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Search results for tag "Lockstep"

• Allen & Overy grants minor pay rise to junior associates

  Apr 25 2012 Allen & Overy has granted a minor pay rise to junior associates, with a £500 raise for newly qualified, 1 PQE and 2 PQE lawyers (to £61.5k, £68.5k and £74.5k... more

• Australian firm Mallesons reviews lockstep ahead of merger with King & Wood

  Feb 20 2012 Mallesons Stephen Jaques is reviewing its lockstep remuneration system ahead of the merger with Chinese law firm King & Wood. The firm currently operates a 10-year... more

• Dechert bonuses based on performance requirement

  Jan 16 2012 Dechert announced its 2011 end-of-year bonuses for US associates just after Christmas, with a schedule of bonuses that broadly matches the standard set by Cleary... more

• Davis Polk & Wardwell follows the flock on annual bonuses

  Dec 14 2011 Davis Polk & Wardwell has announced that it will match the bonus structure put forward by Cravath Swaine & Moore. Like Cravath, Davis Polk's bonus scale begins... more

• Hogan Lovells moves toward merit-based system across the board

  Dec 03 2011 Transatlantic firm Hogan Lovells is preparing for a full review of partner compensation as it moves toward integrating the pay structures of the merged firms Lovells... more

• Norton Rose overhauls lockstep system

  Sep 30 2011 Norton Rose has announced an overhaul of its remuneration system, modifying the lockstep to take greater account of merit. The lockstep system currently runs from... more

• Berwin Leighton Paisner bumps up performance component of pay

  Aug 24 2011 Berwin Leighton Paisner has announced changes to the way that it remunerates equity partners, putting greater emphasis on performance when distributing the firm’s... more

• Indian firm Trilegal promotes two partners into equity lockstep

  Aug 16 2011 Trilegal has promoted two partners into the equity partnerhip. Mumbai corporate partners Nishant Parikh and Amit Tambe have been initiated into the first rung of the... more

• Top UK firms increase revenue by 4%

  Aug 16 2011 The Lawyer has published a survey that shows total revenues from the UK’s top law firms increasing by four per cent to £14.27bn in 2010-11. This marks the first return... more

• Ashurst demoted 17 partners down the lockstep last year

  Aug 08 2011 An internal document from Ashurst has revealed the list of partners’ equity points over the last two years, showing that multiple partners were demoted down the... more

• Ashurst launches flexible working arrangements for equity partners

  Aug 03 2011 Ashurst has initiated a new flexible working scheme for equity partners. The scheme will allow equity partners to work part-time and be paid on a pro-rata basis... more

• Cali firm Irell & Manella pushes ahead of the game with mid year bonuses

  Jul 26 2011 California law firm Irell & Manella has announced that it will be paying mid-year bonuses to associates. After being awarded bonuses that doubled the market... more

• Martin Lipton of Wachtell, Lipton, Rosen & Katz turns 80

  Jun 24 2011 There is an interesting article in the ABA Journal about how the 80th birthday of Martin Lipton - a founder, rainmaker and mergers partner at Wachtell, Lipton, Rosen &... more

• Clifford Chance awards marginal pay rise

  Jun 14 2011 Clifford Chance has announced marginal salary increases for most lawyers. Pay for newly qualified lawyers will remain at £61,500 , while pay for those with one year of... more

• Freshfields gives UK associates a pay rise

  May 24 2011 Freshfields Bruckhaus Deringer has announced pay rises for all associates, taking the firm to the very top of the Magic Circle in terms of compensation. Associates... more

• Merit-based pay does not seem to have caught on

  May 23 2011 Here is an interesting article about associate compensation. The article asks why merit-based compensation hasn’t caught on as a trend after a number of firms –... more

• Allen & Overy and Linklaters freeze salaries

  May 13 2011 Allen & Overy and Linklaters have frozen salaries for associates. This means that lawyers will progress to the next salary band according to the lockstep system, but... more

• Slaughter and May announces marginal salary increases

  May 05 2011 Slaughter and May is the first magic circle firm to announce its 2011 salaries. The firm is giving a modest increase to junior associates of between 1.5 per cent and 3... more

