Add the bacon and about 1/2 cup of the simmering clam juice to the rice and cook, stirring frequently, until the liquid has been completely absorbed. The rice and liquid should bubble gently; adjust the heat as needed. Continue cooking the rice, adding clam juice 1/2 cup at a time and allowing the rice to absorb the liquid before adding the next 1/2 cup. Cook the rice in this way until tender, 25 to 30 minutes in all. The liquid that hasn't been absorbed should be thickened by the starch from the rice. You may not need to use all of the clam juice, or you may need to add some water.