Dechert posts 17 per cent global profit rise as London turnover stalls

Dechert has unveiled a strong set of results for 2004, with global turnover rising 8.6 per cent.

Global revenues for 2004 hit $440.7m, up from $405.7m in 2003, while at the same time, global profits have soared to a high of more than $1.2m.

However, the firm’s London office has not fared so well, with turnover dipping 7.9 per cent to £39.2m.

Dechert London head Steven Fogel said: “While this is a decrease on the previous year, the decrease reflects a lower headcount. The firm's overall revenues have increased. Profits per partner have risen both in London and worldwide.”

The firm has 34 partners in London, compared with 38 in 2003. However, the London office has increased efficiency, with revenue per lawyer improving 5.4 per cent from £360,292 to £379,845 last year.