How are salary increases typically determined in firms utilizing a lockstep associate system?
Answer
Automatically based on the number of years completed
In firms with a lockstep model, compensation increases are usually automatic and tied to the completion of a specific number of years as an associate, rather than contingent on individual performance reviews.
Related Questions
What was the approximate median annual wage for lawyers in the US as of May 2023, according to the Bureau of Labor Statistics?How are salary increases typically determined in firms utilizing a lockstep associate system?Which factor is identified as dominating early career salary growth for associates?What is often the primary driver for significant salary bumps during the mid-career phase for established associates?How does practicing in a high cost-of-living area like San Francisco typically affect a lawyer's initial absolute starting salary compared to a peer in a lower-cost market at a firm of similar size?How is the overall arc of legal salary progression characteristically described?What career transition generally represents the most substantial single leap in earning potential for a lawyer?When comparing compensation trajectory, what assessment provides a more accurate measure than comparing against the national median salary?What starting salary range might new lawyers entering smaller firms or public interest sectors typically begin around?How does a negotiated salary increase gained via a mid-career lateral move often differ from an early career market raise?