Is lockstep still lockstep if there are multiple gates, and the top third of the ladder isn’t accessible to at least 90% of equity partners? As growing numbers of UK firms drift ever further from traditional lockstep in the battle for talent, does it even matter?
Reforms voted in by Freshfields Bruckhaus Deringer partners last week make the firm the latest to radically overhaul its lockstep – with partners approving changes that usher in a £3m top of lockstep for a handful of stars, while empowering management to better control the progress of those lower down through the use of three gates.
