Bingham McCutchen has joined the ranks of firms that are tweaking their compensation systems, saying Monday it is moving to a “merit lockstep” system that will keep base pay on lockstep but introduce a merit component into bonuses.
Several firms this year have announced a move away from lockstep compensation, including Howrey; Orrick Herrington & Sutcliffe; and Townsend & Townsend & Crew. Nixon Peabody and Pillsbury Winthrop Shaw Pittman have lowered salaries for some associates in each yearly class, resulting in a de facto departure from lockstep. Jones Day says it has always used a merit-based system, and DLA Piper has said it is considering a departure from lockstep.
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