Despite a slight increase in demand, layoffs persist in Biglaw, prompting some firms to defer start dates for incoming associates to ease their attorney head count. Dechert, a renowned law firm that reported $1,288,692,000 gross revenue in 2022, recently declared an optional deferral program following a global reduction in force earlier this year, where it decreased its total workforce by 5%.
As reported by Bloomberg Law, Dechert’s optional deferral scheme provides potentials for its incoming first-year associates to delay their start date from 2024 to 2025. The firm further offers a $75,000 stipend to those who commit to work with a nonprofit entity through the firm as part of their deferral period.
Incoming associates who accept the deferral will join the firm in fall 2025, confirmed a Dechert spokesperson. However, the stipend and benefits will only be provided to those who elect to work for a pro bono or nonprofit organization through Dechert. For those pursuing other opportunities, these perks won’t apply.
The direction the incoming first-years of Dechert will take is yet to be observed: will they seize the money and embrace the chance to work with a nonprofit, or will they stick with the original plan and join the firm in 2024? Whatever path they choose, it’s clear they have a significant decision to make.
In the meantime, if your firm or organization is contemplating reducing its attorney or staff numbers, through deferrals, layoffs, or voluntary buyouts, your insights could be invaluable to the broader legal community.
Read more about Dechert’s deferral strategy from the original article here.