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Barlow Lyde & Gilbert (BLG) is set to abandon its modified lockstep for an entirely merit-based partner remuneration system, while also considering a move away from associate lockstep as part of a firmwide shake-up of performance.
BLG partners are to vote on a new profit shareout that will include the introduction of fixed-share partners for the first time and three pay bands that will replace the old lockstep system of 30-100 points. The top band will reward exceptional performers.
Senior partner Simon Konsta said: “We’re working on a revamped remuneration programme and hope to begin on 1 May. It’s not enough for us to have a key client programme – it’s about rewarding those who’ve gone out and improved the firm’s standing and income.”
The pay overhaul extends to all fee-earners as the firm prepares to ditch payment by PQE for associates.
BLG CEO David Jabbari said: “Associates will be benchmarked against a competency framework, so that will have to be linked to a much more tailored and relevant training programme. “It’s about clarity and having a rational basis for remuneration.”