The Beijing-based firm, known for its capital markets and corporate teams, set up lockstep in 2009 and now has 32 equity partners. But rival Fangda has been able to lure away eight partners since then and Haiwen has decided to change its system in order to pay younger partners more at an earlier stage.

Laterals

The new system was introduced earlier this year and is seen to be working well, says the firm. It is being used to help retention and also to assist in making lateral hires. Source: The Lawyer