Partner Compensation Structure Forum

[2014]

Lockstep isn't going to last our entire careers.

At the partnership or associate level?

The ones who do basically pure lockstep at the partner level are not exactly quick to change their ways.

[toothbrush]

Yeah. It's been a really good way to distinguish why you're interested in certain firms and lockstep partners tend to really like it when you talk about it.

So, if it came up in an interview, I would be accurate in classifying Skadden as modified lockstep? (saying this because it is lockstep with room for rewarding merit/seniority by giving extra "points").

I'm really not an expert on this nor on Skadden's culture; but wouldn't a 'modified' lock-step compensation scheme that awards for merit negate a lot of what lock-step compensation purports to do for culture?

[Anonymous User]

Yeah. It's been a really good way to distinguish why you're interested in certain firms and lockstep partners tend to really like it when you talk about it.

So, if it came up in an interview, I would be accurate in classifying Skadden as modified lockstep? (saying this because it is lockstep with room for rewarding merit/seniority by giving extra "points").

I'm really not an expert on this nor on Skadden's culture; but wouldn't a 'modified' lock-step compensation scheme that awards for merit negate a lot of what lock-step compensation purports to do for culture?

Yeah that's what I'm trying to get to the bottom of, it's a little tricky to wrap one's head around from system to system.

[09042014]

Lockstep isn't going to last our entire careers.

At the partnership or associate level?

The ones who do basically pure lockstep at the partner level are not exactly quick to change their ways.

Partnership level. Younger partners can roll up to a V50 firm and make 4X as much because old ass boomers who don't bring in money are stealing their profits.

[Anonymous User]

Lockstep isn't going to last our entire careers.

At the partnership or associate level?

The ones who do basically pure lockstep at the partner level are not exactly quick to change their ways.

Partnership level. Younger partners can roll up to a V50 firm and make 4X as much because old ass boomers who don't bring in money are stealing their profits.

I mean, this is definitely how Kirkland and Weil clawed their way up the hierarchy--stealing the most money-grubbing partners with big books of business from the other top, lockstep firms. But that's been going on for ages.

[Anonymous User]

Having worked at a firm with straight lock-step (Debevoise), I would be really surprised if they changed the system. It is the core of their culture and is the first thing to come up every time any partner is discussing the culture of the firm. It's kind of taken as a given that it is not the most individually profitable system out there, but that everyone is willing to sacrifice maximizing profits for the stability of the system/partnership, and that is what makes the culture.
There was a partner who cashed out to go to Dewey & Lebouef, and that is kind of the "look what happens if you leave" type of story. (But I guess, you also have David Boies leaving Cravath, so it's not a perfect example…)