US giant axes City jobs as part of 5% reduction in global workforce
US law firm Dechert has begun a redundancy consultation with lawyers and support staff in London as part of an effort to reduce its global headcount by 5%.
The firm told staff in a memo yesterday that it had “implemented a reduction in force of attorneys and business professionals” in response to a slowdown in demand and “market challenges”.
The memo sent by firm chair Andrew Levander and chief executive Henry Nassau also confirmed “a redundancy process has begun in London”. The cuts impact 55 lawyers and 43 business professionals globally.
“We have carefully examined existing and projected demand for our legal services and determined that we need to align our staffing levels with demand,” the memo first reported by US website Above The Law added.
In a statement a firm spokesperson said:
“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.”
Other big players understood to have made job cuts in the US include Cooley, Goodwin Procter, Kirkland & Ellis and Shearman & Sterling.
The Legal Cheek Firms Most List shows Dechert has 21 offices across the globe and is known for its transactional and contentious work. Following strong profits in 2021, the firm’s revenues dropped 3.9% to $1.29 billion (£1.02 billion) and its profit per equity partner (PEP) plunged 14.3% to $3.63 million (£2.8 million) following a record 2021 where PEP increased by 50%.
