Following a 13% decrease in profits per equity partner (PEP) in 2022, legal entity Quinn Emanuel Urquhart & Sullivan experienced a noteworthy upsurge in 2023, with a 38.8% PEP growth. This increase took the PEP value to a significant $7.25 million. The growth was largely facilitated by the litigation-only firm’s heightened leverage and a series of prominent cases.
Financial success was also underpinned by a healthy 64.5% profit margin derived from revenues of $2.07 billion, equating to a net income of $1.34 billion. According to Michael Carlinsky, one of three co-managing partners at the company, this financial turnaround was driven by an amalgamation of factors including the implementation of rate increases, improved lawyer productivity on high-stake cases, and an overhaul of the firm’s collection cycles. Notably, roughly 8% of the company’s immense revenue was amassed from contingency fees.
For more details, visit the complete report on Law.com.