London: NQ starting salaries soar as US law firms compete for talent

The firm was swiftly followed by rivals Davis Polk & Wardwell, who bumped theirs to $202,500 for first-year associates worldwide and Akin Gump, who matched the increase.

Domestic firms have had to respond in kind, with Clifford Chance and Ashurst raising NQ base salaries to £100,000 from £94,500 and to £90,000 from £85,500 respectively.

One partner at a City firm told The Times: “There is a collective groan every time the US firms up the ante. We have always lived with the fact that there’s a distinction between US and UK pay scales, but there is a ‘drag up’ effect now that US firms are so much more embedded in London.”

Junior lawyers regularly endure 15-hour days.

“You get so much work thrown at you and you get so scared you’re going to forget something or do something wrong,” said one 25-year-old associate at a top firm. “You end up feeling numb because you’re just so stressed.”

She added that she was expected to be available at all hours: “You can’t switch off. You’re always reachable, and there are partners who will call me at any time of the day, from 8am until midnight.”