Dechert LLP - The Inside View

Like a lot of industries, law is made up of a good mix of young pretenders and established institutions. With 150 years of heritage in its rear-view mirror, Dechert certainly isn’t a new kid on the block. The firm carries a hefty reputational weight for its “large and very reputable finance group” globally, which carries over to the US. Chambers USA awards the firm top acknowledgements in areas like capital markets: securitization (both CLOs and single family rental), product liability, registered funds and accountant and auditor liability nationwide. That’s alongside strong rankings in areas like corporate M&A, investment funds, private equity and real estate. According to associates at the firm, ‘big city work’ absolutely happens wherever the Dechert ‘D’ logo goes.

The firm has offices in Los Angeles, New York, and nine other US locations, including in Philadelphia, Charlotte and Dallas. This is further supplemented by a wide-ranging network of international offices.

Strategy & Future 

Dechert has long been a notable BigLaw player, but over the past few years the firm seems to be going from strength to strength, and this appears to be in no small part thanks to their co-chairs Mark Thierfelder and Dave Forti. The firm’s annual revenue has now reached over 1.6 billion dollars. Associates felt as if the firm seemed to be moving towards wanting more associates to be in the office. With this being said, associates did not report feeling like this was being implemented with an iron fist. One associate noted that “the people here are flexible, and I’ve never felt a real sense of rigid structure on that point.”

Summer Program

Dechert’s summer program provides associates with the opportunity to get hands-on legal experience through a curriculum of both billable and pro bono work. Over the course of the program, associates help partners and senior attorneys with client work alongside training sessions and workshops covering the likes of time management and public speaking, as well as mock negotiations and depositions. Former summers explained that the program really helped them to decide the types of work they wanted to specialize in, with one interviewee noting that “exposure to different types of litigation really helped me to narrow down my interests.”

“When we all summered here, I saw that we were all like-minded individuals…”

Previous summers at the firm also pointed to an active social element on the summer program, which included the likes of boat cruises and baseball games. The consensus was that they gave associates a chance to bond with fellow future class year colleagues: “When we all summered here, I saw that we were all like-minded individuals.” In fact, one junior strongly urged aspiring associates to “make good friends that you can keep in touch with once you start.”

The Work        

During your first two years as an associate at Dechert, you won’t be tied to a singular practice group; transactional and litigation associates have work funneled to them from a range of practice groups via the firm’s centralized system. This cover-all-bases approach will help inform associates where it is they want to end up come their third year when they get to choose a specific practice group. One associate arrived at the conclusion that this method “helps attorneys to find work if you are low on hours, and it makes sure people aren’t just siloed into one area.”

While the centralized system is a great tool for ensuring you’re being issued enough work, its existence does not stop associates from frequently being topped up with assignments from partners. As a result, it’s a system that encourages juniors to be entrepreneurial and allows them to develop key relationships with partners. One-way associates can do this is by being in the office. As one interviewee stressed: “Being in the office, you get exposure.” Juniors are expected to be in the office four days a week, moving to three days a week for more senior associates. With this being said, associates did not report feeling like this was being implemented with an iron fist: “The people here are flexible, and I’ve never felt a real sense of rigid structure on that point.”

“…dive in and learn everything to do with the universe of the case…”

Ever fancied yourself as a corporate Sherlock Holmes? Obsessed with knowing the twists and turns and inner workings of each case? You’ll definitely fit in at Dechert’s litigation group. While juniors are likely to play more of a Doctor Watson role to a partner’s Sherlock Holmes, one told us that the option to “dive in and learn everything to do with the universe of the case,” was a big part of the draw. Work in the department covers the likes of IP, labor & employment, life sciences and M&A litigation. One litigation interviewee revealed that they were working on some “really fun” cases with the product liabilities and mass torts group: “It’s an ever-changing area that provides a broad range of experience. Day to day, I find myself drafting, strategizing, independently managing projects, communicating with plaintiffs and co-counsel, writing lots of emails and joining lots of meetings.”

Litigation clients: Microsoft, BLOM Bank, Apollo Global Management. Represented Fox News, and two employees in defense of litigation brought by Hunter Biden in connection with a streaming series that examined potential criminal charges against the then-President’s son.