• SJ Berwin moves to merit-based pay

  Apr 27 2011 SJ Berwin has announced that it is abandoning the associate lockstep model in favor of a merit-based compensation system. Under the new scheme, associates will move... more

• Ashurst increases the number of partners at the top of its lockstep system

  Mar 30 2011 Ashurst has reordered its partnership, more than doubling the number of partners at the top of its lockstep. The decision to increase the size of the top level group... more

• Clifford Chance follows Cravath bonus scale

  Dec 24 2010 London-based firm Clifford Chance has announced that its US associates will receive bonuses of between $7,500 and $35,000 at the beginning of 2011. The bonus package... more

• Sidley Austin announces 25% increase in total bonuses paid

  Dec 22 2010 Sidley Austin has announced that the number of associates receiving an end-of-bonus has increased by nearly 20%, and the total sum awarded for bonuses has increased by... more

• Linklaters to give German partners the same remuneration as EU partners

  Nov 16 2010 Linklaters has announced that it plans to move its German partners to the same remuneration package as their UK counterparts after next year’s pay review. The move is... more

• Lateral hires face demotions and pay cuts

  Sep 28 2010 Many corporate, real-estate and other transactional associates have had a slow year, with deals and work-flow stalling in the tough economic climate. Many have shifted... more

• Orrick announces pay rise

  Aug 27 2010 Orrick, Herrington & Sutcliffe has announced a pay rise for all associates except for first-years. Under the new pay scheme, which will come into effect in... more

• CMS Cameron McKenna switches to merit-based pay

  Jun 22 2010 CMS Cameron McKenna has announced the adoption of a merit-based system for calculating pay, jettisoning the lockstep model. The new system – to come into effect... more

• Olswang abandons lockstep pay model

  May 24 2010 Olswang has followed an increasing trend away from the lockstep model for associate pay, introducing a new pay scheme for associates. The scheme sets three salary... more

• Pay rise for associates at Freshfields Bruckhaus Deringer

  May 07 2010 Freshfields Bruckhaus Deringer has announced a payrise in its lockstep pay bands, effective 1 May. The changes ncrease the firm's newly-qualified rate by £1,000... more

• Linklaters returns to normal lockstep pay rises

  Mar 31 2010 Linklaters’ move to reinstate the normal lockstep of pay rises for associates, announced this week, may signal the end of the pay freeze in UK firms. Certainly, it... more

• Are Merit-Based Pay Switchovers Simply Hidden Salary Cuts?

  Feb 18 2010 Lockstep compensation for associates appears to be the latest casualty of the recession. Last July, Orrick, Herrington & Sutcliffe dropped it in favor of a... more

• Who's next? Wilmer freezes salaries and drops lockstep

  Dec 17 2009 Wilmer Cutler Pickering Hale and Dorr is the latest US law firms to abandon lockstep compensation for associates. Wilmer will freeze all associate salaries for 2010... more

• DLA Piper abandons associate lockstep

  Dec 10 2009 DLA Piper will adopt a new associate compensation model that replaces lockstep compensation with a performance-based system. According to the plan, firm managers... more

• Firms warned against ditching associate lockstep

  Nov 16 2009 City managing partners are warning that ditching associate locksteps as the job market shows signs of recovery could be harmful. Many firms are gearing up to revamp... more

• Reed Smith the Latest Big Firm to Drop Associate Lockstep

  Oct 28 2009 Reed Smith on Tuesday joined a handful of Am Law 100 firms that have dumped lockstep associate promotion and launched a new focus on associate training. The new... more

• Lovells to abandon lockstep pay for Hogan & Hartson merger?

  Oct 12 2009 UK firm Lovells is secretly planning to abandon its lockstep in a bid to push through the planned merger with US firm Hogan & Hartson, reports The Lawyer. The fact... more

• As U.K. Firm Ashurst Overhauls Lockstep Compensation, Top Partners Face Shifting Landscape

  Oct 05 2007 About 75 of Ashurst's most senior partners will see their position at the top of the lockstep come under intense scrutiny as part of a radical overhaul of the London... more