Shearman & Sterling has become the latest US firm to jump aboard the associate bonus bandwagon.

In a statement it announced that it would provide special bonuses to all US track associates, along with the firm’s annual class-year bonuses.

The special bonuses will range from $10,000 (£4,800.16) to $50,000 (£24,000.80), while class-year bonuses will range from $35,000 (£16,800.56) to $65,000 (£31201.04).

The statement said Shearman was committed to offering its associates a “superior professional experience”, combining challenging client work and significant learning opportunities with market-level compensation.

“This combination ensures that we are able to attract and retain the ‘best and brightest’ and to provide exceptional service to our clients,” the firm added.

The increase reflects a market-wide uptick in associate bonuses kicked off last Tuesday (30 October) by Cravath Swaine & Moore.

Cravath’s awards range from a $35,000 (£16,900) end-of-year bonus for first years to a total $110,000 (£53,000) for class of 2001 and 2000 associates (consisting of $60,000 end-of-year and $50,000 special bonuses).