Interesting developments at Freshfields due to increased competition from US firms and the need to keep their brightest talent. I'm sure many other firms are reviewing their profit sharing model, as the traditional lockstep model is no longer fit for purpose.
Freshfields senior partner Edward Braham said in a statement: ‘We felt this was the right time to look closely at our lockstep. The partners have engaged, consulted and voted positively for the new structure which now cements our model for the foreseeable future. We are an ambitious, confident and aligned partnership and we are in a very positive place to make the most of the many opportunities we have.’