Home

Holland & Knight is the Next to Abandon Lockstep
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

I think it’s time for some new terminology. Lockstep compensation referred in the past to associates moving up in pay scale in “lockstep” with their contemporaries. All associates from the same class got the same raise, year after year. But it also holds another connotation – that all biglaw firms move together in lockstep when it comes to associate compensation, in order to not be left behind in what used to be fierce competition for the top graduates each year. Well the firms are still in “lockstep”, but now they’re marching together away from class based yearly pay raises and into merit based systems.

Holland & Knightis the latest firm to join the lockstep march away from lockstep compensation. The firm is moving toward a merit based system but unlike the three tiered system being floated by many of its competitors, H&K will go to an individualized system that they believe is more fair to the attorneys. In a bizarre twist (and a cutting edge use of the English language) H&K characterized the systems being adopted by others as being uncertain, providing little stability for associates, and said “… we’re moving to a system with a lot of quantitative and subjective factors.” Setting aside for the moment that a system using subjective factors to determine salaries is not likely to be universally accepted as fair, certain or stable, there’s also the interesting contradiction between quantitative and subjective factors. Does anyone else think this sounds like being “a little bit pregnant”?

H&K, again like nearly all its contemporaries, is using this time to cut first year salaries. In addition to the overall salary cut that happened in July, first year associates are taking another ding, dropping down to $130k.

  
What
Where


Holland & Knight is a law firm with more than 1,150 lawyers in 23 US offices. Foreign offices include Beijing, China, and Mexico City, Mexico, with representative offices in Caracas, Venezuela, and Tel Aviv, Israel.



 

RELEVANT JOBS

Licensed Virginia Attorney

USA-DC-Washington

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

Licensed Virginia Attorney

USA-VA-Charlottesville

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

Licensed Virginia Attorney

USA-VA-Norfolk

Small real estate law firm seeks to fill a full-time position for a Virginia licensed attorney with ...

Apply now

Associate Attorney

USA-CA-San Clemente

We are a client-focused growing south Orange County California solo-practitioner law firm with a pra...

Apply now

BCG FEATURED JOB

Locations:

Keyword:



Search Now

Public Finance Associate Attorney

USA-WA-Seattle

Seattle office of a BCG Attorney Search Top Ranked Law Firm seeks a public finance associate attorne...

Apply Now

Complex Civil Litigation Associate Attorney

USA-NY-New York City

New York City office of boutique firm seeks associate attorney with 4-6 years of complex civil litig...

Apply Now

Mid-Senior level Corporate Capital Markets/Securities Associate Attorney

USA-IL-Chicago

Chicago office of a BCG Attorney Search Top Ranked Law Firm seeks mid-senior level corporate capital...

Apply Now

Most Popular

SEARCH IN ARCHIVE

To Top