Luthra introduces lockstep to aid growth
Indian firm Luthra & Luthra has introduced a lockstep system as it prepares itself for rapid growth.
The introduction of a lockstep is aimed at moving partner remuneration away from team-based performance in favour of firmwide results.
The system is likely to have 12 steps, while exceptional performers will be able to progress by 1.5 steps in a single year.
The expansion of the 26-partner Indian firm’s equity is likely to see up to 12 salaried partners join the current eight equity partners in the new lockstep system.
Luthra is also planning to introduce structural changes aimed at bringing more partners into management positions as the Delhi-based firm prepares to expand its offices in Mumbai and Bangalore.
The firm’s senior partner Mohit Saraf said: “We need partners to take care of the management of the firm and to have a remuneration model where they’re motivated to help build the firm.”
Readers' comments (1)
Kian Ganz, editor, LegallyIndia.com | 15-Jun-2009 12:10 pm
For more background information on the changes that are taking place at Luthra & Luthra, have a look on:
http://www.legallyindia.com/index.php/Law-firms/luthra-goes-lockstep-modernises-management-structure
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