Associate pay used to be simple. Lockstepped and transparent to the nth degree on both sides of the Atlantic, you knew exactly where you stood and exactly when the legal market was overheating.
There were obvious downsides to such transparency. Back in the late 1990s/2000s boom, a salary war triggered by Palo Alto law firms within weeks translated into huge hikes in New York. Soon enough London followed when SJ Berwin announced 25% pay hikes that spread through the market like wildfire. This was the first age of the online message boards, which further stoked the inflationary pay cycle.