Lovells has concluded its protracted lockstep review and has given the firm’s partnership council the power to move under-performing partners down its equity ladder.
Under the new system the partnership council has the power to move partners down the equity ladder or to freeze them on certain points with the agreement of the partners concerned.
It is understood that Lovells’ equity partners currently start on 24 points and gather three points every 12 months over a 12-year period.
The resolution giving the partnership council its new powers was voted in by partners at lunchtime today (24 January) and followed a review lasting 14 months. The findings of the review showed very little appetite for adopting a system that encompasses a bonus pool or a global super points system to reward outstanding revenue generators.
It is understood that the finishing touches to the new system will be discussed at the partnership’s next council meeting, which is scheduled for March.