Howrey has announced that starting next year they will be changing from a lockstep compensation system to a merit-based system for its associates. In making the change, the firm aims to compensate associates for what they are worth, no matter how what their seniority level. Firm leaders also see it as fairer to their clients, who will no longer be forced to pay an associate more just because he or she has one more year under the belt. First years will still start at the market rate of $160,000, but all other associates advance according to personal evaluations. Their performance and experience could, for instance, shorten or lengthen the partnership track.
Source: www.law.com