Dechert Explained

Dechert LLP
Headquarters:Philadelphia, Pennsylvania[1]
Offices:Global
Num Offices:22[2]
Num Attorneys:approximately 1000 (2017)
Practice Areas:General practice
Key People:Co-Chairs: David Forti and Mark Thierfelder[3]
Revenue: US$1.3 billion (2021)
Profit Per Equity Partner: US$4.2 million (2021)
Date Founded:1875
Founder:Wayne MacVeagh and George Tucker Bispham[4]
Company Type:Limited liability partnership
Homepage:dechert.com

Dechert LLP is a multinational American law firm of more than 900 lawyers[5] with practices in corporate and securities, complex litigation, finance and real estate, financial services, asset management, and private equity.[6] In 2021, the firm raised revenues by 25%, with a total of $1.3 billion.[7] On Law.com's 2022 Global 200 survey, Dechert ranked as the 41st highest grossing law firm in the world.[8]

History

The firm's first predecessor, MacVeagh & Bispham, was formed in 1875 by Wayne MacVeagh and George Tucker Bispham. MacVeagh previously served as United States Ambassador to Turkey, and Bispham authored the treatise "Principles of Equity", which was considered the definitive work on the subject at the time.[9] MacVeagh went on to become United States Attorney General under President James Garfield, and then United States Ambassador to Italy in 1893.[10] Bispham went on to become a professor at University of Pennsylvania Law School in 1884.[11]

Over the next few decades, MacVeagh & Bispham and its successor represented a number of banks, railroads, insurance companies, and coal companies.[12]

MacVeagh & Bispham's successor merged with another Philadelphia law firm, Dechert, Smith & Clark, in 1942. After several more name changes, the firm was known as Dechert Price & Rhoads from 1962 to 2000. In 2000, the firm shortened its name to Dechert.[13] By the early 2000s, the firm included about 700 lawyers in 12 worldwide offices.[14]

In 2011, Andrew J. Levander became chairman of the firm.[15] At that time, Dechert had 747 lawyers and generated $671 million in annual revenue.[16]

In the 2018 AmLaw Global 200 survey, Dechert ranked as the 43rd highest-grossing law firm in the world.[17] In the same year, Dechert reached a settlement with two former payroll staffers over claims that it discriminated against certain staff members because of their sex and age.[18] [19] [20] The two former payroll staffers at Dechert filed a complaint against the firm in 2017, claiming they experienced a culture of bias against older and female employees at the firm that led to their firing in 2016.[21] [22] [23] They also alleged there was a "boys club"[24] [25] at the firm that gave beneficial treatment to younger male employees. Dechert claimed that it had laid off the two payroll staffers because Dechert upgraded its technology and outsourced the staffers' jobs.[26] Previously, on the eve of trial, the firm and former associate Ariel Ayanna reached an eleventh-hour deal in a "Macho culture" retaliation case.[27] [28] [29] The attorney had claimed the firm fired him to get back at him for taking time off to care for his mentally ill wife and their newborn, The National Law Journal reported.[30]

Financial Times ranked Dechert in the Top 10 Most Innovative Law Firms in 2019.[31] In 2021, Dechert ranked 5th for the same recognition.[32]

The UK Dechert unit was sued by former partner Monica Gogn for workplace discrimination due to race and sex. In 2020, an employment tribunal filing document stated that the proceedings leveled against "Dechert LLP & Others" were "dismissed following a withdrawal of the claim by the claimant".[33] Dechert and an administrative services provider for the firm agreed in 2021 to settle claims by a former site manager in Washington, D.C. that he was subjected to discrimination and retaliation because he had a stroke, federal court records show.[34]

