Dechert increased its U.K. revenues by 10% to surpass £100 million in the last financial year, despite a 17% drop in operating profit, which it attributed to office improvements and associate pay increases.

The U.S. firm posted turnover of £104.2 million, up from £94.7 million in 2017, its financial accounts posted at Companies House show, though operating profits dropped to £39.8 million, down from £47.8 million last year.

The firm cited "significant investments in our people and property in 2018″ as the cause of the drop, including pay increases for the firm's U.K. associates, boosting London floor space by 30% and improving facilities.

Last August, the firm increased pay for its newly qualified (NQ) associates by 16% from £95,000 to £110,000. The firm again boosted NQ pay by 5% this year to reach £116,000.

In 2017, the firm's U.K. operating profits had rocketed by 43% after a strong financial performance.

The firm made a number of lateral hires in 2018, including former U.S. federal prosecutor Roger Burlingame, Sidley Austin London litigation heavyweight partner Dorothy Cory-Wright, and Hogan Lovells corporate partner Robert Darwin.

So far in 2019, the firm brought on board several more partners, such as former Akin Gump private investment funds partners Thiha Tun and Sarah Smith, and three partners from Sidley Austin – Simon Fawell, John McGrath and Aparna Sehgal.