Ashurst‘s long-running partnership lockstep review has been completed.
The review was launched early last year and was intended to rebase partners’ lockstep points to reward outstanding contribution and advance more junior partners.
The lockstep review is supervised by the firm’s specialist remuneration committee, which has assessed partners on five criteria, similar to those used at associate performance appraisals.
There will be gates in the shorter nine-year lockstep at three and six years. Around 50 partners are understood to slot in at the top level of the equity after the review.
Under the previous lockstep the firm had an equity partnership that made up around two-thirds of the 180-strong partnership. For equity partners there was a 10-year lockstep with two merit-based gateways at around four and seven years.
The firm’s management declined to comment.