Law Firms

Dechert

Dechert joins double-digit club for '07 results

Author: Sofia Lind

Published: 11/02/2008 15:54

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Dechert has unveiled robust financial results for 2007, with the Philadelphia-based law firm notching up double-digit increases in revenue and profits per equity partner (PEP).

Dechert saw total fee income rise by 15% in 2007 to reach $836.3m (£428.7m) – marking the third consecutive year in which revenues have increased by more than 10%.

PEP increased by 18% over the same period, up from $1.99m (£1.02m) to $2.35m (£1.2m).

Last year Dechert saw turnover and profits both increase by 27%, while fee income went up by 30% in 2005.

Dechert becomes the latest US firm to post a significant improvement in performance for 2007, with Los Angeles’ Latham & Watkins posting the most dramatic increase in revenue to date.

The West Coast giant increased turnover by 23% from $1.62bn (£820m) to $2.005bn (£1bn) last year, while PEP rose from $1.86m (£953,000) to $2.27m (£1.17m).

Paul Weiss Rifkind Wharton & Garrison, meanwhile, saw turnover up almost 10% to reach $651m (£331m), as PEP improved by 4% to $2.60m (£1.32m).

McDermott Will & Emery posted an 8% rise in PEP to hit $1.52m (£779,000), with total revenue up 14% to a new high of $978m (£501m).

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