South West-based TLT Solicitors has finalised a review of its lockstep, with up to 13 per cent of the firm’s net profit to be distributed through bonuses to high-performing equity partners.
Up to 10 per cent of profit will be distributed for exceptional performance, with another 3 per cent awarded to three senior partners for management and business development.
Managing partner David Pester said: “We recognised the need to adapt the current system to match our progress as a firm.
“In order to grow the equity group we needed a flexible remuneration system which had more elements of performance-based reward.”
The remaining profit will be distributed via a 100- point lockstep, with partners expected to reach plateau after five years.
A performance review will also now be carried out at year three to ensure consistency of performance before further progression.