A host of top-tier US firms have announced their end-of-year associate bonuses, with the majority following the lead of Cravath Swaine & Moore and hiking payments significantly across the board.

Cravath has traditionally been the first Wall Street firm to announce its year-end bonuses, with the firm handing out a payout of between $10,000 (£6,200) and $60,000 (£37,000) to its junior lawyers this year.