Dublin mid-sizer BCM Hanby Wallace has kicked off a review of its lockstep in an attempt to introduce more flexibility.
The 29-partner firm operates a 10-year modified lockstep for its 12 equity partners, which includes a 10 per cent merit element awarded at the discretion of the managing partner. Partners enter equity on 40 points, rising to 100 points along the ladder, which, according to one source, in practice takes eight years.
“The system is a little too rigid and the gap between top and bottom is too wide,” said managing partner Gary Byrne. “One of the features of growth is to have an eye on the career path of your lawyers, which is what this represents.”
BCM has been adding lawyers across the firm, notably in corporate, banking and real estate. Hires have included Fiona O’Neill, a construction associate who joined from Arthur Cox in July.