Following a 13% decrease in profits per equity partner (PEP) in 2022, litigation firm Quinn Emanuel Urquhart & Sullivan made a vigorous recovery in 2023, recording a 38.8% increase in PEP, which elevated figures to $7.25 million. The rebound resulted from an increased leverage and a series of high-profile cases managed by the firm.
In 2023, the firm generated $1.34 billion in net income, an impressive 64.5% profit margin from revenues of $2.07 billion. Michael Carlinsky, one of the firm’s three co-managing partners, acknowledged their financial success crediting the upswing to augmented leverage, firm-wide lawyer productivity on conspicuous cases, rate increases, and a revamp of the firm’s collections cycle.
The firm’s revenue of $2.07 billion also partly owed to contingency fees, which represented approximately 8% according to Carlinsky.