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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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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