Briggs.

The changes in the firm follow a period of turbulence, marked by falling revenue, a restructuring of the partnership and layoffs among business support staff.

Among other options the firm is understood to have asked partners to suggest possible merger targets in order to achieve its goal of growing its transactional practice.

In 2014-15 the firm's revenue was £79.4m, down from £86.4m the previous year.