Nancy Lasersohn, Dechert’s chief marketing officer, pauses at a Lucite magazine rack in the firm’s Philadelphia offices and notices that something is amiss. “Oh,” she says, grabbing a fistful of glossy brochures touting the firm’s state tax practice, “I guess we should get rid of these.”
Less than a day has passed since CEO and Chairman Barton Winokur sent an e-mail to the firm’s 1,007 lawyers announcing that the state tax practice — with Dechert’s blessing — was moving to Reed Smith. Though the three-partner group had posted $10 million in revenues (and turned a tidy profit) the year before, Dechert had declined to make it a national practice. “For a variety of reasons, the development of a nationwide state tax practice is not a strategic priority for Dechert,” Winokur wrote in his e-mail.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]alm.com