Simpson Thacher & Bartlett has acted swiftly and matched the $20,000 (£11,400) salary increase offered by Manhattan rival Sullivan & Cromwell.

The New York leader has boosted first-year associate rates from $125,000 (£71,200) to $145,000 (£82,600). The highest band of associate pay jumps from $265,000 (£150,900) to $285,000 (£162,300).