Cravath Swaine & Moore has become the second top US leader to reveal its 2005 bonus round, with the Wall Street firm opting to hold steady and match last year’s rates.

The elite Manhattan firm revealed its rates on Monday (5 December), sticking with last year’s bonus of $30,000 (£17,300) for first years, with senior associates receiving up to $60,000 (£34,600). The decision will be seen as reducing the chances of a full-scale pay war in the surging US legal market.