Dechert
About
Dechert
Dechert is a US law firm with deep roots in Philadelphia and a long-established presence in London.
Its history dates back to 1875, when Wayne MacVeagh and George Tucker Bispham founded predecessor firm MacVeagh & Bispham. The modern Dechert name arrived in 2000, the same year the firm combined with London practice Titmuss, Sainer & Webb.
The firm had already been in London for decades by then. Dechert opened its UK office in 1972, making it one of the earlier US firms to establish a permanent City presence. London is now one of its largest international offices and a hub for work across Europe, the Middle East and Asia.
Dechert’s London business is closely tied to asset management and private capital. The firm has a particularly strong reputation in investment funds, private credit, structured finance and CLOs, alongside leveraged finance. Its London platform also covers corporate/M&A, white collar and investigations, antitrust, employment, tax, IP and real estate.
That mix makes Dechert a little different from some US firms in London that are built with a heavy focus around big-ticket private equity M&A. The firm is especially entrenched with asset managers, credit funds and financial institutions, and its global financial services and investment management team numbers more than 200 lawyers.
Dechert has recently returned to growth after a more difficult post-boom period. Revenue rose 6.6% in 2025 to $1.61 billion, while profit per equity partner increased by more than 27% to around $6.2 million, according to figures from The American Lawyer.
Recent work highlights
Recent deal and industry highlights for Dechert in the UK market include:
European CLO platform: Dechert advised London-based Spire Partners on its acquisition by Macquarie Asset Management in 2026. Spire, which manages around £5.7 billion across CLOs and other strategies, became Macquarie’s European CLO platform.
Direct lending CLO: Dechert advised Ares Credit funds on the pricing of Ares European Direct Lending CLO II, a transaction of more than £300 million. It followed one of the first reinvesting direct lending CLOs in the European market.
Infrastructure investment: Dechert advised Tetragon Financial Group on the sale of a 16.1% stake in infrastructure investor Equitix to Hunter Point Capital. The 2025 transaction implied an enterprise value of £1.3 billion for Equitix, excluding net debt.
Recent coverage
What is Dechert known for?
In the UK, Dechert is best known for its asset management and finance practices:
Investment funds
Dechert has one of the City’s strongest investment funds practices, with particular strength in alternative asset management. Chambers ranks the firm Band 2 for both hedge funds and private credit funds.
CLOs and structured finance
CLOs are a signature part of Dechert’s finance offering. The firm advises arrangers, managers, investors and other market participants on securitisations and structured credit transactions, and is ranked Band 2 by Chambers for CLO work.
Leveraged finance
Dechert advises lenders, credit funds and other financing providers on acquisition and leveraged finance. Its London team is ranked Band 3 by Chambers for mid-market lender-side leveraged finance.
Employment
The firm also has a well-regarded employer-side employment practice in London, advising on senior hires and exits, transactions, disputes and workplace issues. Chambers ranks the team Band 3.
Financial performance
In 2025, Dechert's revenue was $1.61 billion and profit per equity partner was approximately $6.2 million, according to figures published by The American Lawyer.
London salaries
Here’s what Dechert pays its London trainees and newly qualified (NQ) lawyers:
Who does Dechert compete with?
In London, Dechert competes most directly with other US firms that have strong funds, private credit and finance practices. Its peers include Akin, Paul Hastings, Proskauer and McDermott.
Trainee information
Other things to know
US expansion: Dechert has gone on a major lateral hiring push in 2026, bringing in around 50 partners and opening offices in Chicago, Dallas and Houston. The expansion has strengthened litigation, restructuring, M&A, employment and other core practices.
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