Is lockstep still lockstep if there are multiple gates, and the top third of the ladder isn't accessible to at least 90% of equity partners? As growing numbers of UK firms drift ever further from traditional lockstep in the battle for talent, does it even matter?

Reforms voted in by Freshfields Bruckhaus Deringer partners last week make the firm the latest to radically overhaul its lockstep – with partners approving changes that usher in a £3m top of lockstep for a handful of stars, while empowering management to better control the progress of those lower down through the use of three gates.

Though the changes are radical, there is still a question as to whether they go far enough to help Freshfields' retain top performing junior and mid-level partners against US advances, given they do not give management the ability to accelerate partners' progress up the ladder.

Elsewhere, Keystone Law announced plans for far more fundamental changes than a lockstep overhaul. The previously 'virtual' law firm confirmed that it is set to become the third UK law firm to list on the London Stock Exchange, with founder James Knight setting out his reasoning in an interview with Legal Week.