OLSWANG is set to join a handful of law firms by overhauling its associate pay structure and moving away from the traditional lockstep model.
From September, the London based legal outfit will move associate remuneration to a model that will connect pay with performance, shifting away from the historical model of linking pay to number of years qualified.
“This is an important component of Olswang’s growth strategy and our efforts to retain and reward the best talent in our market – the people who will make a significant contribution to achieving the firm’s goals,” said Ffion Griffith, the firm’s human resources director.
Olswang said every year it will review salaries based on market pay levels and will give associates greater career flexibility.
Under the new pay model, associates will work towards advancing through three salary tiers after they have qualified and will be judged on a number of criteria connected to performance.
Griffith said: “Olswang has always believed in a meritocratic culture, and this new structured career path reflects this.”
The move comes as part of a wider campaign to ditch the lockstep model by City firms, with Stephenson Harwood, Simmons & Simmons and Shearman & Sterling among those to recently initiate a pay structure based on performance.