HONG KONG — In U.S. legal circles, lockstep compensation usually is described as a relic of the profession’s bygone past. Though a handful of elite firms continue to embrace it, most others discarded lockstep and its seniority-based pay scale long ago in favor of performance-based compensation schemes for partners. Many large American law firms are now looking at abolishing lockstep for associates, too.
But among emerging leaders of the legal profession in Asia, lockstep is getting a new lease on life.
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