In August 2022, Dechert's UK unit agreed to pay £20 million to a former client for compensation for damages caused by its former UK partner and white-collar crime head Neil Gerrard.[35] [36] [37] The agreement came after a decade-long proceeding that resulted in the High Court finding in May 2022 that Dechert, its former white-collar crime head Gerrard, and the Serious Fraud Office (SFO) had committed acts of wrongdoing[38] [39] [40] in their dealings with the law firm's then-client Eurasian Natural Resources Corporation (ENRC). London's High Court found that Dechert and Gerrard – who was "obsessed with making money"[41] and "lost any real sense of objectivity, proportion or indeed loyalty to his client"[42] [43] [44] [45] had acted deliberately, or at least recklessly.[46] [47] The judge also ruled Gerrard committed a "gross and knowing breach of duty"[44] as a solicitor by, among other things, disclosing confidential and privileged information to the SFO, and leaking to the media[48] confidential documents[49] of his client ENRC.[50] [51] [52] [53] [54] He concluded in his judgment in 2022 that Gerrard was a "highly unreliable and at times dishonest witness" who was "plainly lying" about his contacts with the SFO.[55] The judge found senior SFO officials breached their duties[56] [57] by holding a series of unauthorized meetings with Gerrard in which they received information that was plainly against former Dechert's client interests in what the judge described as a case of "bad faith opportunism".[48] [58] [44] [59] Gerrard allegedly referred to billing in the case as "rape mode".[60] [61] [62] The firm now faces costs upwards of $50 million. Dechert is facing two more UK trials[63] [64] [65] and two US lawsuits[64] [66] related to Gerrard. One lawsuit involves a claim under the Racketeer Influenced and Corrupt Organizations (RICO) Act, for its alleged role in an international "hack and dump scheme", which it denies.[67] [68] [69] [70] [71] Media reported that regulators are probing the firm.[72] The UK's Solicitors Regulation Authority has received several complaints.[73] [74]

The firm's profitability increased significantly in 2021,[75] but fell in 2022.[76] The firm ultimately placed 36th on the 2023 AmLaw 200 ranking, based on its 2022 revenue.[8] At the end of 2022, Dechert announced that its leadership would be changing: David Forti and Mark Thierfelder would be taking over as co-chairs of the firm from Andrew J. Levander, who had chaired the firm since 2011, and Henry Nassau (Dechert's CEO since 2016) would be stepping down from that role.[77] [78] Under Levander and Nassau's leadership, Dechert had grown significantly in size and revenue.[79]

In 2023 Dechert announced that it would cut 5% of its global workforce due to "faltering demand", as several other large law firms publicly confirmed cuts.[80] [81]

Pro bono activities

Dechert has been recognized among the top 10 US law firms for pro bono work in The American Lawyer Pro Bono Survey, an annual report that rates the nation's 200 highest-grossing law firms based on their level of pro bono activity.[82] The report confirmed that it remained the top law firm for international pro bono work.[83] In August 2014, Dechert received the American Bar Association's (ABA) Pro Bono Publico Award.[84]

In 2020, Dechert received the ABA Business Law Section National Public Service Award.[85] In 2021, the firm was rated first for international pro bono work by The American Lawyer.[86]

