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This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Litigation powerhouse Quinn Emanuel Urquhart & Sullivan has kicked off this year’s US financial reporting season by posting a 31 per cent increase in gross revenue.
The firm’s turnover grew to $723.4m during 2011, an increase that firm founder and managing partner John Quinn admitted was powered by contingent fees and a range of other alternative fee arrangements.
“Obviously, we couldn’t have achieved financial results like these simply billing by the hour,” said Quinn in a statement. “A significant amount of our revenue came from contingent fee and other alternative fee arrangements, both on the plaintiff and defence side.”
Earlier this year The Lawyer revealed a range of fee arrangements that Quinn Emanuel had used on recent cases, including one in which it took a 20 per cent cut of damages estimated at $150m (16 January 2012).
The US firm also posted impressive net profit results, up 34 per cent to $489.5m, and average profits per equity partner, up 15 per cent to $4.1m.
Revenue per lawyer grew by 14 per cent to $1.4m.
“Results like these don’t just happen,” Quinn continued. “They were the product of a lot of hard work by a lot of people.”