Quinn Emanuel’s London revenue jumps to shy of £200m
US law firm Quinn Emanuel’s revenue in the City has jumped by nearly 50 per cent over the last year, as litigation booms.
The litigation specialist reported £196.6m in revenue over 2023, a 47 per cent increase on the £133.58m figure the firm recorded over 2022.
The firm also saw profits jump by 60 per cent in the City, as it generated £153.6m last year, hugely up from £94.87m reported in the previous year.
Last year’s results were boosted by a material one-off success fee, which is a confidential fee, but it was noted by Richard East, Quinn Emanuel’s London senior partner, that “without this fee, the office has very significantly improved revenue and profit as against 2022”.
This is the second year of positive profit for the law firm after it experienced a dip in 2021 as its profits fell by six per cent to £85.86m – down from £91m in 2020.
The firm also increased its headcount last year by adding three partners to its London office, bringing the total to 29, while it also increased its associates from 58 to 76.
The firm had been stagnant on its partnership over the last few years after it lost its competition team in 2021, which saw a number of exits, including head Boris Bronfentrinker, partners Elaine Whiteford and Nicola Chesaites, and a seven-strong team of lawyers that all left for Willkie Farr & Gallagher.
Despite specialises in litigation, the firm can’t really be called a boutique due to its size, it ranks within the largest US law firms in the City. The firm has 14 offices across the US, 10 in Europe, seven in Asia and two offices in Australia.
The firm was instructed last April in the Credit Suisse dispute after the Swiss bank was rescued by UBS as the firm received a mandate from AT1 bondholders.
Commenting on the financials, East said: “We are extremely pleased with our 2023 results. It is a stunning achievement for a ‘disputes only’ practice to approach £200m in revenue, especially taking into account the number of partners that we have in London.”