Friday brought excellent tidings for the litigators at Quinn Emanuel Urquhart & Sullivan. John Quinn, founder and managing partner at the prestigious law firm announcing the firm’s financial success, reported an impressive increase in gross revenue by 31 per cent in 2011. That translates to revenues of over $723 million. The profits per partner also surged by 15 percent to touch the $4.1 million mark. The revenue per lawyer also shot up to $1.4 million showing an increase of 14.2 per cent.
John Quinn attributed the excellent results to revenues generated from contingency fee and other alternative fee arrangements from both the plaintiff and the defense sides. He stated that the firm could never have been able to achieve such financial success just by hourly billing.
Once such instance of fee arrangement reported earlier by The Lawyer was a case in which Quinn took a 20% cut of damages which amounted to $150m.
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He also recognized the hard work of all involved in bringing about such excellent results.
Quinn Emanuel Urquhart & Sullivan, LLP, a litigation-only law firm headquartered in Los Angeles, was set up in 1986 by John B. Quinn, Eric Emanuel, David Quinto, and Phyllis Kupferstein. Quinn Emanuel is the first AmLaw 100 firm to have a female name partner.
Posted by EmploymentCrossing
on January 30, 2012. Filed under Breaking News,Business News,Law Firm News,Legal News,Quinn Emanuel Urquhart & Sullivan.
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Law firms of all sizes are being much more selective about who makes equity partner. Gone are the days where doing good work and putting in your time is enough to get you to a profit sharing level. Today, equity partners almost always have to prove that they can contribute their share to the firm. So what does this mean for associates and how can a two-tiered partnership track be beneficial? With a two-tiered partnership structure, associates get more time to prove themselves and also more time to determine whether partnership is the right goal for them. Two-tier partnerships (non-equity and equity) exist so the firm can train and develop associates into equity partners. The non-equity track to partner at most firms is on average, 6 years long. [...]
May 16, 2013 Read More
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