Clifford Chance reviews lockstep points system
Clifford Chance is currently reviewing its lockstep points system, after having recently voted to modify its remuneration system last year. The review is intended to reward high-performing partners and reduce under-peformers. As part of last year’s changes, high performing employees can move from the previous 100-point plateau to a new high of 115 or 130, while lower performing employees can have their points reduce from 100 points down to 70.
According to one partner, the system does not involve awarding “superstar” points, but is instead based on the existing points earned by an individual. Several Magic Circle firms are reviewing their points systems in order to remain competitive with compensation packages offered by US firms.