Am Law Top 50 Firm Begins Reduction In Force, Will Cut 5% Of Global Workforce
The layoffs aren’t over yet.
The leaders of Dechert — a firm that brought in $1,288,692,000 gross revenue in 2022 (down 3.94% from 2021), putting it at No. 36 in the most recent Am Law 100 — just announced a global reduction in force. It seems that about 5% of the firm’s workforce, including attorneys and business professionals, will be let go.
Andrew Levander and Henry Nassau note in the memo (available in full on the next page) that those who are affected by the layoffs will receive the firm’s support:
Our affected colleagues have made valuable contributions to the firm, and we are committed to helping them through this process by providing severance benefits and career counseling services. … We encourage you to take advantage of our mental and emotional well-being resources if you need support.
The reduction in force is includes a “redundancy process” that is taking place in the firm’s London office.
UPDATE: In total, this reduction impacts 55 lawyers and 43 business professionals.
A firm spokesperson offered the following statement:
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A reduction in force of attorneys and business professionals took place today. Additionally, a redundancy process has begun in London. We anticipate that, subject to the ongoing consultation process in London, 5% of our total global workforce will be impacted. While this was a difficult decision, we continue to execute on the firm’s strategic plan by providing world-class legal service, focusing on areas of growth, bringing high-profile clients and matters to the firm, and advancing innovation in the legal industry.
Best of luck to those who are being let go from Dechert.
(Flip to the next page to see the memo from Dechert.)
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Staci Zaretsky is a senior editor at Above the Law, where she’s worked since 2011. She’d love to hear from you, so please feel free to email her with any tips, questions, comments, or critiques. You can follow her on Twitter or connect with her on LinkedIn.
Source: Above the Law
