Large Firms
May 1, 2009
Lockstep Compensation Gives Way to More Merit Based Pay at Law Firms
As the economy continues to lag, an increasing number of law firms have moved to eliminate the long-standing lockstep promotion and pay of associates, replacing it with more merit-based systems.
Daily Journal Staff Writer LOS ANGELES - When Washington, D.C.-based Howrey announced in 2007 it would eliminate lockstep associate compensation, the industry viewed it as a bold move. Business was booming, salary wars had quickly boosted entry-level associate pay to $160,000 on average, and firms were loathe to tweak a long-established promotion and compensation model that had kept them competitive for sought-after law students. ...
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