Notable lawyers and alumni

See also

External links

Notes and References

  1. https://www.corporations.pa.gov/search/corpsearch "Business Name History: Dechert LLP," Pennsylvania Department of State
  2. Web site: Locations.
  3. https://www.reuters.com/legal/legalindustry/dechert-chair-levander-step-down-firm-revamps-leadership-2022-11-30/
  4. Book: Dalton, Brian. Vault Guide to the Top New York Law Firms. 2007. Vault Inc.. 9781581315004. en.
  5. Web site: Dechert LLP. www.law.com. Jul 21, 2022.
  6. Web site: Services. www.dechert.com. Jul 21, 2022.
  7. Web site: Dechert Grew Revenue 25%, Profits 50% in 'One for the History Books' The American Lawyer . January 31, 2022. www.law.com. Packel. Dan.
  8. Web site: Dechert LLP . 2023-08-09 . Law.com . en.
  9. 3307221. George Tucker Bispham. The American Law Register . 54. 12. 718–725. Draper Lewis. Wm. 1906.
  10. Web site: Isaac Wayne MacVeagh - People - Department History - Office of the Historian. history.state.gov.
  11. Lewis. Wm. Draper. 1906. George Tucker Bispham. The American Law Register. 54. 12. 718–725. 3307221.
  12. Web site: Dechert Encyclopedia.com . 2023-08-09 . www.encyclopedia.com.
  13. Web site: History.
  14. Aronson . Bruce . 2007 . Elite Law Firm Mergers and Reputational Competition . Vanderbilt Journal of Transnational Law.
  15. Web site: Dechert Announces New Firm Leadership . 2024-04-05.
  16. Web site: Dechert chair Levander to step down as firm revamps leadership . . 2024-04-05.
  17. Web site: The Global 200, Ranked by Revenue The American Lawyer.
  18. Web site: Dechert Settles Female Staffers' Sex Discrimination Case . March 20, 2018. www.law.com.
  19. Web site: Dechert Settles Female Staffers' Sex Discrimination Case . March 20, 2018. www.law360.com.
  20. Web site: Dechert Settles Female Staffers' Sex Discrimination Case . March 20, 2018. finance.yahoo.com.
  21. Web site: Dechert settles discrimination suit by 2 former payroll managers . March 23, 2018. www.abajournal.com.
  22. Web site: Biglaw Firm Uses Technology As A Defense In Discrimination Case . January 31, 2018. abovethelaw.com.
  23. Web site: November 9, 2017 . Ex-Staffers Sue Dechert Alleging Age, Sex Bias . finance.yahoo.com.
  24. Web site: Ex-Staffers Sue Dechert Alleging Age, Sex Bias . November 9, 2017. finance.yahoo.com.
  25. Web site: Tweet by PALaw360 . 2023-06-20 . Twitter . en.
  26. Web site: Journal . A. B. A. . Dechert says outsourcing was reason for layoffs of lawsuit plaintiffs . 2024-04-05 . ABA Journal . en.
  27. Web site: Dechert Avoids Trial Over Ex-Atty's 'Macho Culture' Claims . February 12, 2013. www.law360.com.
  28. Web site: Ayanna v. Dechert: Male Attorney Sues Law Firm for Macho Culture . December 17, 2010. finance.yahoo.com.
  29. Web site: Dechert and Former Associate Settle 'Macho Culture' Retaliation Case . February 11, 2013. www.law.com.
  30. Web site: Corporate Lawyer Says He Got Axed For Not Conforming To Male Stereotypes . Oct 19, 2012. Business Insider.
  31. Web site: Law firm leaders force pace of change to stay ahead. December 9, 2019. Financial Times.
  32. Web site: Digital delivery from the daily grind for younger lawyers. December 9, 2021. Financial Times.
  33. Web site: October 2, 2020 . The Law's Gender Problem . www.bywire.news.
  34. Web site: Dechert Settles Disability Bias Suit by Ex-Site Manager in D.C. . June 26, 2021. news.bloomberglaw.com.
  35. Web site: Damning Gerrard ruling sent to SRA . 15 August 2022 . www.lawgazette.co.uk .
  36. Web site: Dechert agrees to pay former client £20m . 5 August 2022 . RollOnFriday .
  37. Web site: Biglaw Firm About to Write a $20 Million Check to Their Former Client . 9 August 2022 . Above the Law .
  38. Web site: SRA Enters Fold Following Damning ENRC Judgment Against Dechert Gerrard . 6 July 2022 . Law.com International Edition .
  39. Web site: Law firm Dechert, SFO criticized in ENRC case ruling . 1 Jun 2022 . Compliance Week .
  40. Web site: Ex-Dechert partner committed deliberate acts of wrongdoing, court finds . 20 May 2022 . RollOnFriday .
