Sullivan & Cromwell has signalled the first major increase in US associate pay since 2001 by upping its end-of-year bonuses by $2,500 (£1,323) to hit $20,000 (£10,588) — a 15% hike – as the New York leader kicks off the traditional Christmas bonus season.

The move sees Sullivan keep base salaries static – at $125,000 (£66,176) – but increase end-of-year bonus level for first year associates from $17,500 (£9,264) last year to $20,000 (£10,588), a Sullivan partner has confirmed.