A second major New York firm has slashed its year-end associate bonuses with Fried Frank Harris Shriver & Jacobson following the early lead of Wall Street leader Cravath Swaine & Moore.

A memo set out earlier this week confirmed Fried Frank will offer between $15,000 (£9,484) for junior associates, rising to $25,000 (£15,807) for senior lawyers – the same rate announced by Cravaths on Monday (18 November).