Another week, another consultation on Lovells’ lockstep.
Fourteen months after the firm decided that there was very little appetite for a bonus pool or super-points, its latest wheeze is to propose off-lockstep deals to attract laterals in the US.
In other words, Lovells is risking alienating the 141-strong London partnership to placate a 22-partner operation in the US.
The longer the Lovells partners allow the management to obsess about the partner pay structure, the less time they spend on getting to grips with the business in the UK, which represents more than 50 per cent of the firm.
Lovells’ partner conference is in Barcelona the weekend after next. We predict a revolt.