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BARLOW Lyde & Gilbert (BLG) has overhauled its lockstep following heavy partner losses over the past two years.
The firm, which is almost a full equity partnership, has shortened the time it takes to reach the top of equity from 14 to 11 years.
The modified lockstep in financial year 2005-06 started at 28 points, but this has been increased to 34, with the top of lockstep hitting 100 points.
Each year will continue to bring with it a six-point increase. Senior partner Richard Dedman said the decision to change the lockstep was due to the firm wanting to keep in step with the rest of the market.
“We have a full book of work and so are actively looking for at least 20 lawyers across the board to keep on top of the load, which means that we needed to make sure our structures are truly in keeping with the market,” explained Dedman.
The overhaul of the firm’s lockstep comes as BLG saw its turnover nudge up by 1.3 per cent to £76.2m from the previous year’s £75.2m.
The small increase saw average profit per equity partner remain flat for the third year in a row at £380,000.
BLG’s most recent losses include corporate partner Jonathan Deverill to Canadian firm Stikeman Elliot, reinsurance partner Michael Mendelowitz to Norton Rose and the firm’s three-partner outsourcing department, which left for Bird & Bird last year.