Clifford Chance has announced bonuses of up to $50,000 (£35,000) for its 500 US associates, matching the benchmark which was set this month by elite New York firm Cravath Swaine & Moore.

The bonus scheme will offer up to $20,000 (£14,000) for first year qualified lawyers, going up by seniority to a maximum bonus of $50,000 (£35,000).