Dechert Posts Nearly 15 Percent Hike in 2007 Revenues
The strongest year yet for Dechert’s European offices helped boost the firm’s gross revenues by 14.7 percent in 2007.
Dechert had $836 million in revenue for the year, the Legal Intelligencer reports. The European offices had “by far the best year ever,” helping the firm weather this year’s economic downturn, chairman Barton Winokur told the publication.
He also said the firm benefited because it has limited involvement in subprime lending work, focusing instead on principals looking to buy distressed companies.
Consultant Bill Brennan of Altman Weil told the Intelligencer that many law firms did well in 2007, but 2008 “is promising to be quite less dramatic.” He predicted that firms will shift lawyers to practice areas such as bankruptcy to cope with the downturn.