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Amarchand adopts lockstep in growth drive

Lockstep Whoever wrote this article doesn’t have a clue what lockstep means. A lockstep system is one where equity partners in a law firm are paid according to how long they have been in the partnership. Lawyers in the partnership for seven years, for example, will all earn the same, even though they may all bring different amounts of work to the firm. Many European firms are moving away from the lockstep system (under which senior partners always make more than partners junior to them, even if they bring in less revenue) to a merit based system (where Partners are paid according to their billings or killings!). On a general note, most Indian law firms controlled by a family, neither follow the lockstep system, nor are they strictly merit based (where you are paid according to what you kill)

23-Feb-2009

4:22 pm