Dechert's Office in Manhattan, New York. Photo: Ryland West/ALM Dechert Becomes the Latest Firm Caught in Boom-and-Bust Hiring Cycle
The cuts announced last week return the firm to 2021 staffing levels.
May 17, 2023 at 05:47 PM
5 minute read
The original version of this story was published on The Legal Intelligencer
What You Need to Know
- Dechert has laid off about 5% of its global workforce, leaving the firm with nearly 2021 levels of staffing.
- According to one source with knowledge of the firm, the cuts were the result of 2022 overhiring.
- In a March 2023 interview, outgoing firm CEO Henry Nassau hinted at financial headwinds impacting the firm.
Recent layoffs at Dechert are the latest in a series of downsizing efforts by Big Law firms to fit staffing levels to demand, following workforce cuts at a range of other firms with premium practices, including Cravath, Swaine & Moore, Cadwalader Wickersham & Taft, Gunderson Dettmer Stough Villeneuve Franklin & Hachigan and Kirkland & Ellis.
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