US firm's 2009 LLP accounts show 75% profit margin; highest-earning partner earned almost £1.5m

Quinn Emanuel Urquhart & Sullivan's London arm made profits of £5.7m during its first full year of trading in London, with the highest-earning partner taking home just under £1.5m, according to the US law firm's UK limited liability partnership (LLP) accounts for 2009.

The accounts, which cover the year ending 31 December 2009, show that while turnover for the period stood at £7.6m, the law firm's operating profit stood at £5.7m – indicating a profit margin of 75%.

In contrast, for the period between the London office opening in April 2008 and 31 December that year, the office posted turnover of £1.2m and profits of £420,000 – a profit margin of 36%.

The accounts show that the highest-paid partner in the office took home £1.48m, with the office housing an average of six partners throughout 2009.

Total staff costs stood at £936,000 for 2009 including wages and pension costs, compared with £186,000 for the period ending at the close of 2008, with total staff increasing from four to an average of nine for the year.

Quinn Emanuel founding and managing partner John Quinn (pictured) commented: "We have a very hardworking team in London that is filling a previously unmet need in the market. It is no surprise that the office's financial results have been good and we are expecting a substantial increase in revenue in 2010 on the back of a larger headcount and the ever-increasing mandates that the firm is taking on in London."

News of the office's finances comes six months after Quinn Emanuel's London office announced the hires of litigation partners Robert Hickmott from CMS Cameron McKenna and Alex Gerbi from Olswang.

The US litigation specialist also launched its first continental European office in Germany this year with the recruitment of a five-lawyer team from Allen & Overy.

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