Dechert LLP - True Picture

For trainees looking to cut their teeth in cross-border funds work, Dechert is a dead chert.

Dechert training contract review 2025

The Firm



What do Kevin Bacon and Dechert have in common? We’re not sure about the dance moves of the latter, but both were born in Philadelphia and have become a pretty big deal across the pond too. They have the number six in common as well. As the saying goes, everyone will supposedly be six degrees of separation from the aforementioned Kevin Bacon, and Dechert, after all, offers a six-seat training contract. Pronounced ‘deck-urt’, this Philly-founded firm has a strong international flavour, with its base spread across 20 offices globally. Though its connections with the UK date back much further, Dechert opened its London office in 1972, making it 14 years younger than Mr Bacon, and (fortunately) bringing our comparisons between the two to a close. Chambers Globalrecognises the firm for its funds and capital markets work in particular, but Dechert’s Chambers UK rankings include nods to banking and finance, hedge funds, finance crime, and employment.

“Dechert just fit the bill!”

The appeal of American firms is pretty well established: “I was looking for American firms because of the smaller intake and also because of the slightly less formal working atmosphere.” And as one interviewee put it, “Dechert just fit the bill!” The six-seat training contract also caught the attention of sources who wanted to experience a range of departments and a little more variety. This kind of environment is by design rather than by accident too, as training principal Adam Silver explains: “We don’t leave people unsupported, but we like to push people to the point where they think ‘gosh, can I do this’ and then prove to themselves that they can.” It’s worth noting that Dechert only recruits via the firm’s vacation scheme, and it was the experience they had here that sealed the deal for our sources. As one interviewee recalled: “It reinforced my choice because people were open and receptive, and wanted me to succeed.”

The Seats



Yes, you read that right, trainees at Dechert do six seats over the course of their training contract. Of course, this means a wide variety of work, but also means that “it matters less if you have to spend four months in a seat you don’t like, or perhaps are less interested in.” It’s also possible for trainees to repeat seats, so there may be more experience available in a department than this structure immediately suggests. Be warned though, an interviewee shared that the number of seats means that “you need to be prepared to be challenged in areas that you’re not necessarily knowledgeable about from the beginning.” Trainees rank their top three preferences before each rotation, and have a conversation with the graduate recruitment team about the reasons behind those choices. If a move every four months isn’t enough to keep trainees on their toes, we heard that there were times when trainees found out which seat they were moving to a few days before the move! There are also secondments to Dublin and Singapore on offer, and the potential for a client secondment with one of the firm’s many funds clients too.

“…physically, on the phone or over emails you’ll probably be talking to a client at least daily!”

Dechert’s financial services group was described by trainees as both “the engine room of the firm” and “the jewel in Dechert’s crown.” And there’s no getting past it, the department really is amongst the best in the city. As one interview put it: “The firm does fund formation and asset manager side work, but this includes from hedge funds, through to private equity – every kind of fund In nearly all jurisdictions across the globe.” We heard that there are three main sections to the funds group: “Hedge funds, private equity and regulatory advice. And the way you work as a trainee, in every seat you can guide the work you want, and they’ll find a way for you to do the work you want to do.” As a source shared: “In terms of trainee tasks and day-to-day, there’s lots of document review, proofreading, cross-reference checks, finishing touches, and a lot of transaction management – project plans, status tables, talking board minutes and execution packs.” If that’s not enough variety for you, there’s also “research tasks and due diligence on funds for clients” to get involved with, as well as “a lot of client-facing work.” An interviewee told us that what stood out to them most in this seat was “how willing they are to actually put you in front of clients – physically, on the phone or over emails – you’ll probably be talking to a client at least daily!”

The firm’s litigation group is split into securities and complex litigation and enforcement and investigations. The former was described as “very team-based, so everyone’s working together on one project and doing one stage.” That meant that trainees in the seat had the chance to work on “lots of big-ticket litigation matters.” We heard that subject matter includes lots of insurance litigation, some restructuring litigation, and some work “at the intersection of funds, employment, and litigation, so there are lots of clients from FSG who then have employment and litigation issues.” One trainee had done a lot of work at the disclosure stage during their seat, and shared that this involved “doing doc review and tagging docs for relevance. The other bit is more progressed, so drafting witness statements, instructing experts, and kind of preparing for the trial.” One well-known client of the firm is Pizza Express, who Dechert represented in a £140 million claim over an insurance policy for business interruption triggered by the Covid-19 pandemic.

