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Sometimes, attack is the best form of defence. Perhaps this explains why Freshfields Bruckhaus Deringer decided to spark a full-blown pay war in the U.K. when it announced in May it was increasing its salary for newly qualified lawyers to £100,000 (about $126,000).

The decision was significant not just because the move forced the rest of the market to follow suit – Slaughter and May, Allen & Overy, Clifford Chance and others have all matched it – but also because it hints at a new mindset for the Magic Circle firm.

Wars for talent at the graduate level occur every few years. In the past, they have been triggered by U.S. firms in London hiking their rates. But U.S. firms are so far ahead of U.K. firms these days – Kirkland & Ellis and Latham & Watkins both pay about £143,000 (nearly $181,000) – that the rest of the market no longer tries to keep pace.