Every year around this time, a top-ranked U.S.-based law firm fires the first shot. It announces a new associate pay scale and annual bonuses, sending the U.S. industry into a tizzy as firm after firm considers whether to match, or even exceed the new rates, and prompting non-U.S. firms to shake their heads in disbelief at the amount of money thrown at newly minted associates who don’t know the first thing about practicing law.

Yet, like much that occurs in the legal industry, there is a ripple effect when this happens. It is a highly competitive industry, especially at the top tier, and no firm wants to be outdone. While this year the ripples came slowly, last week the floodgates opened.