  41. Web site: ENRC v Dechert judgment . 16 May 2022 . judiciary.uk .
  42. Web site: Biglaw Firm About to Write a $20 Million Check to Their Former Client . 9 August 2022 . Above the Law .
  43. Web site: City Partner put making money before clients, high court rules . 18 May 2022 . Legal Futures .
  44. Web site: ENRC v Dechert judgment . 16 May 2022 . Judiciary UK .
  45. Web site: Biglaw Firm Still Fighting Allegations Of Impropriety On Part Of Former Partner. Rubino. Kathryn. 2023-03-01. Above the Law. 2023-05-25.
  46. Web site: Ex-Dechert partner committed deliberate acts of wrongdoing, court finds. Hamilton. Jamie. 2022-05-20. RollOnFriday. 2023-05-25.
  47. Web site: Lies, Leaks and Scares: Five Damning Finds From ENRC's Win. Crosby. Christopher. 2022-05-16. Law360. 2023-05-25.
  48. Web site: London High Court Judge Finds Former Dechert Lawyer Breached Duty to ENRC . 16 May 2022 . Reuters .
  49. Web site: Dechert ex-partner leaked to press and 'plainly lied' in court, judge finds . 16 May 2022 . Law Gazette .
  50. Web site: Dechert ex-partner leaked to press and 'plainly lied' in court – judge . Law Gazette . 2023-05-25.
  51. Web site: Former Dechert partner slammed for leaking to press about his own client . Legal Cheek . 17 May 2022 . 2023-05-25.
  52. Web site: Ex-Dechert solicitor leaked ENRC's confidential documents to media, London judge rules . City AM . 16 May 2022 . 2023-05-25.
  53. Web site: A Big Law partner betrayed his client by leaking its problems to the press, a UK judge found . Business Insider . 2023-05-25.
  54. Web site: Dechert's ENRC UK Court Defeat: How Bad Could it Get For the Law Firm? . Law.com International . 2023-05-25.
  55. Web site: A Big Law partner betrayed his client by leaking its problems to the press, a UK judge found. During his trial, 2 witnesses said he called it 'rape mode.'. businessinsider.com . 2023-06-17.
  56. Web site: Serious breach piles pressure on embattled SFO . 16 May 2022 . The Telegraph .
  57. Web site: ENRC seeks £21mn in legal costs from SFO and Dechert in dispute over fraud probe . 6 March 2023. Financial Times .
  58. Web site: Consider mediation, London judge tells Kazakh miner ENRC, Dechert and Fraud Office . 5 August 2022 . Euronews .
  59. Web site: SFO Resumes Fight With ENRC In High-Stakes Causation Trial . 3 March 2023 . Law360 .
  60. Web site: Biglaw Firm About To Write A $20 Million+ Check To Their Former Client . Rubino . Kathryn . 2022-08-01 . Above the Law . 2023-05-25.
  61. Web site: Ex-City partner 'turned' on client to boost workload, court hears . Law Gazette . 2023-05-25.
  62. Web site: Lawyer Neil Gerrard 'leaked ENRC secrets to inquiry' . Ames . Jonathan . The Times . 2023-05-25.
  63. Web site: Dechert Faces 3 UK Trials and 2 US Lawsuits Stemming from Representations Led by 1 Partner . 1 March 2023 . ABA Journal .
  64. Web site: RICO Suit Says Dechert Was Willfully Blind to Partner Accused of Conspiring to Hack Opponent's Emails . 17 October 2022 . ABA Journal .
  65. Web site: Dechert in court over allegations of leaks and wrongdoing . 18 January 2023 . Law Gazette .
  66. Web site: Dechert Faces New Hack-and-Smear Suit, Plaintiff is Fired Wall Street Journal Reporter . 18 October 2022 . ABA Journal .
  67. Web site: Dechert's Alleged Hacks Draw Uncommon Civil Racketeering Claims . Skye Witley . Bloomberg Law . 2023-05-25.
  68. Web site: Biglaw Firm Still Fighting Allegations Of Impropriety On Part Of Former Partner . Kathryn Rubino . 6 March 2023. Above the Law . 2023-05-25.
  69. Web site: Aviation executive sues law firm Dechert, others over hacking claims . Raphael Satter . Reuters . 2023-05-25.
  70. Web site: Dechert was 'willfully blind' to partner accused of conspiring to hack opponent's emails, RICO suit says . Debra Cassens Weiss . ABA Journal . 2023-05-25.
  71. Web site: Dechert Lawyer Neil Gerrard's RICO Litigation Comes With A Staggering Price Tag . Above the Law . March 2023 . June 17, 2023.
