Clifford Chance Returning to its Lockstep Roots

by | June 16, 2005 | Articles, Compensation, Cultural Considerations, Finance, Globalization, Leadership, Partnership Structures

Cue the applause, please:  Albeit somewhat cryptic, this strongly
suggests Clifford Chance is making a concerted effort to return to something
much closer to its traditional lockstep partner compensation model.  

Called
"actively managed" lockstep, the new model will apparently tighten both
the criteria for admission to partnership and subsequent performance
appraisals.  In a striking nod to recognizing the wide disparities
in profitability that can arise across jurisdictions—through neither
fault nor virtue of the partners affected—Clifford Chance will
also expand the range from highest-compensated to least-compensated
from its current 2.5:1 to 6.5:1.

One unidentified CC partner reportedly said, "We still want to be a
lockstep firm and this is all about preserving that lockstep."  Five years after the Rogers &amp Wells detour, it’s about time.

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