The phrase ‘lockstep review’ appears to have become synonymous with Lovells. Not content with the changes introduced at the start of 2006, the City firm has embarked on yet another review. The Lovells lockstep currently runs from 24-60 points, with an increase of three points every year for 12 years.
As first reported by The Lawyer(3 April), Lovells is considering increasing entry level points to 30. It is also proposing to introduce more flexibility at the top end of the lockstep. Senior partner John Young, who is leading the consultation, has set up a committee to take evidence from partners to determine whether there is sufficient appetite for further changes before the matter is put to a partnership vote in early July. It is understood, however, that there is resistance in some quarters of the London partnership to the proposals. That’s
hardly surprisingly, though, because the partners did after all rule out major reforms in January. Perhaps Lovells’ partners would be wiser to concentrate their efforts on boosting London’s revenue instead.