The London office of Quinn Emanuel Urquhart & Sullivan has posted a significant fall in revenue for the 2013 financial year, with total turnover dropping by almost a third from £27.5m to £19.8m.
Net profit was £12.4m, giving litigation boutique Quinn Emanuel’s London office a margin of 62 per cent, down from 68 per cent in 2012.
In a statement London co-managing partner Richard East said that 2012 represented the end of a number of “very significant” cases that the firm had started work on in the previous two years. Those cases were the £1bn court battle between Rusal chief executive Oleg Deripaska (Quinn Emanuel’s client) and businessman Michael Cherney, which settled in September 2012 (27 September 2012), as well as major cases for Unicredit and Derek Quinlan (17 September 2012).
“These matters made up a substantial proportion of the London office’s revenue in 2012 and it is impossible to replace such significant matters overnight, especially given our relatively small scale in London,” East added. “However, during the course of 2013 we have picked up a number of major new instructions for clients both in commercial litigation and arbitration and are confident that 2014 will be a good year for London.”
East said that Quinn Emanuel’s London office has invested heavily in new partners over the past year, including launching a UK arbitration practice with the recruitment of global head of arbitration Stephen Jagusch and partner Anthony Sinclair from Allen & Overy (9 May 2012).
“We knew that 2013 would be a transitional year for us, but we feel we are in a uniquely strong position to capitalise on our investments in London in 2014 and we look forward to another year of growth,” said East.
In 2012 Quinn Emanuel’s London office revenue grew by 30 per cent to £27.5m (9 January 2013).