  72. Web site: Hacked emails and torture claims: how top lawyer Neil Gerrard became engulfed in serious allegations . 2022-01-19 . Financial Times . 2023-05-25.
  73. Web site: Damning Gerrard ruling sent to SRA . Tobin . Sam . 2022-08-15 . Law Gazette . 2023-05-25.
  74. Web site: SRA Takes Steps Toward Probing Dechert Over ENRC Case . Crump . Richard . 2022-07-06 . Law360 . 2023-05-25.
  75. Web site: Dechert Grew Revenue 25%, Profits 50% in 'One for the History Books' . 2023-08-09 . The American Lawyer . en.
  76. Web site: Dechert Follows 50% Profit Increase With 14% Drop, Epitomizing Big Law Business Cycle . 2023-08-09 . The Legal Intelligencer . en.
  77. Web site: Dechert chair Levander to step down as firm revamps leadership . . 2024-04-05.
  78. Web site: Dechert Names Firm Veterans Forti, Thierfelder as New Co-Chairs . 2024-04-05 . news.bloomberglaw.com . en.
  79. Web site: Dechert chair Levander to step down as firm revamps leadership . . 2024-04-05.
  80. News: Thomas . David . 2023-05-10 . Dechert is latest law firm to trim lawyers amid faltering demand . en . Reuters . 2023-08-09.
  81. News: Merken . Sara . 2023-08-01 . Cuts spread at US law firms as Katten announces layoffs, postpones start dates . en . Reuters . 2023-08-09.
  82. News: The 2018 Pro Bono Scorecard The American Lawyer. www.law.com. 2018-07-31.
  83. Web site: effreys . Brenda Sapino . Big Law Acted on Impulse in Outpouring of Pro Bono Effort The American Lawyer . www.law.com . 23 August 2018 . 27 June 2018.
  84. Web site: Past Recipients. www.americanbar.org. 2018-07-31.
  85. Web site: Business Law Section honors four lawyers, law firm with awards. October 8, 2020. American Bar Association.
  86. Web site: The 2021 Pro Bono Scorecard: International Rankings The American Lawyer . June 28, 2021. www.law.com.
  87. Web site: Harvey Bartle III | Eastern District of Pennsylvania | United States District Court. www.paed.uscourts.gov. Jul 21, 2022.
  88. News: Joseph S. Clark Is Dead at 88; Ex-Mayor and Reformist Senator. Glenn. Fowler. The New York Times . Jan 16, 1990. Jul 21, 2022. NYTimes.com.
  89. Web site: Bloomberg Industry Group. www.bloombergindustry.com. Jul 21, 2022.
  90. Web site: Attorney General Sessions Welcomes Steven Engel As Assistant Attorney General for the Office Of Legal Counsel. Nov 7, 2017. www.justice.gov. Jul 21, 2022.
  91. Web site: Biographies. www.defense.gov. Jul 21, 2022.
  92. News: Miriam González Durántez on sexism, Brexit and what she cooked Nick Clegg on that 'devastating' night of political defeat. Elizabeth. Day. The Telegraph . Jul 30, 2016. Jul 21, 2022. www.telegraph.co.uk.
  93. Web site: Paul G. Haaga, Jr.. www.npr.org. Jul 21, 2022.
  94. Web site: Dechert Lures Ex-Prosecutor David Kelley From Cahill. The American Lawyer. Jul 21, 2022.
  95. Web site: President Obama Announces Intent to Nominate Cheryl Ann Krause to Serve on the United States Court of Appeals. Feb 5, 2014. obamawhitehouse.archives.gov. Jul 21, 2022.
  96. https://www.washingtonpost.com/wp-dyn/content/article/2005/10/22/AR2005102201439.html M. Leibovich. "In the Spotlight And on the Spot," Washington Post, October 23, 2005
  97. Web site: A Q&A With Goodfellas Actor (and Dechert Lawyer) Ed McDonald. Dan. Slater. May 21, 2008. Jul 21, 2022. www.wsj.com.
  98. https://judges.pa.law.com/profile/U.S._District_Court,_Eastern_District_of_Pennsylvania/Mary_McLaughlin/Mary_McLaughlin-552.xml "Judge Profile: Mary A. McLaughlin," The Legal Intelligencer
  99. https://www.law.upenn.edu/alumni/alumnijournal/Spring2001/feature5/legalthriller2.html "Lisa Scottoline: A Legal Thriller!," Penn Law Journal, Spring 2001
  100. Web site: Norma Levy Shapiro. Jewish Women's Archive. Jul 21, 2022.
  101. Web site: "An Oral History of Arlen Specter," Philadelphia Magazine, November 30, 2007. Jul 21, 2022. July 26, 2018. https://web.archive.org/web/20180726011543/https://www.phillymag.com/articles/2007/11/30/the-full-specter/. dead.

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