Allen & Overy has frozen salary bands for associates, citing "flat" business conditions in the UK. Associates will still be able to progress through the bands and thereby attain a pay rise, but the value of each band will remain unchanged. The firm had increased the value of the bands last year following a similar freeze during the GFC.

A&O Sydney managing partner Grant Fuzi said that the matter was a UK issue only. "In Australia we remain committed to providing competitive rewards for our people, and will set our remuneration here accordingly," he said.