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17 November 2017 at 11:25 BST

Freshfields moves to reward star performers in lockstep shift

Freshfields Bruckhaus Deringer is to overhaul its lockstep system with top performers awarded around £3m.

Krisztian Miklosy

The firm has voted to change its current lockstep arrangements and will introduce new rules next May allowing key performers to make up to six times as much as those at the bottom of the rung. Partners will join lockstep at 12 points which rises to 40 points. This will only vary for superstars and those operating in competitive markets which incorporates a 60-point top tier. The value of a point is £40,000 but will be nearer £50,000 undert he new arrangements, which would amount to arund £3m at the top of the ladder. The move, which was voted in by partners this week, will allow Freshfields to hire top lawyers and strengthen its New York practice. Magic circle firms Clifford Chance, Linklaters and Allen & Overy has made more modest changes to their lockstep in recent years. 


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