Clifford Chance (CC) is raising its salaries for US associates to match the rates set by Cravath Swaine & Moore earlier this week, as well as paying out summer bonuses of up to $25,000 (£19,000).

The magic circle firm will match the associate pay rates announced on Monday (11 June) by Cravath, which itself surpassed the pay scale set by Milbank Tweed Hadley & McCloy a fortnight ago.

The firm's US associates will now be paid between $190,000 (£143,000) for first years and $350,000 (£263,000) for those in the class of 2009 and more senior.

A CC spokesperson said they expect US secondees in other firm offices to also be brought under the new pay scale.

Other firms to have matched the pay scale and bonuses set by Cravath include Cleary Gottlieb Steen & Hamilton, Kirkland & Ellis, Skadden Arps Slate Meagher & Flom, Willkie Farr & Gallagher, Davis Polk & Wardwell, Paul Weiss Rifkind Wharton & Garrison, Quinn Emanuel Urquhart & Sullivan and Sullivan & Cromwell.

As of 1 July 2018, the new associate pay scale for CC's US associates will be:

  • Class of 2017 – $190,000
  • Class of 2016 – $200,000
  • Class of 2015 – $220,000
  • Class of 2014 – $255,000
  • Class of 2013 – $280,000
  • Class of 2012 – $305,000
  • Class of 2011 – $325,000
  • Class of 2010 – $340,000
  • Class of 2009 and more senior – $350,000

The summer bonuses, which will be paid out to associates "in good standing" on 20 July, are as follows:

  • Class of 2017 – $5,000
  • Class of 2016 – $7,500
  • Class of 2015 – $10,000
  • Class of 2014 – $15,000
  • Class of 2013 – $20,000
  • Class of 2012 – $25,000
  • Class of 2011 – $25,000
  • Class of 2010 – $25,000
  • Class of 2009 and more senior – $25,000

In a statement, the firm said: "Individual bonuses will be based upon an assessment of overall performance and will be pro-rated based upon start date and reduced hours schedules."

CC's magic circle rivals have so far declined to comment on whether they will match the Milbank or Cravath rates, although Allen & Overy stated that it was confident its associates were "competitively and fairly rewarded" due to the the firm's "comprehensive annual review of the market".