In the two financial years since Dechert’s striking 49% profitability growth and 25% revenue growth, the global law firm has seen profits per equity partner and revenue sink 15% and 3.5%, respectively.

Though Dechert has not matched the revenue and profitability levels of 2021, the firm’s newly appointed co-chairs said the firm has remained within close range, notable considering the downturn in demand for some of the financial services-focused firm’s core practice areas, while the firm’s leaders are optimistic about deal activity this year.