Quinn Emanuel extends red-hot profitability run in London

Quinn Emanuel’s London office has surged to a 68% profit margin, placing it among the most profitable law firm operations in the City.

The US disputes specialist generated London revenue of £227 million in 2025, up 3% year on year, while profit rose 7% to £154 million, lifting the office’s margin from 65% in 2024.

Magic circle comps

Profit margins at this level remain exceptional in the UK market. Magic Circle firms typically report margins in the 40-45% range, reflecting broader practice mixes, heavier infrastructure and higher fixed costs across global platforms.

Freshfields’ most recent results, despite hitting £2.25 billion in turnover, implied a margin closer to 30%, while it is estimated that Slaughter and May has a profit margin above 60%.

Macfarlanes sits firmly among the standouts. The firm is widely recognised as having the highest profit margin of any major UK law firm that publishes its financials, with its latest accounts for 2025 showing a margin of 57%.

What about the US

Elite US firms tend to cluster higher, often in the 50-60% bracket. Firms such as Kirkland & Ellis and Latham & Watkins consistently outperform UK-headquartered rivals on profitability, driven by premium pricing, tighter leverage and strong exposure to private equity and high-stakes disputes.

Even so, a margin approaching 70% is highly impressive. Specialist litigation practices such as Quinn Emanuel and disputes-focused boutiques often sit at the very top of the profitability spectrum, benefiting from high utilisation, limited capital intensity and the absence of lower margin advisory practices. 

New York elite Wachtell, known for high-profile public M&A, takeover defence and shareholder activism work, is one of the few firms operating at an even higher level, reportedly with a 78% profit margin.

What they said

Richard East, Quinn Emanuel’s London senior partner, said: "We are pleased to report a very solid performance, matching our standout 2024 results but with improved profitability.

2025 was a fantastic year in which we presided over 11 High Court trials, multiple appeals in both the Court of Appeal and Supreme Court and several major arbitrations. Following on from these significant successes, we look forward to sustaining our performance in 2026."

John Quinn recently joined The Non-Billable Podcast to talk about how he grew a four-lawyer spin-out in Los Angeles into the world’s leading litigation-only firm. Listen to the episode here.