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I think some of you are missing the point - the same problem occurred with investment banking back in the day, the banks simply bought the talent from the law firms and in order to compete the magic circle (back before it was the magic circle) had to bite the bullet and restructure pay scales and partnership earnings in order to compete. Same applies here. Most successful city lawyers earn way more than £180k or have an expectation that they will do so. The hook for many was the pension, that is now gone and so most of the senior HCJ's see little reason to keep beating the horse. And to concur with the point above, £250 per month pay rise combined with the loss of pension relief would actually mean many of the old darlings are worse off.