Top-50 international firm Dechert has made workforce cuts across the globe as it deals with a slide in revenue. In a statement, the 1,000 lawyer practice announced that a 'reduction in force of attorneys and business professionals took place today'.

It continued: '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,' a spokesperson said. 

Dechert, which was founded in 1875 and has 21 offices worldwide, reported a record income of $1.34bn in 2021. However its most recent results show that slipped by 4% in 2022. 

The firm’s reputation has also suffered following high profile litigation by former client Eurasian Natural Resources Corporation and allegations concerning the behaviour of former head of white-collar crime Neil Gerrard. 

Introducing its latest annual review, the firm said '2022 was a year that demanded much of our clients. While we hoped for a new normal following the worst of the global pandemic, instead 2022 brought more change and disruptions.'

 

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