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Quinn Emanuel has boosted pay for its newly qualified lawyers in London to £180,000, in the latest sign that a war for talent among City law firms is heating up again.
The US litigation-focused firm is increasing base salaries for newly qualified lawyers by 18 per cent, according to a statement from the firm on Friday. Quinn Emanuel has also increased associate pay for other lawyers, with its most senior associates receiving a bump of between 20 and almost 30 per cent, to as much as £355,000.
The salary changes come after UK “magic circle” law firm Freshfields Bruckhaus Deringer announced last week it had increased base pay for new solicitors by 20 per cent from May 1, to £150,000. The move is expected to spark pay rises at rival firms, according to recruiters, with Clifford Chance set to review salaries in the summer.
Remuneration for junior lawyers has significantly increased in London over the past five years as US firms have grown their presence in the City, driving up the competition for talent.
Top US law firms in London such as Latham & Watkins pay newly qualified lawyers $225,000 (£179,000). Davis Polk pays its most junior lawyers £170,000.
Quinn Emanuel decided to increase its salaries for junior lawyers to ensure that it remains at the top of the market for pay, according to London co-managing partner Alex Gerbi.
“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 Financial Times. “We recruit the top quality lawyers . . . [and we want to] share the success.”
The remuneration changes will take effect from June 1, the firm said. First year associates will see their base salary increase from £160,000 to £195,000, while those with five years post-qualification experience will move from £226,000 to £290,000.
The Los Angeles-founded firm reported revenues of $2.1bn last year, breaking through the $2bn barrier for the first time. In London, the firm’s revenues increased 47 per cent in 2023, with profits rising by 60 per cent to £153.6mn.
As of January, Quinn Emanuel had 29 partners in the UK capital and 76 associates.
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