Dechert PEP rises to $2.5m as revenue grows 6 per cent

Dechert’s average profit per equity partner rose 8.5 per cent from nearly $2.32m (£1.6m) in 2014 to $2.5m (£1.72m) in 2015.

The increase came as global revenue for the firm grew 6 per cent from $839.4m (£577.9m) to $890.2m (£612.8m). Dechert’s turnover has grown steadily over the past couple of years, rising by 8 per cent in 2014.

Although the firm’s global turnover rose in 2015, revenue in its London office fell by £2m to £67m in 2014/15. However, Dechert did see a 5 per cent increase in its UK profits from £27.7m to £29.1m.

Dechert made up one City lawyer to partnership in the last promotions round, out of a total of 14 lawyers worldwide.

Over 2015, the firm had 21.16 equity partners based in London, as well as 15.75 non-equity partners. This compares to 23.1 equity partners in 2014 and 15.4 non-equity partners, with 22.8 per cent of Dechert’s equity partners based in Europe.

More partners joined the firm globally last year compared to those who left, with 10 lateral hires and six moving on.

Last summer, Dechert partners re-elected chairman Andrew Levander for a further four-year term, while CEO Daniel O’Donnell had a one-year extension as partners voted for Henry Nassau to take on the role in July 2016.