Irell & Manella will raise first-year associates' base salary to $135,000 next year, a $5,000 increase that is already sending ripples through the Southern California legal industry.
Upon hearing news of the hike, Quinn Emanuel Urquhart Oliver & Hedges quickly followed suit, lifting their first-year base by $5,000 to match Irell.
"We'd have to be brain-dead not to consider what a primary competitor is doing," partner William Urquhart said. "There aren't very many elite law firms in America and even fewer in Los Angeles -- Irell is one and we'd like to think we are also."
Irell's decision will likely make waves in an area that's remained relatively static since the dot-com crash. Recent gains in revenues and profits and the increased competition for legal talent are creating an environment more conducive to raises, recruiters say.