Clifford Chance (CC) and Allen & Overy (A&O) are to spend an estimated $18m (£10.2m) between them in one-off payments to their US lawyers, after matching the surging year-end associate bonuses dished out by New York’s elite last month.

The pair have confirmed to Legal Week that they will match the benchmark bonus rates – which for 2004 ranged from $30,000 (£16,044) for first-years to $60,000 (£32,089) for senior associates – handed down by Wall Street leaders at the start of December.