Clifford Chance (CC) has taken the bold step of becoming the third major firm to unveil its year-end bonuses, matching Sullivan & Cromwell and Cravath Swaine & Moore, as the magic circle leader steals a march on most of Manhattan’s elite.

The magic circle firm announced the bonus news today (7 December) and said it would equal the market’s current scale of $30,000 (£17,300) for first-year associates, going up to $60,000 (£34,600) for senior associates.