Addleshaw Goddard’s management has postponed plans to change the firm’s equity structure after strenuous objections from partners, The Lawyer has reported. The changes, which would have involved replacing a partial lockstep system with a more merit-based approach, were said to be particularly unpopular with partners based outside of London.
Lockstep structures may also come under review in Australia. In an interview earlier this year, Mallesons managing partner Tony O’Malley told ALB that his firm would have a “dialogue” on the subject over the next couple of years, although he also added that there was “clearly fundamental support” for the lockstep structure at present.