In tough times, it’s good to specialize in bet-the-company litigation. Revenue at 400-lawyer Quinn Emanuel Urquardt Oliver & Hedges was $441.9 million in 2008, up 15 percent from 2007’s $384.5 million.
Profits jumped 10 percent, from $237.5 million in 2007 to $260 million last year. Profits per partner–already near the top of the Am Law 100 in 2007–rose 11 percent to $3.3 million. Quinn Emanuel has 78 equity partners.
In December, we reported that Quinn Emanuel’s bonus structure was very good for high billers but not so good for people low on hours.
After the jump, tipsters weigh in about Quinn’s 11% PPP increase.
Below, we reprint Quinn’s bonus structure. You’ll see that associates need to hit 2100 hours to get a Half-Skadden bonus:
In light of the new profit numbers from Quinn, tipsters felt somewhat underappreciated:
PPP up at this TTT. way to keep it classy quinn. half-skadden boni and record breaking profits. dickwads.
Another tipster said:
You hear that? That is the sound of hundreds of QE associates gnashing their teeth at once. Cheap bastards. Share the f***ing wealth.
On the other hand, Quinn did find a way to get profits per partner up to $3.3 million without laying off associates during the worst economic crisis since the Great Depression. It could be that they are doing something right.
Quinn Emanuel: double digit revenue, PEP hikes [The Lawyer]