Arthur Andersen has taken on the investment banks with plans to increase its remuneration for non-partners. Consulting and accounting firms have often struggled to keep pace with the pay packages offered at the banks. All but partners have been excluded from sharing the profits of labour.

But this is no longer true. Arthur Andersen has raised the stakes in the battle for talent, and since the start of September, the firm's 5,500 accountancy and professional services staff have been eligible for performance-related bonuses potentially worth more than 30% of their salary. This could increase the pay of senior managers from £130,000 (€215,800) to more than £169,000.