Disputes heavyweight Quinn Emanuel Urquhart & Sullivan has continued its impressive run of form in London as City revenues for 2018 shot up 16% to £83.6m.
The US-bred firm also saw profits rise 13% to £59.3m. As a result, Quinn’s London profit margin is consistent with the business globally at 70%. Quinn London co-managing partner Richard East told Legal Business: ‘We had a strong year last year after we added lateral partners and launched some key new practice areas, such as contentious tax and construction arbitration. To be up 16% with the same number of people was very pleasing.’
The firm unveiled an outstanding set of financial results last January, including a striking 61% growth in City revenues .
A number of key cases settled in Quinn’s favour in 2018, with the $3bn Court of Appeal Eurobonds dispute between Ukraine and Russia being a major highlight. Quinn successfully represented Ukraine in the case, instructing Fountain Court Chambers’ Bankim Thanki QC and Blackstone Chambers’ Ben Jaffey QC.
The firm also struck a big victory against Banco Popular in October 2018, representing a number of clients suing the bank for a loss of shares following its £1 sale to Santander in 2017.
The robust financial results come from a UK disputes market that appears to have softened somewhat in the last 12 to 18 months. As an example, after similarly above-trend revenues and profits in 2016/17, Stewarts saw turnover dip by over 20% to £62.4m after a swing in contingency fees.