The Lockstep Misnomer: Taking Another Look at Standard-Progression Partnerships (Edge Int'l)

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There is something very appealing about the collegiality of professional partnerships in which profits are shared equally amongst its partners. Such a method of sharing profits is invariably (and wrongly, in my view) described as a lockstep system.

The description of a partnership profit sharing system should reflect the underlying principle behind it, and the principle behind the equality system is egalitarian. Lockstep (which I prefer to call "the standard progression") merely describes the methodology by which a partner can proceed to equality by pre-defined steps over a pre-ordained period of time. ....

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