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Law Firm Financials Law Firm Management

Old Dog, New Tricks: Time to Retire Associate Lockstep Compensation

This article maps out a system that would enable law firm management to implement a meaningful pay-for-performance system that drives positive associate performance and enhances the firm’s culture.

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Partner and associate lockstep compensation systems are a hand-me-down from the early 1900s. If the legend is to be believed, it was developed at Cravath and over time most of the old “White Shoe” law firms in the city adopted it as a mechanism to promote cooperation and collegiality among the partners.

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Accounting & Financial Planning for Law Firms › September 2023 ›

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