Trainees who spent time in a finance and real estate seat described the team as “covering everything from real estate finance - ie, financing real estate projects – through to securitisation work, structured finance work, CLOs, and a lot of back leverage, loan-on-loan stuff.” As one source put it: “It’s essentially our structured finance team and real estate finance team, with a very small amount of pure real estate work.” Trainees boasted about the fact that those in the seat “get to work closely with partners all the time.” We heard that “the partners are fond of legal research, so often have quite niche points raised by the clients in very specific areas of finance law, so you often do a bit of research,” but “it’s a very varied seat” because trainees are also “running checklists, drafting corporate authorisations, keeping on top of all the documents, running deal checklists and insolvency checklists, and drafting legal opinions.” The firm’s real estate finance client list includes names like Blackstone, Wells Fargo, Goldman Sachs, Citibank, Oxford Properties and Birchwood Capital.

“In a lot of ways, you’re basically an associate.”

Trainees at the firm were quick to highlight employment as a team offering “both contentious and non-contentious work.” On the advisory side, we heard that this involves “working a lot with financial services clients to help them draft members agreements, partnership agreements, and exit agreements for partners that were leaving. There’s also some work assisting corporate with due diligence and producing guidance notes for companies on new employment legislation.” Dechert’s client list includes the likes of GSA Capital, Polar Capital and the Bank of New York Mellon. On the other side of the coin, contentious work sees trainees touch on “unfair dismissal and stuff like that, so everything from witness statements to drafting arguments for the court, preparing bundles, document gathering – every stage of the litigation – it’s a very varied seat.” Trainee tasks included “a lot of research in response to questions we’d get from clients.” What’s more, thanks to the fact that there’s “a lot of client contact in employment, I attended all the witness interviews, liaised with clients and barristers directly, spoke with the judge, and arranged meetings with clients.” As one source explained: “You’re often the only trainee there, so you get a lot of responsibility and you’re doing all of the junior work. In a lot of ways, you’re basically an associate.”

Dechert’s corporate department offers seats in capital markets, private equity, and M&A. In capital markets, we heard that the team often “works closely with Dubai and the Middle East,” with emerging markets being something of a focus point for the firm. The general consensus was that it’s “a really collaborative area of law. Whichever way you look at it, there is always outside counsel for the other side involved, always an issuer, always a bank involved. As a trainee, to start to liaise with all of these parties to request documents and comments from them is an opportunity for big responsibility.” As one trainee put it, the team offers “a multi-jurisdictional, fast-paced environment.” So multi-jurisdictional, in fact, that recent clients have included the Kingdom of Bahrain, the Sultanate of Oman and the Republic of Albania! In one recent matter, the firm also acted for Fondazione Enasarco in a long-running dispute with the Swiss Lehman Brothers entity originating from the well-documented collapse of the bank.

Trainee Life



Dechert trainees felt well supported by their supervisors. The current crop were quick to point out that they “try and involve you in everything they’re working on. They don’t only look at your hard skills such as letter drafting or the learning of contracts, but also look to develop your soft skills like time management and communication.” Adam Silver, the firm’s training principal, explains that the firm focuses “not just on training trainees, but also training our supervisors so they know what they’re doing.” This involves making sure that they “understand how to be good supervisors, not just good lawyers.” There was also praise amongst our interviewees for the training environment this creates: “The associates will typically hold training sessions – there’s quite a few at the start of every seat and they are generally quite helpful as an overview of the work you’re going to be doing.” There was a consensus, however, that “the general approach is very hands-on learning more than more formal training, because you’re just going to do the work, day in, day out.”

Sources raved about their “amazing digs,” with a brand-new office in front of St Paul's. So much so in fact that one interview told us that “the London office is one of the most beautiful views you can have in London,” making it easy to be in the office for Tuesday, Wednesday and Thursday, as mandated by the firm, though the Philadelphia-founded firm can’t promise it’ll always be sunny in London! Working hours, as is generally true across the legal industry, are varied, with one interviewee sharing: “Sometimes I work really late, and sometimes there’s nothing on and I can go home at 5.30pm-ish.” Whilst late nights do happen as matters heat up, trainees felt well supported and shared that if you stay until late on any given evening, the firm will buy you dinner and pay for your taxi home.

“…seniority doesn’t come with isolation in Dechert’s world.”

Trainees felt included in firm life, and part of this feeling was due to the fact that the firm has “office-wide town halls every quarter where we can anonymously submit queries to the management of the London office and talk about issues affecting trainees.” The firm was described as “really inclusive – they don’t want people to just come here, clock their hours, and go home.” We also heard that “one of the most positive things is that the partners are really approachable, so seniority doesn’t come with isolation in Dechert’s world.” Trainees felt supported personally too: “If things go wrong, the firm want you to be open and share as much as you’re comfortable with and allow them to support you, rather than things going wrong and your work being impacted.” On the social side of things, we heard that the firm “have a social committee which had a go-karting event recently. We’ve got a book club and we had an Easter egg hunt in the office, so they’re really trying to make it a really friendly social space, which I think is very much appreciated by everyone.”

