Dechert

Dechert is a multinational law firm with roots in Philadelphia and a practice spanning corporate and securities law, complex litigation, finance, real estate, financial services, asset management, and private equity. Its institutional history begins with MacVeagh & Bispham, established in Philadelphia in 1875 by Wayne MacVeagh and George Tucker Bispham. The firm's predecessors advised banks, railroads, insurance companies, and coal businesses, giving it an early commercial and financial-services orientation. The organization went through a series of combinations and name changes. A successor to MacVeagh & Bispham merged with Philadelphia firm Dechert, Smith & Clark in 1942. From 1962 until 2000, the firm operated under the name Dechert Price & Rhoads, before adopting the shorter Dechert name. During the early twenty-first century it expanded internationally and reached approximately 700 lawyers in 12 offices. Later growth broadened its presence across major financial and commercial centers and increased its work for private-equity firms, asset managers, financial institutions, and companies facing complex regulatory or litigation matters. Dechert's service model is centered on high-value legal advice rather than consumer-facing products. Its lawyers handle mergers and acquisitions, securities offerings, investment-management regulation, banking and structured finance, commercial disputes, investigations, white-collar defense, antitrust, intellectual property, employment matters, and real-estate transactions. The firm also maintains a substantial international arbitration and cross-border disputes capability. Its client base includes public and private companies, funds, banks, insurers, investment advisers, governments, and individuals involved in significant contentious or regulatory proceedings. Leadership under chairman Andrew J. Levander and chief executive Henry Nassau coincided with a period of significant growth in lawyer headcount and revenue. In 2011, Dechert had 747 lawyers and reported annual revenue of $671 million. The firm reported revenue of approximately $1.3 billion in 2021, although its profitability declined in 2022 amid a more difficult market for legal services. In late 2022, Dechert announced that David Forti and Mark Thierfelder would succeed Levander as co-chairs, while Nassau would leave the chief executive position. In 2023, the firm announced a reduction of approximately 5% of its global workforce, attributing the measure to weaker demand. Dechert has also developed a public profile through pro bono work. It has repeatedly been recognized among leading United States firms for pro bono activity and has been identified as a leading provider of international pro bono services. The firm received the American Bar Association's Pro Bono Publico Award in 2014 and the ABA Business Law Section National Public Service Award in 2020. Its reputation has nevertheless been affected by employment-discrimination disputes and by extensive litigation concerning the conduct of former London partner Neil Gerrard in work for Eurasian Natural Resources Corporation. Those matters have generated substantial judicial criticism, compensation claims, regulatory attention, and reputational scrutiny.

Dechert traces its origins to MacVeagh & Bispham, a Philadelphia law firm founded in 1875 by Wayne MacVeagh and George Tucker Bispham. The early practice served commercial institutions, including banks, railroads, insurance companies, and coal companies. This client base established the firm's long-standing connection with financial, industrial, and corporate legal work. The organization developed through succession and combination rather than through a single uninterrupted name. A successor to MacVeagh & Bispham merged with Dechert, Smith & Clark in 1942. Further changes followed, and from 1962 through 2000 the firm was known as Dechert Price & Rhoads. The shorter Dechert name was adopted in 2000 as the firm pursued a more unified international identity. By the early 2000s, Dechert had approximately 700 lawyers working from 12 offices worldwide. Its practice expanded beyond traditional Philadelphia corporate work into cross-border transactions, securities, complex litigation, finance, private equity, financial-services regulation, asset management, and real estate. The firm also built capabilities in investigations, white-collar defense, arbitration, and other matters involving regulators or multiple jurisdictions. Andrew J. Levander became chairman in 2011, when Dechert had 747 lawyers and annual revenue of $671 million. During the Levander and Henry Nassau period, the firm's lawyer headcount, geographic reach, and financial scale increased. Dechert appeared among the world's largest-grossing law firms in industry rankings, placing 43rd in the 2018 AmLaw Global 200 survey and 41st in Law.com's 2022 Global 200 survey. The firm was also recognized by the Financial Times as one of the most innovative law firms, ranking in the top ten in 2019 and fifth in 2021. The firm has maintained a significant pro bono program alongside its commercial practice. It has been recognized in The American Lawyer's pro bono surveys, particularly for international work. Awards included the American Bar Association's Pro Bono Publico Award in 2014 and the ABA Business Law Section National Public Service Award in 2020. In 2021, it was ranked first for international pro bono work in the cited survey coverage. Dechert's modern history has also included litigation and controversy. Former employees brought claims alleging discrimination based on sex, age, race, or disability, as well as retaliation. Several matters were settled or withdrawn. The most consequential controversy concerned Neil Gerrard, formerly the firm's United Kingdom head of white-collar crime, and his work for Eurasian Natural Resources Corporation. In 2022, the English High Court found serious wrongdoing involving Dechert, Gerrard, and the Serious Fraud Office, including breaches related to confidential and privileged information. Dechert subsequently agreed to pay £20 million to ENRC. Further United Kingdom and United States proceedings and regulatory complaints were reported in connection with the matter. At the end of 2022, Dechert announced a new leadership structure, with David Forti and Mark Thierfelder becoming co-chairs and Henry Nassau leaving the chief executive role. In 2023, the firm announced a reduction of about 5% of its global workforce, attributing the decision to faltering demand. Dechert remains an active international law firm focused on sophisticated corporate, financial, regulatory, contentious, and public-interest legal work.

