Biglaw

Quinn Emanuel Adjusts Partner Compensation Due To Pandemic

Unexpected news from a firm with top partner profits.

By  
on

The coronavirus continues to wreak havoc upon the legal profession as we know it, and now one of the biggest names in Biglaw is making adjustments in response to the financial uncertainties that go hand in hand with market instability.

We’re told that Quinn Emanuel, which came in 25th place in the most recent Am Law 100 rankings, with $1.25 billion in revenue in 2019, will be postponing partner distributions that were originally scheduled for April until July. On top of that, the firm has revised the size of partner draws for April, May, and June. When it comes to profits per equity partner, Quinn Emanuel is ranked No. 5 in the Am Law 100, with each partner raking in $4.5 million. “We’re focused on building up our cash reserves, given who knows what the future holds,” said John Quinn, the firm’s founder.

The American Lawyer has additional details on the scope of the pay adjustments:

One source familiar with the changes said that all partners would receive draws of $30,000 per month starting in June. Quinn would not comment on the specific size of the draws, but emphasized that reductions were not universal.

“Some people are getting less than before, while some are getting more,” he said. “It’s not true that all are getting reduced.” …

Quinn emphasized that the changes were not motivated by financial distress, saying that the temporary decreases applied primarily to more senior, highly paid partners. He added that the firm has not laid off or furloughed any employees and does not intend to.

Quinn says his firm has been “gratified” because its financial performance has been strong through the pandemic thus far. “It’s like the whole economy went off the cliff,” he said. “We didn’t know what this was going to mean for us.” It’s likely Quinn Emanuel will continue to see success as the COVID crisis rages on.

If your firm or organization is slashing salaries, closing its doors, or reducing the ranks of its lawyers or staff, whether through open layoffs, stealth layoffs, or voluntary buyouts, please don’t hesitate to let us know. Our vast network of tipsters is part of what makes Above the Law thrive. You can email us or text us (646-820-8477).

If you’d like to sign up for ATL’s Layoff Alerts, please scroll down and enter your email address in the box below this post. If you previously signed up for the layoff alerts, you don’t need to do anything. You’ll receive an email notification within minutes of each layoff, salary cut, or furlough announcement that we publish.

Sponsored

Staci ZaretskyStaci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.

Sponsored

Scissors Cut Money

Enter your email address to sign up for ATL's Layoff Alerts.

Topics

, , , ,