An industry that once attributed many of its best qualities to its dedication to pay partners based on seniority is down to just two strict adherents to the so-called “lockstep” compensation system after Cravath, Swaine & Moore adjusted its model on Monday to fend off poaching.
While firms keep compensation information close to the vest, Wachtell, Lipton Rosen & Katz and Debevoise & Plimpton are believed to be the two last-standing U.S. firms paying partners strictly based on their tenure. Even firms that make “adjustments” to their lockstep models rarely share the specifics. But what’s clear is that the near-standard ...