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
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