Philadelphia’s Dechert has become the latest Am Law 100 firm to announce a decline in revenues and profits for 2008.
Profits per equity partner fell by 9% to $2.14 million. Gross revenue dipped 2% to $816 million.
The firm lost 30 attorneys in 2008, with a total of 892 lawyers. Revenue per lawyer rose slightly, hitting $915,000. Equity partnership fell 163 to 152.
The firm moved to reduce its cost base with layoffs in 2008 and early this year. In February 2008, the firm let go of 13 associates. That was followed in December by a reduction of 72 staff; the firm also said that 15 attorneys were under review in London. On February 12 of this year, another 19 lawyers were laid off.
The firm brought on a number of high-profile laterals in 2008 and added an office in Beijing. Former Heller Ehrman chairman Matthew Larrabee joined the San Francisco office shortly after Heller’s dissolution.
In 2006, Dechert was ranked 37th largest law firm in the world based on revenue. In 2007, the National Law Journal ranked the firm 25th largest in the United States based on number of attorneys.