Clifford Chance Modifies Lockstep to Reward Top Partners with Up to £12 Million.

Clifford Chance, the UK's largest law firm by revenue, has further modified its lockstep remuneration system to better retain senior talent. The top of equity at the firm can now reach £12 million, according to a source familiar with the matter. This change allows for easier adjustment of partner points across the firm.

The modification comes amid a fierce hiring war in London and beyond, with U.S.-headquartered law firms poaching highly-rated partners from major UK firms. This latest change follows a series of previous adjustments to Clifford Chance's lockstep system, including the introduction of a 'super-pointer' tier in 2017 to reward star performers in London and New York.

The firm has lengthened its lockstep to around 280 points, with top performers able to exceed this plateau. Other major law firms in London, such as A&O Shearman and Linklaters, are also adapting their remuneration systems to remain competitive in the ongoing war for talent.

Report by Law.com International Edition