Biglaw Firm Switches From Strict Lockstep Compensation for Partners to Modified System
“Davis Polk & Wardwell is changing to a more flexible compensation system, allowing it to pay more money to retain and attract rainmaking partners,” reports Debra Cassens Weiss in ABA Journal’s Daily News.
“Davis Polk has paid partners based on seniority under a lockstep compensation model. The law firm is changing to a modified lockstep system.”
“Only a few elite New York firms retain a strict lockstep pay structure, according to Bloomberg Law. Other firms that have used a lockstep system include Cravath Swaine & Moore, Cleary Gottlieb Steen & Hamilton, and Debevoise & Plimpton. Those firms typically were most profitable, enabling high partner compensation.”
