The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Morrison & Foerster (MoFo) will retain its lockstep pay system for associates
The San Francisco firm had considered replacing the traditional lockstep with a merit-based salary range, but following the firm's decision reversal, its associates will receive full pay increases this year. MoFo chairman Keith Wetmore said the firm will employ a remuneration model based on hours. It will continue to use a two-tier system whereby associates above first year level will be compensated depending on how many hours are billed. Those associates who reach 1,950 hours will be paid a higher rate than those billing less than that figure. The base rate for first year associates stays at $125,000 (£88,700). MoFo's decision comes as a positive contrast to other Bay Area firms, where cost-cutting initiatives have kept associates' salaries static. Brobeck Phleger & Harrison, Cooley Godward and Gray Cary Ware & Freidenrich have all frozen associate advances up their lockstep, although Cooley Godward did give second year associates a small increase to keep them ahead of the incoming first year cohort. So far, Wilson Sonsini Goodrich & Rosati has been the only other Bay Area firm to give lockstep increases to its associates.