• 2023

  Global workforce reduction announced

  [1]Decherten.wikipedia.org

  Dechert announces a reduction of approximately 5% of its global workforce because of weaker demand.

• 2022

  Leadership transition announced

  [1]Decherten.wikipedia.org

  David Forti and Mark Thierfelder are announced as incoming co-chairs, while Henry Nassau is set to leave the chief executive role.

• 2020

  ABA Business Law Section public-service award

  [1]Decherten.wikipedia.org

  The firm receives the American Bar Association Business Law Section National Public Service Award.

• 2014

  American Bar Association pro bono recognition

  [1]Decherten.wikipedia.org

  Dechert receives the ABA Pro Bono Publico Award.

• 2011

  Andrew J. Levander becomes chairman

  [1]Decherten.wikipedia.org

  Levander takes the chairmanship when the firm has 747 lawyers and reported annual revenue of $671 million.

• 2000

  Firm adopts the Dechert name

  [1]Decherten.wikipedia.org

  The organization shortens its name to Dechert as part of its modern international identity.

• 1962

  Dechert Price & Rhoads name adopted

  [1]Decherten.wikipedia.org

  The firm begins using the Dechert Price & Rhoads name, which it retains until 2000.

• 1942

  Merger with Dechert, Smith & Clark

  [1]Decherten.wikipedia.org

  A successor to MacVeagh & Bispham combines with Philadelphia firm Dechert, Smith & Clark.

• 1875

  MacVeagh & Bispham is founded

  [1]Decherten.wikipedia.org

  Wayne MacVeagh and George Tucker Bispham establish the Philadelphia predecessor from which Dechert traces its history.

A global, business-focused law firm positioned around complex transactions, disputes, investigations, financial regulation, private capital, and cross-border matters.

• Legal service

  Corporate and securities

  Advice on mergers and acquisitions, securities offerings, corporate governance, public-company matters, and other strategic transactions for domestic and international businesses and financial sponsors.

• Legal service

  Complex litigation and arbitration

  Representation in major commercial disputes, international arbitration, investigations, and other contentious matters involving corporations, financial institutions, governments, and individuals.

• Legal service

  Finance and financial regulation

  Legal advice covering banking, structured finance, financial products, investment management, asset management, securities regulation, and enforcement or supervisory issues.

• Legal service

  Private equity and private capital

  Transactional and regulatory support for private-equity sponsors, funds, portfolio companies, and other private-capital investors across acquisitions, exits, financings, and operational matters.

• Legal service

  White-collar defense and investigations

  Counsel for internal investigations, government inquiries, corporate compliance, fraud allegations, economic crime matters, and enforcement proceedings across multiple jurisdictions.

• Public-interest legal service

  Pro bono legal services

  Free legal representation and advice for individuals, communities, and public-interest organizations, with particular recognition for the firm's international pro bono work.

• 2022

  ENRC-related misconduct findings

  The English High Court found serious wrongdoing involving Dechert's former partner Neil Gerrard, Dechert, and the Serious Fraud Office in their dealings with former client Eurasian Natural Resources Corporation. The judgment criticized the handling and disclosure of confidential information and described serious breaches of professional duty. Dechert's UK practice later agreed to pay £20 million to ENRC, while related proceedings and regulatory complaints continued to receive attention.

  Source

• 2018

  Employment-discrimination and workplace-culture claims

  Two former payroll employees alleged sex- and age-based discrimination and described a workplace culture that favored younger male employees. The firm maintained that their positions had been eliminated because of technology modernization and outsourcing, and the dispute was settled.

  Source

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• 2023

  Global workforce reductionStrategy

  Background

  The firm cited faltering demand and a weaker market environment for legal services.

  Action taken

  Dechert announced cuts affecting approximately 5% of its global workforce.

  Aftermath

  The reduction aligned Dechert with other large law firms that announced staffing cuts during the same period.

  Source

• 2022

  Leadership successionStrategy

  Background

  After a period of substantial expansion under Andrew J. Levander and Henry Nassau, the firm announced a change in senior leadership.

  Action taken

  David Forti and Mark Thierfelder were designated as co-chairs, and Henry Nassau announced his departure as chief executive.

  Aftermath

  The transition placed the firm's next phase of growth and management under a new chair structure.

  Source

• 2000

  Adoption of the Dechert nameStrategy

  Background

  After operating for decades under the Dechert Price & Rhoads name, the firm sought a shorter, more unified identity.

  Action taken

  The firm changed its name to Dechert.

  Aftermath

  The shorter name became the firm's international brand.

  Source

1. 1Decherten.wikipedia.org