In a not-so-radical move, Howrey is matching the $160K scale for first-years.
But in a very radical move, the firm is working on a compensation plan for all other associates that would do away with lockstep system used by nearly every firm.
“We are developing a merit-based program that will be implemented on Jan. 1, 2008,” said Henry Bunsow, managing partner of Howrey’s Northern California offices. “We hope to be announcing the details soon.”
The decision was, in part, “a reflection of concerns in the marketplace by clients who do not understand why they should be subsidizing a lockstep system,” he said.
Howrey joins the small but growing contingent of firms that are turning to new compensation structures in the face of the recent round of raises.
— Zusha Elinson