| gen. |
lockstep model (The lockstep model is the most widely used among firms in both the United Kingdom and the United States. In this system, equity partners' profit shares increase in line with their seniority within the firm (ie, how long they have worked there). This means that all equity partners who joined the firm in the same year will be paid the same regardless of achievement, experience or ability, and that pay increases and promotions are automatic. Strictly speaking, the lockstep model applies only to equity partners, but some firms utilising a traditional lockstep system may also apply a similar system of pay differentiation to salaried partners and associates.  lawcareers.net Alexander Demidov) |
