It was clear that the US’ top law firms were this year attempting to hold the line against the kind of lofty pay rises that were doled out to lawyers during the boom years of 2000 and 2001.

Despite recent moves to raise the salary rates at several West Coast firms, New York’s top firms left the benchmark rate for first year associates unchanged at $125,000 (£71,000) in December, when salary rises are usually decided.