Dechert Lays Off 13 Associates (But That's Not the Final Answer)
Updated: In an apparent response to the slowing economy, Dechert has reportedly laid off 13 associates in offices throughout the U.S.
They work in the Philadephia-based international firm’s real estate and finance practice, according to the Legal Intelligencer, which attributes the information to an unnamed source. There are 167 attorneys listed by the firm as working in that practice area.
Apparently laid off today, the 13 reportedly are being asked to leave by the close of business on Tuesday. However, they were “offered three months severance, six months of paid medical benefits and transition placement support,” according to the legal newspaper.
Although Dechert saw its gross profits for 2007 increase by nearly 15 percent, as discussed in an earlier ABAJournal.com post, this boost was fueled by a banner year for the firm’s European practice.
Experts predict that 2008 will be a less lucrative year for many law firms.
But even so, there may still be room at the inn for the 13 Dechert associates, the firm has apparently decided in a recent rethinking of the situation. As discussed in a subsequent ABAJournal.com post, Dechert apparently changed its mind about the layoffs and has now reportedly told the 13 that it can find jobs for them in other practice areas.
Updated at 1:55 p.m. March 3.