Killing Lockstep
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Associate Salaries, Killing Lockstep, Layoffs
A Peek Inside the Winston & Strawn Black BoxAnd additional info on stealth layoffs.
Life outside of lockstep is like Forrest Gump’s box of chocolates: you never know what you’re going to get. A lockstep system for compensating and promoting associates has its drawbacks, to be sure. But at least it offers the virtues of transparency and predictability. Earlier this week, we covered the arguably amorphous definition of “merit” […] -
Associate Bonus Watch 2009, Magic Circle
Clifford Chance: Cancels Hours Requirement for Bonuses in London, But No Change in NYC
This morning, the Lawyer reported that Clifford Chance was changing the requirements for associate bonuses in London: Clifford Chance is set for a radical overhaul of its associate bonus system, with the maximum award now open only to senior associates and payments no longer based primarily on hours worked…. A spokesperson for Clifford Chance said: […] - Sponsored
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Associate Salaries, Killing Lockstep, Salary Freeze
Nationwide Salary Watch: Morgan Lewis Raises Salaries
We have good news for Morgan, Lewis & Bockius associates. Salary information is in and most people are getting raises. True-up raises at that. The class of 2008 pulled the short straw, but everybody else seems relatively happy. A tipster reports: Please post that yesterday MLB essentially unfroze salaries (most ’08 grades only went up […]
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Associate Bonus Watch 2009, Biglaw, Bonuses, Killing Lockstep, Money
Inside the Bingham McCutchen Bonus
When you step into the killing lockstep zone, your bonus disappears into a black box. A while back, we reported that Bingham McCutchen adopted a lockstep-merit hybrid approach to associate compensation. Base salary would still be lockstep, but the bonus would be merit-based. When we reported on the Bingham bonus, we noted that the firm […] -
Associate Salaries, Killing Lockstep, Salary Cuts, Salary Freeze
Winston & Strawn Kills Lockstep and Adopts a 'Black Box' Compensation System
Friday brought good news and bad news for Winston & Strawn associates. The good news is that the double salary freeze, which has apparently resulted in first- through third-year associates at Winston all earning $160,000, may be thawing. Managing partner Thomas Fitzgerald sent a memo — this time to its intended recipients — indicating that […] -
Associate Bonus Watch 2009, Associate Salaries, Biglaw, Bonuses, Killing Lockstep, Money
Bingham McCutchen: Lockstep Base Pay, Merit Bonuses -- It's a Hybrid Plan That Seems to be Working
Maybe Toyota should take a lesson from Bingham McCutchen: don’t try to cut corners when producing a hybrid. Back in October, Bingham announced that it would be adopting a new “merit-lockstep” hybrid approach to associate compensation. The plan came with the stamp of approval from Bingham partners and associates. And a majority of Above the […] -
Associate Bonus Watch 2009, Associate Salaries, Killing Lockstep, Money, Salary Freeze
Pillsbury: Raises, Bonuses, and Other Sundries
It looks like Pillsbury is back to communicating important information via firm-wide memo, instead of via cell phone conversation on the Acela. Yesterday, the firm indicated that it is thinking about moving away from lockstep associate compensation, but it is not killing lockstep just yet. Instead, Pillsbury announced lockstep raises — they’ll be true up […] -
Associate Salaries, Biglaw, Killing Lockstep, Money, Salary Cuts
Dickstein Shapiro: New Salary Structure Leaves A Lot of Questions
Add Dickstein Shapiro to the list of firms that have decided to do away with lockstep associate compensation. As of January 22, Dickstein will adopt a new merit-based compensation system. Like many firms that have abandoned lockstep, Dickstein will be using a three-tiered system, similar to Orrick’s compensation structure. Starting salary for new Dickstein associates […]
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