new york: sullivan & cromwell is hiking salariesSullivan & Cromwell has become the first elite New York firm to give the green light to salary rises – increasing base rates from $125,000 (£70,900) to $145,000 (£82,300) – although it has warned that bonuses could decrease as a result.

The US firm made the announcement last week, following recent salary rises by Californian and national giants to $135,000 (£67,600). Sullivan’s pay hikes see it trump the outof-towners’ increases by $10,000 (£5,700) across the board.