Clifford Chance (CC) has come out as the first UK firm to hand out a one-off bonus of up to $50,000 (£24,000) to US associates, as the New York pay war gathers pace.

Craig Medwick, CC’s regional managing partner for the Americas, told the firm’s New York-based associates today (7 November) they would receive a special bonus ranging from $10,000 (£4,800) for first-years to $50,000 for senior associates.