Cravath Swaine & Moore has become the first of the white shoe firms to announce its end-of-year associate bonus round, with junior lawyers at the firm receiving up to $60,000 on top of base salaries.

Lawyers who joined the firm in 2012 and 2013 will receive a $10,000 (£6,125) bonus on a pro rata basis, with the figure rising incrementally to $60,000 (£36,750) for associates that qualified into the firm in 2005.