Bates Wells Braithwaite (BWB) could move to a modified lockstep structure following a year-long review into remuneration at the firm.
The review is part of BWB’s plans to update its limited liability partnership and “start from scratch” regarding how it pays its lawyers, according to an insider.
Currently BWB runs a lockstep remuneration system of which 97 per cent is allocated to profit and 3 per cent goes into a partner performance pool.
The Lawyer understands the review will result in BWB adopting a full-modified lockstep structure, which could be implemented in the 2017/18 financial year.
In 2014/15, BWB saw its revenue jump 12 per cent from £18.26m to £20.38m. Over 2015/16 the firm further boosted its turnover by 8 per cent to £22.2m.
Other firms that reviewed their remuneration structures in the last financial year include Howard Kennedy, which moved to an all-equity partnership model at the start of 2016.
Ashurst is also in the midst of a review of its partner remuneration structure, which could see the firm add an extra 10 points to the top of the ladder.
Meanwhile RPC has mooted overhauling its remuneration structure for associates following a move to scrap performance reviews and change its performance framework.
The post BWB to move to modified lockstep amid remuneration review appeared first on The Lawyer | Legal News and Jobs | Advancing the business of law.