“When thinking about a deal I’m often considering more than just what’s on paper.”

Juniors interested in the more transactional side of the coin will likely be assigned work from a mix of departments. This includes the likes of financial services, which conducts a lot of regulatory compliance and registered funds work for financial services firms, asset managers and investment funds. As one junior explained: “There’s a really good variety. I’ve been working on annual updates for big financial institutions, and working on board materials, even joining a board meeting that lasted three hours!” Another thing that juniors were quick to highlight was the fact that “even as younger associates, you are very client focused. You are communicating with clients and attending client meetings.” As you might expect when floating between departments, there’s a lot of overlap: “My favorite matters are when I’m working directly with tax partners to come up with a structured step for a transaction. When thinking about a deal I’m often considering more than just what’s on paper.” Day to day, associates working with the tax group conduct legal research, a lot of drafting (“first drafts are not always a super substantive task, but they sometimes are!”) filing tax forms, as well as discussing different arguments with partners.

Financial services clients: Bain Capital, Moss Adams, MA Asset Management.Advised Barings, one of the world’s leading investment managers, on its acquisition of Artemis Real Estate Partners.

Culture

While associates didn’t sell Dechert to us as a lifestyle firm per se, they were quick to reassure aspiring associates about the realities of the firm’s workload: “This is a firm where you work very hard, but it’s not a firm that steals your soul. My weekends aren’t miserable; I’m still able to find time at the weekend to do the things I enjoy doing”. A sense of community amongst Dechert associates appeared to be very strong too: “A community feel was something I really wanted and I’m glad that I found it. People make a genuine effort to be present and will check in with you.”

“A community feel was something I really wanted and I’m glad that I found it.”

We heard that associates at Dechert receive a free lunch on Wednesdays (and whenever they have completed a training session). In some offices, the firm also organizes formal office floor socials which aim to celebrate recent birthdays of associates. Associates at the firm do not just socialize through firm organized events though. One associate reported “we work hard but people are good at doing informal get togethers” and others pointed to sports events with their fellow associates during their free time.  Reflecting on their relationship with partners, associates revealed that they come across as “regular people” and are easy to get along with. And, more often than not, happy to go over first drafts of documents and provide good feedback: “Partners are very open and I appreciate how intentional they are in taking associates under their wing.”

Career Development

First year associates receive training three times a week, reducing to twice a week in their second year. Juniors can also attend weekly and quarterly practice group meetings which are held to go over current issues. Miss a training session? Forget one from a while ago? Dechert has associates covered with a portal containing all the information from past training sessions.

“Lots of the firm’s alumni work as general counsels elsewhere or in the government.”

We heard that speaking about a future working in-house is not a taboo at the firm. As one associate put it: “Lots of the firm’s alumni work as general counsels elsewhere or in the government.” Partners at Dechert talk openly and candidly about career trajectories and often offer informal advice. The firm also offers client secondment opportunities, an external job posting board, and a career coach who can dispense wisdom for your career’s next steps. In summary: “I feel like I’ve got supportive people around and I feel well supported by partners too.”

Sources highlighted that the firm had taken strides towards making the partnership process more transparent and cited an orientation to talk about the firm’s structure. Some associates however offered a slightly different picture and seemed to think there wasn’t an official firm policy on partnership, pointing out that it wasn’t until long after you start that the steps to partnership are laid out. As a general rule, in order to make partnership, “you need to bill a lot and make yourself indispensable to a few client groups.”

Pro Bono

As one put it: “People here take pro bono to heart.” The firm has a dedicated partner who oversees pro bono assignment at the firm, and those who go over their pro bono target felt that it was never an issue. We heard pro bono matters often provide partners and junior associates opportunities to work more closely together in collaboration, often on interesting and complex matters. Previous examples of the work on offer includes non-profit mergers, wills and estate documents for the elderly, housing court matters and immigration cases.

