Clifford Chance partners vote for change in lockstep
Clifford Chance have chosen through a vote to change the firm's lockstep and offer more points to top performing lawyers. The proposed changes were borne from a review that began last January. The firm's aim is to better attract and retain talent.
Leading partners may move up from 100 points to 115 or as many as 130 points. At the same time, some partners may face reductions of 30 points. A superpoints profit pool may also be established. New partners are expected to receive the same allocation of points as before.
In the firm's current lockstep, it takes three years to move from a junior partner to an equity partner. The new changes may allow for strong performers to progess more quickly. There are three tiers to the firm's lockstep. It is not known if the proposals voted on will change the tiers.