The introduction of a more flexible system might act as an incentive for high billers to stay on in the global practice. At the moment, even some of the largest firms are finding that their stars are leaving for other practices or to set up their own boutiques. Clifford Chance's managing partner Matthew Layton promised a review of the lockstep system as part of his manifesto when he put himself up for the job.
Single pool
At the moment, the partners all share in one single profit pool and new partners spend three years as juniors before becoming equity partners. Source: Legal Business
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