In the latest salvo of the intensifying war for legal talent among top City firms, Quinn Emanuel has fired a shot across the bow, significantly boosting pay for its newly minted solicitors in London with a major legal pay increase.
The powerhouse US-based litigation boutique, the storied ‘most feared’ litigation firm, is raising base salaries for newly qualified lawyers by 18 percent, setting the new benchmark at a eye-watering £180,000, according to a statement released by the firm on Friday.
But the largesse doesn’t stop there. Quinn Emanuel has also substantially increased associate compensation across all levels, with its most senior associates receiving raises of 20-30 percent, propelling their total packages to a dizzying £355,000 at the top end.
This bold move comes hot on the heels of Freshfields announcing a 20 percent pay bump for its rookie solicitors to £150,000 just last week.
The follow-on effect continue too with other elite firms like Clifford Chance expected to follow suit with salary reviews of their own this summer as they scramble to remain competitive.
In the ferocious battle to attract the brightest legal minds, remuneration for junior City lawyers has skyrocketed over the past five years.
The expanding London empires of the deep-pocketed US megafirms like Latham & Watkins, which pays newly qualified solicitors $225,000 (£179,000), have dramatically raised the stakes.
For Quinn Emanuel’s co-managing partner in London Alex Gerbi, the latest pay bonanza is simply the cost of remaining at the vanguard.
“It’s a demanding job and we look to make sure people are remunerated properly in the context of where we are in the market,” Gerbi told the FT. “We recruit the top quality lawyers…[and we want to] share the success.”
The lavish new compensation structure, taking effect on 1st June.
It sees first year associate pay soar from £160,000 to £195,000. Those with five years PQE will enjoy an incredible jump from £226,000 to £290,000.
Quinn Emanuel’s Revenue Rise
The Los Angeles-founded behemoth smashed revenue records recently by crossing the $2bn threshold for the first time globally and seeing partner earnings increase.
Closer to home, the firm’s London revenues surged 47 percent, as LawFuel has reported, with profits soaring 60 percent to £153.6m. With 29 partners and 76 associates now based in the UK capital, Quinn Emanuel’s outlay is certainly an investment in maintaining its elite status.
The US-based law firms have been predominant in pushing up the London legal pay scale and it appears that nothing is changing in terms of what they will do to attract – or retain – top legal talent.
The pay wars, it appears, are continuing in full cry.
