Sullivan & Cromwell looks set to spark a US pay war after this week unveiling a one-off ‘special bonus’ of up to $20,000 (£11,210) for its associates.

The bonuses will be awarded on 21 October and see the New York leader offer first-year associates a $10,000 (£5,600) one-off bonus, rising to $20,000 (£11,210) for senior associates.