More Big Numbers from the Litigation Industry – Quinn Emanual
AmLaw highlighted some but not all numbers from Quinn Emanual, a national (and international) firm comprised only of business litigation lawyers. Thus, it depends on the litigation industry. To start, here are numbers from the front page of the firm’s web site:
"Quinn Emanuel Urquhart & Sullivan, LLP is a 500+ lawyer business litigation firm — the largest in the United States devoted solely to business litigation. Our lawyers have tried 1460 cases and won 1326, or 91%. When we represent defendants, our trial experience gets us better settlements or defense verdicts. When representing plaintiffs, our lawyers have won over $15 billion in judgments and settlements. We have won five nine-figure jury verdicts in the last ten years. We have also obtained eight nine-figure and five ten-figure settlements."
From AmLaw’s summary of a press release, here are the revenue numbers, and commentary on the firm taking contingent fees and other alternative fees:
"Gross revenues rose roughly 31 percent, to just over $723 million, while profits per equity partner jumped nearly 15 percent, to $4.1 million. Revenue per lawyer at the firm was up as well, rising $14.2 percent to roughly $1.4 million.
"Obviously, we could not have achieved financial results like these simply billing by the hour," managing partner John Quinn said in a statement included in the press release announcing the firm’s financial results. "A significant amount of our revenue came from contingent fee and other alternative fee arrangements, both on the plaintiffs and defense side."