Dechert has posted a 5 per cent increase in its UK profits despite turnover falling 1.6 per cent to £67m.
The US-headquartered firm’s net profit increased 5 per cent from £27.7m to £29.1m, according to its audited accounts.
In London revenue fell by £2m though this failed to impact the firm’s top of equity, which increased by £400,000. Top of equity at Dechert’s London office now stands at £2.7m.
Net debt also increased and now stands at £1.2m, largely down to the increased payouts to members.
Dechert published its US results earlier this year showing turnover rose by 8 per cent, from $777.2m to $839.4m.
The firm has seen a number of high profile exits in the UK this year including litigation partner Jonathan Pickworth who joined White & Case in October. The firm also lost four litigation lawyers to Jenner & Block during the launch of its first London office.
