Lovells to abandon lockstep pay for Hogan & Hartson merger?

October 12, 2009 UK firm Lovells is secretly planning to abandon its lockstep in a bid to push through the planned merger with US firm Hogan & Hartson, reports The Lawyer.

The fact that Lovells lags behind its City ­counterparts in profitability and has an average profit per equity partner (PEP) of only £586,000 for 2008-09 could be an obstacle to the planned tie-up with Hogan, which operates a purely merit-based system.

Read more at www.thelawyer.com.

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