Take that, Freshfields: Quinn hikes NQ pay to £180,000

Quinn Emanuel Urquhart & Sullivan has increased its salary for newly-qualified solicitors (NQs) to £180,000.

The US disputes specialist’s other associate salaries will also rise when the move takes effect from June. A 1 PQE associate is set to be paid £195,000, while a 2 PQE associate will be on £220,000. For 6 PQE associates, they will receive more than £300,000.

Quinn Emanuel has typically paid slightly under top market rates for a US firm, but the 18 per cent increase for NQs will see the firm pay the second equal highest in the UK, after Milbank’s £183,409. Gibson Dunn also pays £180,000.

The move comes just a week after magic circle firm Freshfields broke away from the rest of the magic circle to become the first UK firm to offer its NQs £150,000.

The Lawyer understands that Quinn Emanuel, which employs more than 80 associates and of-counsel in London, was already considering an increase prior to Freshfields’ move.

London co-managing partner Alex Gerbi told The Lawyer: “We are very pleased to be able to reward our outstanding lawyers for the contribution they make daily to the success of our practice in London, and we are also committed to continuing to attract the very best new talent as we pursue our strategy for further growth.”

The rise will cost the firm millions, with the increase for the firm’s 16 4 PQE associates to cost another £912,000 annually, according to indicative data from Atlas by Codex Edge.

Quinn Emanuel enjoyed a lucrative 2023, growing its London revenue and profit to £196.6m and £153.6m, respectively – an increase of 47 per cent and 60 per cent. Its profit margin last year also reached 78 per cent.

The firm has also announced that its associates would receive a one-off bonus of up to $32,908 in the autumn, in addition to their regular bonus.

On Friday, The Lawyer revealed that the firm’s co-head of competition, Lambros Kilaniotis, had exited the firm just 18 months after joining.