- The American law firm Quinn Emanuel has increased the salaries of its young lawyers to $225,500.
- The 18% increase comes amid fears of a war for talent between London’s biggest law firms.
- Legal wages have increased, but it is difficult for British companies to keep pace with the deep pockets of their US-based competitors.
Quinn Emanuel, one of the world’s largest litigation firms, has just played a major role in attracting young talent to London.
The firm is increasing the base annual salary for junior lawyers to $225,500 (£180,000), according to a statement released on Friday.
The raise represents an 18% increase from the previous base salary of around $190,000 (£150,000) offered by the firm, Law.com reported.
According to the release, salaries will also increase “substantially” as seniority increases.
Quinn Emanuel, which has boasted of being voted “the world’s most feared law firm,” specializes in representing businesses in corporate litigation. It has many high-profile clients, including Google, FIFA, Elon Musk and FTX.
The pay rise for newly qualified solicitors is aimed at “rewarding our exceptional lawyers”, explained Alex Gerbi, co-managing partner of the firm in London.
It also reflects the firm’s “commitment to continuing to attract the best new talent”, Gerbi said, referring to the intensifying battle for talent in London’s legal sector.
Last week, Freshfields Bruckhaus Deringer, one of five highly prestigious, business-focused UK law firms known as the Magic Circle, also increased starting salaries.
The London-based firm said it would increase the base salary of newly qualified lawyers by 20%, to around $190,000 (£150,000), close to the salary offered by Quinn Emmanuel before the latest increase.
The moves are likely to put pressure on other major London law firms, including Magic Circle members Slaughter and May, Linklaters, A&O Shearman and Clifford Chance.
Last year, most companies also raised salaries to similar levels to remain competitive with each other; However, it is difficult for UK-based businesses to keep pace with the deep pockets of their US counterparts.
In 2023, Quinn Emanuel reported a 26% increase in annual revenue, to more than $2 billion, according to Legal Business.
But the company also faced turbulent years. In 2022, a management shakeup became the subject of discussion in legal circles when two co-managing partners were named to serve alongside founder John Quinn – the first time in the 37-year history of the firm he shares power over the litigation giant.
“I’m realizing more and more that this company is huge and there are things I’m missing,” Quinn previously told Business Insider.
Quinn Emanuel did not immediately respond to a request for comment from BI.
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