Dechert Lays Off More Lawyers

The Philadelphia Inquirer and other media outlets reported yesterday that..

Dechert L.L.P, launched another round of layoffs yesterday, announcing that it had let go of 63 lawyers and 62 administrative staff in offices in the United States and abroad.

The firm said the layoffs affected offices in the United States, Europe, and Asia. It said the move was attributable to the sharp decline in demand for legal services.

The layoffs fell disproportionately on lawyers and staff involved in the firm’s transactional-practice area, which handled mergers and acquisitions and other deals that have dropped off sharply with the collapse of the credit markets and with the stock market’s decline.

"Needless to say, we are taking these steps reluctantly and with great regret," the 900-lawyer firm said in a statement. Last month, Dechert let go of 19 lawyers. "None of these decisions has been made easily, because we know how difficult it is to find new jobs in this challenging economic environment."