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White & Case has unveiled its new look partner compensation system after concluding its sweeping remuneration review earlier this year.
As exclusively revealed by The Lawyer (15 November, 2004), White & Case kicked off the review last year with the establishment of a remuneration committee.
The group, headed up by New York partner Kevin Barnard and including London partner Dan Hamilton, was charged with the task of assessing the firm’s partner remuneration structure, which had not been revised for more than 20 years.
The firm’s previous modified lockstep consisted of 10 phases, with the first four largely automatic, with merit allocation thereafter. The firm also operated a discretionary bonus system.
The new system, unveiled at last month’s partners’ meeting in Los Angeles, is comprised of four stages of career progression, with 17 rungs. The system is designed to allow for more flexibility in the lockstep and in particular, more flexibility in remunerating partners in less profitable offices.
Said one partner, "Interposing half steps making it easier to move partners up and down the lockstep."
"Partners universally recognise that the new system is fairer and works for a business of our size and complexity," they added.
Partners will find out in nine weeks time their places in the new system.