New Spin on Dechert Layoffs
Today is the deadline for 13 unlucky associates in Dechert’s finance and real estate group to decide whether to accept a severance package or shift to a busier practice area.
But even if they opt to stay, the Philadelphia-based international firm is only guaranteeing another two months of employment, according to the Lawyer. “The associates … have the option of staying at Dechert for 60 days, at which point the new positions could either become permanent or the lawyers would be forced to accept the available severance packages,” the British legal publication explains.
As discussed in earlier ABAJournal.com posts, the 13 associates have been offered severance packages including three months’ salary, paid medical benefits for six months and help finding other jobs. After Dechert reportedly confirmed last week that it was laying the associates off, the firm seemingly backtracked and said the associates would have the option of moving to other practice groups.
It isn’t known how many of the 13 associates have accepted the severance package, but “a number is believed to have already walked,” the Lawyer says.
The 1,025-lawyer firm currently has 167 attorneys in its finance and real estate department. It reported 2007 profits per equity partner of $2.3 million, the Philadelphia Business Journal writes.