Quinn Emanuel’s London arm records 5% increase in revenue
Litigation specialist returns to income and profit growth and looks forward to ‘another strong year’
Quinn Emanuel’s London office has posted a 5% increase in revenue for the 2022 financial year.
Fee income at the US litigation specialist climbed to £133.6m from £127.3m against a 10% increase in profit to £94.9m.
Those results were achieved by a marginally larger team, the firm having ended the year with 26 partners and 69 associates, up by two partners and one associate from the start of the year.
The office’s profit margin also increased, to 71% from 67% last year. The results represent a return to growth for the office, which recorded flat revenue for 2021 against a 6% fall in profits. At the time, the firm cited rising costs associated with associate salaries and bonuses and the taking up of larger office space.
‘These results show the huge resilience of our practice,” said long-time senior partner and office founder Richard East. “We are very well placed going into 2023 and expect another strong year.”
These are the first full-year results since the high-profile departure of the office’s co-head of competition, Boris Bronfentrinker, two other partners, and a team of associates to Willkie Farr in December 2021.
Bronfentrinker was credited with building the office’s highly rated competition litigation practice and took the ongoing blockbuster group consumer claim against Mastercard with him to Willkie Farr. His departure had led to predictions from rival firms that Quinn Emanuel would struggle to replace him and his team.
In August, however, the firm secured RPC’s head of competition, Lambros Kilaniotis, to co-head the competition team with Kate Vernon.
It further boosted its London partner ranks at the start of this month when Marina Boterashvili, who specialises in civil fraud, asset tracing, and joint venture and shareholder disputes, was one of seven newly promoted partners.
Research published by Thomson Reuters on Monday found that the total value of competition-related class actions had increased from £4bn to £26bn over the past 12 months, eight such claims having been launched during period.