Clifford Chance Returning to its Lockstep Roots
Cue the applause, please: Albeit somewhat cryptic, this strongly suggests Clifford Chance is making a concerted effort to return to something much closer to its traditional lockstep partner compensation model.
Called "actively managed" lockstep, the new model will apparently tighten both the criteria for admission to partnership and subsequent performance appraisals. In a striking nod to recognizing the wide disparities in profitability that can arise across jurisdictions—through neither fault nor virtue of the partners affected—Clifford Chance will also expand the range from highest-compensated to least-compensated from its current 2.5:1 to 6.5:1.
One unidentified CC partner reportedly said, "We still want to be a lockstep firm and this is all about preserving that lockstep." Five years after the Rogers & Wells detour, it's about time.
http://www.bmacewen.com/blog/archives/2005/06/clifford_chance_1.html
