After a 50% profitability boost that made 2021 the best year on record for Dechert, the global firm’s profits per equity partner (PEP) and revenue dropped 14% and 4% in its most recent fiscal year.
Dechert’s financial results place 2022 squarely between its financial outcomes in 2020 and 2021, when the firm’s finance focus was well-met by unprecedented volumes of transactions and investment activity. Its latest outcome reflects the growing share of Big Law’s business deal-work has come to occupy, though firm leaders said they are staying the course on growing its private equity and fund ranks.
