Small mercies

Clifford Chance‘s move to raise associate salaries by a bit, but not too much (to allow top partners to earn more than £1.1m) has let its rivals off the hook, Tulkinghorn hears.

“We were delighted,” confides a mole at Herbert Smith. “The pressure’s off. There was a bit of gloom from the associates, but some of my partners were grinning from ear to ear.”