New York powerhouse Cravath Swaine & Moore has set its benchmark bonuses for 2003 – matching last year’s rate – as the US bonus market stabilises after two years of falling awards.

As exclusively revealed by www.legalweek.com on 9 December, the firm, which traditionally sets the top of the market in the New York bonus season, will pay first-year associates awards of $17,500 (£10,100) rising to $25,000 (£14,740) – the same scale as 2002.