The partnership of Allen & Overy has voted through reforms to its lockstep in a bid to increase rewards for star performers as market pressure from US competitors continues to take its toll on London’s big four international firms.
Partners voted through the changes last week after being presented with the proposal earlier this month. It comes at a time when the dual market pressures of the coronavirus pandemic and competition from US rivals on compensation show no sign of abating. A&O declined to comment on the reform but sources within the firm describe the key changes as the ability to stretch the top of the lockstep and accelerate high performers at the bottom of the ladder.
