Remember Lovells’ lockstep review? Remember how it dragged on and on? Remember how at the end of it all senior partner John Young said: “I’ve undertaken to partners that we will not be opening this debate up again in the future.”?
Well, lo and behold, it seems that Lovells has only gone and opened up the debate again.
The firm is currently looking at its equity ladder to come up with a way of letting partners in economically weaker jurisdictions get on the first rung.
The idea is that the firm will introduce a lower ladder for specific people it believes are missing out on partnership due to their offices’ low revenue shares.
Exact details are still being thrashed out, but it is likely that the new lockstep will have an entry level of 24 points, which is what it was before the original revamp.
