Maybe this was inevitable. After Cravath — a firm once known for its lockstep partner compensation — ditched the model in favor of increased flexibility for its “partners,” perhaps the collegial, true partnership of Biglaw was doomed.

In any event, another major law firm is reportedly changing up what it means to be partner there. Rumors are swirling that Clifford Chance is thinking about changing up its lockstep partner compensation model to better attract the top rainmakers who can demand mega paydays at firms unencumbered by the lockstep method. READ MORE