Craig S. Wittlin of Harter Secrest & Emery, and Mark J. Wassink, left, of Warner Norcross + Judd. Courtesy photos Lockstep Compensation Isn't Just for the Most Elite Law Firms
"There's no fighting over the origination or billing status," noted one midsize firm leader about lockstep pay.
July 08, 2024 at 06:00 AM
5 minute read
What You Need to Know
- Law firms have generally moved away from lock-step compensation systems in recent years due to the ultra-competitive job market.
- Despite the pressure, some midsized firms are holding onto the system and plan to do so for the indefinite future.
- Firms said they keep the system because it is integral to their culture and it promotes collaboration among partners.
Lockstep partner pay compensation is increasingly under pressure in Big Law, as law firms ditch traditional compensation systems to attract and retain high-performing partners. But the lockstep system—in which partner pay is mostly determined by seniority—is still in favor in some corners of the legal industry.
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