An increasingly competitive legal environment is resulting in changes in the way that law firms pay their partners.
In my experience there are three main types of partner compensation systems:
1) Equality/lockstep - Compensation is determined mainly by seniority. I’ve seen this system used by many small firms and some very large US and UK firms. The advantage is that it encourages partners to work as a team, while the disadvantage is that partners may not feel it’s fair if other partners don’t pull their weight yet are paid the same as high performers.