A number one lawyer for billionaire Tesla CEO Elon Musk and embattled New York Mayor Eric Adams now has a normal billing charge of $3,000 an hour, putting him on the highest shelf amongst even the priciest of Manhattan attorneys.
Alex Spiro, recognized for his high-profile clientele and relentless litigation fashion, is amongst a small group of attorneys at his legislation agency now billing the $3,000 charge, in line with a supply accustomed to the agency’s billing practices.
Spiro’s agency, 1,000-lawyer Quinn Emanuel Urquhart & Sullivan, disclosed a variety of recent billing charges in courtroom filings in latest days. The supply mentioned the highest charge applies to Spiro and to William Burck, the agency’s world co-managing companion.
Prime charges for probably the most in-demand US attorneys have skyrocketed in recent times, with probably the most senior companions commonly charging greater than $2,000 an hour and commanding tens of millions of {dollars} in annual pay.
Legislation companies typically tailor particular person charges for purchasers or apply reductions. It was unclear how a lot Spiro or Burck are charging particular purchasers.
A spokesperson for Los Angeles-founded Quinn Emanuel declined to remark. Along with Musk and Adams, the agency’s purchasers embody Alphabet’s Google. In January, the Trump Group mentioned it had employed Burck as an outdoor ethics adviser. Spokespeople for Musk, Adams and the businesses didn’t instantly reply to requests for remark.
Spiro has represented Musk in a number of lawsuits, together with defamation and shareholder circumstances and litigation introduced by the Securities and Alternate Fee. He didn’t instantly reply to a request for remark.
Spiro is at the moment defending Adams towards felony allegations that the mayor took bribes from Turkish officers. Adams has pleaded not responsible.
Burck, a longtime Republican insider, has defended Trump’s former political strategist Steve Bannon.
Charges on the rise
Quinn Emanuel’s $3,000 prime charge marks a milestone for main US legislation companies as attorneys’ hourly charges proceed to soar.
Legislation companies routinely increase their charges every year, and prime charges at among the largest US companies have pushed previous $2,500 an hour or greater in recent times, courtroom information present.
Quinn Emanuel mentioned in its courtroom filings that its companions now invoice between $1,860 and $3,000 an hour. It mentioned it would cost between $1,775 and $2,725 an hour for “of counsel” attorneys on the agency, and between $1,035 and $1,665 for associates.
Billing charge will increase helped drive rising income and income for US legislation companies in 2024, Wells Fargo’s Authorized Specialty Group mentioned in a latest report.
Shoppers have been prepared to just accept “dramatic will increase” in charges, in line with a report final month by the Thomson Reuters Institute and the Georgetown Legislation Middle on Ethics and the Authorized Career. The institute and Reuters share the identical mother or father firm, Thomson Reuters.
Courtroom information present prime charges at Quinn Emanuel have grown about 34% since 2022, when companions billed as much as $2,130 an hour.
Quinn Emanuel disclosed final yr that it earned greater than $2 billion in income in 2023, in line with trade publication The American Lawyer.
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