Shearman & Sterling has matched the associate bonuses set last month by Wall Street leader Cravath Swaine & Moore amid signs the $25,000 (£15,807) rate has now been accepted as the 2002 benchmark for top US firms.

Shearmans will now pay its New York associates between $15,000 (£9,484) and $25,000 (£15,807) depending on seniority. The bonuses will not be tied to billing targets or individual performance, and will go automatically to all the firm’s New York-based associates.