Biglaw firms across the world are taking the time to reevaluate their partnership structures to make sure they reflect the current state of the market. Whether they’re shying away from all-equity partnerships and creating non-equity partnership tiers, or modifying their lockstep pay plans, the largest law firms want to make sure they look attractive enough to entice laterals and retain their most talented attorneys.
The latest firm to make changes to its remuneration system for partners is Clifford Chance, a firm that brought in $2,861,200,000 gross revenue in 2023, putting it at No. 11 on the 2024 Global 200 ranking. Amid a hiring war in London, the top firm is now changing its 100-point lockstep program once again, which currently includes tiers that range from 70 points all the way up to 280 points (and more), a real “super-pointer” realm that allows for about £4.8 million ($6.23 million) in pay.
Law.com International has additional details on the new adjustments:
Back in January, Law.com International reported that the firm had been looking at possible changes to its remuneration model in order to better cater to top performing partners.
The firm has enacted these changes, according to people with knowledge of the matter, and the top of equity at the firm could now reach in the region of £12 million [$15.6 million], one person added.
The changes also mean that it is now easier to add or take away points from partners across the firm, the sources said.
Thanks to this new lockstep model, superstar partners at Clifford Chance will now be able to walk away with true superstar pay. Congratulations!
Clifford Chance Further Modifies Lockstep to Better Reward Top Performers [Law.com International]
Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on X/Twitter and Threads or connect with her on LinkedIn.
