Dechert
| Company type | Limited liability partnership |
|---|---|
| Industry | Legal services |
| Founded | 1875 |
| Founder | Wayne MacVeagh, George Tucker Bispham |
| Headquarters | Philadelphia , United States |
Area served | Global |
Key people | David Forti (Co-chair), Mark Thierfelder (Co-chair) |
| Products | Corporate law, securities regulation, litigation, finance, real estate, financial services, asset management, private equity |
Number of employees | 900+ |
| Website | www |
Dechert LLP (; ) is a global American law firm employing more than 900 attorneys who focus on corporate law, securities regulation in the United States, intricate litigation, finance, real estate, financial services, asset management, and private equity. In 2021, the firm reported a 25% increase in revenue, reaching $1.3 billion. It secured the 41st position on Law.com's 2022 Global 200 ranking of top-grossing law firms.
History
The origins of the firm trace back to 1875 with the establishment of MacVeagh & Bispham by Wayne MacVeagh and George Tucker Bispham. MacVeagh previously held roles as U.S. ambassador to Turkey and Italy and served as U.S. attorney general under President James Garfield. Bispham was a distinguished legal academic who later joined the University of Pennsylvania Law School faculty.
Throughout the following decades, MacVeagh & Bispham and its successor entities provided legal services to clients in banking, railroads, insurance, and coal industries. In 1942, it merged with Philadelphia-based Dechert, Smith & Clark. The firm underwent several name changes before adopting Dechert Price & Rhoads (1962–2000), eventually shortening to Dechert. By the early 2000s, it operated with roughly 700 lawyers across a dozen international offices.
Andrew J. Levander assumed the chairmanship in 2011 when Dechert counted 747 lawyers and generated $671 million in revenue. According to the 2018 AmLaw Global 200 survey, Dechert ranked 43rd worldwide by revenue.
The firm encountered multiple discrimination allegations: in 2018, it reached a settlement with former payroll employees who claimed sex and age discrimination; previously, it resolved a retaliation lawsuit brought by a former associate alleging termination linked to family leave. The Financial Times has acknowledged Dechert for its innovation, placing it among the Top 10 Most Innovative Law Firms in 2019 and ranking it fifth in 2021.
Dechert's UK branch faced workplace discrimination accusations; a tribunal dismissed one such claim in 2020. In 2021, the firm settled a disability discrimination lawsuit filed by a former site manager based in Washington, D.C.
In August 2022, Dechert’s UK office agreed to pay £20 million to a former client after a protracted legal conflict spanning ten years involving ex-partner Neil Gerrard, who led the white-collar crime practice. The High Court determined that Dechert, Gerrard, and the Serious Fraud Office (SFO) acted improperly concerning their conduct with Eurasian Natural Resources Corporation (ENRC). Gerrard was found guilty of breaching his duties by disclosing confidential information and recklessly prioritizing billing over client interests. Presently, the firm faces two trials in the UK and two lawsuits in the US tied to Gerrard’s actions, including a RICO Act case alleging participation in an international "hack and dump" operation, which Dechert denies. The firm's activities are reportedly under scrutiny by regulators following numerous complaints submitted to the UK's Solicitors Regulation Authority.
From a financial perspective, Dechert experienced significant profitability growth in 2021 but saw a decline during 2022. It was ranked 36th on the AmLaw 200 list by revenue for 2023. Leadership changes occurred at the close of 2022 when David Forti and Mark Thierfelder succeeded Andrew J. Levander as co-chairs, while Henry Nassau stepped down from his CEO role. Under Levander and Nassau’s leadership, the firm expanded considerably both in size and revenue.
In response to weakening demand in 2023, Dechert announced a global reduction of its workforce by approximately 5%, reflecting broader patterns observed among leading law firms across the industry.
Pro bono activities
Dechert is recognized as one of the leading US law firms in pro bono contributions, consistently ranking within the top 10 according to The American Lawyer Pro Bono Survey, which assesses the largest firms in the country based on their pro bono engagement. The firm regularly excels in global pro bono initiatives. In 2014, Dechert was honored with the American Bar Association's (ABA) Pro Bono Publico Award. Additionally, it received the ABA Business Law Section National Public Service Award in 2020 and was once again acknowledged as the foremost firm for international pro bono work by The American Lawyer in 2021.
Notable lawyers and alumni
- Harvey Bartle III, chief judge for the US District Court in the Eastern District of Pennsylvania
- Joseph S. Clark, former Philadelphia mayor and Pennsylvania US senator
- Q. Todd Dickinson, past Under Secretary of Commerce for Intellectual Property
- Steven Engel, ex-US Assistant Attorney General at the Office of Legal Counsel
- Glenn Fine, former inspector general at the US Department of Justice
- Miriam González Durántez, leader of the international trade practice
- Paul G. Haaga, Jr., vice chairman at Capital Research and Management Company
- David N. Kelley, previous US Attorney for the Southern District of New York
- Cheryl Ann Krause, judge on the US Court of Appeals for the Third Circuit
- Noyes Leech (1921–2010), professor of law at University of Pennsylvania Law School
- Scooter Libby, former chief of staff to Vice President Dick Cheney
- Edward A. McDonald, federal prosecutor depicted in Martin Scorsese's Goodfellas
- Mary A. McLaughlin, judge for the US District Court in the Eastern District of Pennsylvania
- Lisa Scottoline, best-selling author featured on the New York Times list
- Norma Levy Shapiro, first female partner and retired judge of the US District Court for the Eastern District of Pennsylvania
- Arlen Specter, served as a US senator representing Pennsylvania from 1981 to 2011