Pro bono hours:

For all (US) attorneys: 60,122

Average per US attorney: 93

Hours & Compensation

Billable hours: 1,950 target

Salaries at Dechert increase on a lockstep basis and follow the Cravath scale. The firm’s overall compensation package was perceived to be very competitive, especially in more regional offices. The consensus amongst associates was that eight and a half hours work a day was about average. That said, we did hear tales of quite large variation in workloads. Juniors assured us however that these busy periods are generally easy to predict far in advance. Of the 1,950 hours target, associates are required to do at least 25 hours of pro bono.

“Partners and coordinators will be mindful when dishing out work to associates that have had a particularly busy period.”

When the hours do get tough – which they inevitably do at times – associates were quick to highlight the nice coffee machines, flavored water, snacks and fruit to soften the blow. We heard that the firm also provides virtual support tools to help associates take care of their mental health. Dechert prides itself on being receptive to associates feedback on their workloads too: “People have a good idea of when I have bandwidth or when I’m overloaded. Partners and coordinators will be mindful when dishing out work to associates that have had a particularly busy period.”

Inclusion

As one associate put it: “I think especially at the moment, it’s a hard balance. They try to do a great job and I’ve felt super supported in my time here.” The current crop of juniors described the firm’s inclusion initiatives as organized and respectful. Examples of these initiatives include the Latin American affinity group, the family-oriented affinity group, and the disability affinity group. Partners were said to be easily reached when it came to inclusion-related matters and juniors noted that they were always happy to give up their time to provide a few minutes of informal advice. 

Get Hired 

The first stage: recruitment on and off campus

OCI applicants interviewed: undisclosed  

Interviewees outside OCI: undisclosed  

Dechert conducts interviews at over 20 law schools and job fairs. The firm also accepts early applications and write-ins . OCIs are conducted virtually by a mix of senior associates and partners.   

According to hiring sources, interviewers tend to have their own style, but “most will look for indicators of a candidate’s ambition, communication skills, leadership and management abilities, as well as potential in teamwork, collaboration and client relationship-building. We also enjoy being able to answer questions about the firm and our own experiences and career paths.” Without a rigid format, the interviews stood out in some associates’ memories, as this source explained: “It was more about them getting to know me as a person, rather than the traditional 'tell me about these things on your CV'.”   

Top tips for this stage:   

“One thing that stood out is every single person I met with was incredibly enthusiastic about the work they were doing. I thought these are the people I’d want to work long hours with.” – a second-year associate    

“The people who interviewed me were great, very warm, and followed up” – a second-year associate    

Callbacks

Applicants invited to second stage interview: undisclosed   

Callbacks are offered in a hybrid format, but all candidates will have the specific ins and outs of the interview explained to them prior to the interview. Candidates typically have four 30-minute interviews with a mix of partners and associates. As with the OCIs, “callback interviews and the questions interviewers ask will still vary,” according to hiring sources at the firm, who add that “interviews can become more personalized, but different attorneys will find different aspects of candidates’ experiences and interests impressive or discussion-worthy.”  After the interviews, the hiring committee meets to consider candidates and make offers.   

Top tips for this stage:   

“The money was the same everywhere. Then I came here for a student dinner and felt very at home. I laughed at jokes because they were actually funny, not because I was trying to fit in. It was comfortable. If I never send out another resume in my entire life, it’d be too soon.” – a third-year associate    

Summer program   

Offers: undisclosed  

Acceptances: undisclosed  

Dechert's standard ten-week summer program starts with an orientation in New York, after which summers get to pursue work in practice groups that interest them. Assignments come from different attorneys and summer associates are encouraged to explore beyond their initial practice group interest. Negotiations and deposition training, writing skills, presentation workshops and practice group trainings are also dotted throughout the program. The firm’s offices, practice groups and many of the firm's affinity groups host social events.   

Candidates receive offers to join as fall associates in either the transactional or litigation pool at the end of the program.   

And finally...   

“You’re likely to encounter some of your biggest career opportunities here at Dechert. Our approach is to judiciously present our people with assignments that draw out their strengths and stretch their boundaries. Accordingly, we recruit lawyers who want to challenge themselves through complex, cutting-edge legal work in a highly collaborative environment. Here, you will be trusted and empowered to do your very best work.” – Christina Sarchio, Securities and Complex Litigation Partner and Deputy Chair of Talent