Linklaters’ lockstep revamp to allow reversal of positions

Linklaters is considering a review of its lockstep that could see partners at the top of equity moved down the scale.

Robert Elliott
Robert Elliott

Robert Elliott, who takes over as senior partner in October, put forward a review of partner remuneration is his election manifesto.

Options on the table include a modified lockstep that could mean partners on plateau have their equity points reduced, but no proposals have been issued to the partnership. The magic circle firm currently has a pure lockstep running from 10 to 25 points over 10 years.

It is understood that all the candidates for senior partner made a commitment to lockstep during the election campaign earlier this year.

The firm is also looking at creating different equity ladders for different locations and standardising the system of remuneration and allowances for partners sent abroad as a way of encouraging lawyers to go on foreign secondments.

A Linklaters partner said the plans were based around making arrangements for partners sent abroad less ad hoc.

“Robert is committed to lockstep. He’s more looking at how you treat some of the special cases,” the partner said.

Linklaters declined to comment.