Clifford Chance has become the latest firm to cut back bonuses for U.S. associates, with the announcement that it is to halve its year-end payouts.

The U.S. arm of the Magic Circle firm will award bonuses ranging from a pro-rated $17,500 for first-year associates to $32,500 for eighth-year associates — a significant decrease from last year, when the firm awarded bonuses ranging from $35,000 to $65,000.