Ditching lockstep – better too late than never?

Ditching lockstep – better too late than never?

‘Lockstep in its current form has to go. It’s just not working.’
Legal Business, June 2015

‘The current incarnation of lockstep is an overly restrictive model that was a child of its time…. The failure to substantively adapt the model… has increasingly threatened to shatter a system that still delivers considerable benefits.’
Legal Business, October 2013

*** Continue reading “Ditching lockstep – better too late than never?”

Comment: The associate pay smoke screen is fooling no-one

Comment: The associate pay smoke screen is fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Comment: The associate pay smoke screen is fooling no-one”

Associate pay smoke screen: it’s fooling no-one

Associate pay smoke screen: it’s fooling no-one

Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.

There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle. Continue reading “Associate pay smoke screen: it’s fooling no-one”

As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent

As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent

Madeleine Farman assesses the impact of another round of pay rises on the City market

As US firms continue to hike associate pay for UK lawyers, members of the City’s legal elite are getting increasingly coy over what they are offering their junior ranks… but are such tactics sustainable in the long run?

Continue reading “As the City elite gets coy on associate salaries, US rivals are winning the battle for young talent”

Ince & Co brings in alternative career to partnership as it shakes up associate pay

Ince & Co brings in alternative career to partnership as it shakes up associate pay

Ince & Co is offering its lawyers the option to choose a different career path from the traditional partner track, as it revamps its associate pay structure.

Lawyers at Ince will now progress up a four-step career programme applicable to trainees, associates, senior associates and managing associates.

Continue reading “Ince & Co brings in alternative career to partnership as it shakes up associate pay”

‘Fiddling around the edges’: CC votes for more lockstep reform to keep pace

‘Fiddling around the edges’: CC votes  for more lockstep reform to keep pace

Partnership votes to raise compensation levels two years after last shake-up

In its most recent bid to compete with high-paying US rivals, Clifford Chance (CC) last month voted through another round of changes to its remuneration structure, two years after last introducing more flexibility to its system.

Continue reading “‘Fiddling around the edges’: CC votes for more lockstep reform to keep pace”