Lovells to abandon lockstep pay for Hogan & Hartson merger?

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.

thelawyer.com Lovells to abandon lockstep pay for Hogan & Hartson merger?
Mon, Oct 12, 2009 thelawyer.com