Lovells has concluded its protracted lockstep review and has given the firm’s partnership council the power to move under-performing partners down its equity ladder. Under the new system, the partnership council will be able to downgrade partners or freeze them on certain points with the agreement of the partners concerned. The resolution giving the partnership council its new powers was voted in by partners last Tuesday (24 January) and followed a review lasting 14 months. The findings of the review showed little appetite for adopting a system that encompasses a bonus pool or a global super points system to reward outstanding revenue generators.
First revealed on www.thelawyer.com 24 January