Trainees were also quick to highlight an ongoing partnership with Aspiring Solicitors and regular work with 10,000 Black Interns: “People in the firm care deeply about improving diversity,” we were told. As Silver explains, the firm’s target is to “make sure we get as wide a pool of diverse applicants as possible.” Pro bono was also described as “a really big part of the Dechert community.” All lawyers are required to a minimum of 25 hours of pro bono work a year, but the Dechert trainees we spoke to all expected to do more than this. They appreciated the variety of pro bono work they could get involved in and the fact that “it’s an easy way of having a lot of responsibility and getting to do things you wouldn’t necessarily be able to do in your seats.” All trainees have to do at least three sessions with the Islington Law Centre to qualify at the firm, and other opportunities include working with Kids in Need of Defence, Windrush charities and the Afghan Resettlement Scheme.

Whilst trainees appreciated that they were paid a good salary, there were some grumbles concerning compensation at the time of interviewing. However, Dechert has recently upped its trainee salary to £55,000. The qualification process was also described as somewhat “chaotic, in that departments advertised jobs that maybe weren’t there, and people should have found out on the Friday and didn’t find out until the following Wednesday.” Despite this, the somewhat informal process was seen as a benefit in this situation, as we heard that the firm were “offering some hybrid roles at the moment, just so they don’t lose the talent. If the process was so bureaucratic, we wouldn’t have been able to offer them.” In 2024, the firm retained all of its qualifiers.

Deching out your CV...

The firm is a headline sponsor of the Aspiring Solicitors Commercial Awareness Competition, and even offers spots of their vacation scheme to the winners!

How to get a Dechert training contract   



 

  • Winter vacation scheme deadline (2024): 27 October 2024 
  • Spring vacation scheme deadline (2025): 31 December 2024 
  • Summer vacation scheme deadline (2025): 31 January 2025 

Applications and assessments   

Dechert recruits all of its trainees exclusively through its vacation schemes. The firm generally receives around 1,500 applications for its winter, spring and summer vacation schemes, which takes up to ten candidates each. A source tells us that the vacation scheme “acts as a two-week training contract interview.” There are usually ten training contracts on offer in total.   

Following an initial application shortlisting stage, successful candidates are invited to undertake a written exercise. Once through that stage, candidates are invited to attend an interview either virtually or at the firm’s office. This involves an interview with a partner and an associate plus the opportunity to have a coffee with one of the firm’s current trainees.   

At this stage, the firm now operates a blind interviewing system, which means that interviewers have no information on the candidate before they see them, ensuring that everyone is in the same position. Rather than focusing on candidates’ CVs, there is more of a focus on commercial scenarios and the strategy the candidate employed when applying for the role. Candidates are evaluated on style, presentation and the judgement they demonstrate. “Here we're looking for candidates to present their answers in a logical, structured way,” says grad recruitment. “They don't necessarily have to get the answer right, in fact there isn't a right answer; it's more about how candidates reason an argument and analyse the scenario. Like a maths exam, usually a lot of the marks you get are for your working out. It's more about how you arrived at your answer than the answer itself.”   

Vacation scheme   

Vacation scheme attendees visit two departments during their placement and can state up to four seat preferences beforehand. Alongside live pieces of work there are skills workshops, insight sessions, training and practice area sessions. Attendees also participate in a group project over the course of their placement. “Take that seriously,” trainees advised. “It’s a crucial part of the decision-making process at the end.” Various networking lunches, sporting events, and evening drinks keep things ticking over on the social front. “There are a lot of socials!” said trainees. “As well as having fun, my tip would be to use them as an opportunity to get an insight into what people are like at the firm rather than just going for drinks and food.” 

 

Dechert LLP

25 Cannon Street,
London,
EC4M 5UB
Website www.dechert.com

Firm profile
Dechert is a global specialist law firm with approximately 1000 lawyers across 21 offices. We have some of the world’s leading lawyers advising on both domestic and cross-border matters. The firm is frequently retained to work on the most challenging transactions and disputes, and prides itself on its ability to deliver premium legal services and sound business judgment to its clients. Dechert lawyers bring to their assignments a focus on quality, responsiveness and value for money. We are driven by one key principle: exceptional client service.

Main areas of work
In London, our lawyers are active in Dechert’s core practice areas of corporate and securities, financial services and investment management, finance and real estate, trials, investigations and securities, which incorporates our white collar and commercial litigation teams. Our clients include corporations, financial institutions, sovereign states, quasi-sovereign entities and private and high-net-worth individuals all over the world. Dechert undertakes work for 40 of the ‘Fortune 100’ companies and advises 24 of the top 25 global asset management firms, and 41 of the top 50 global private debt firms.

Training opportunities
We take your training seriously, both before and after you qualify. We have a full, and lively, training programme which covers the whole range of skills you need, from technical legal issues and substantive skills training in each practice area to the Critical Skills Institute, which is focused on leadership, management, communication and client relations. Our trainees undertake six seats of four months each, with each trainee being seconded to a client or one of our international offices, providing a truly broad legal foundation. Working closely with partners and associates, and with a small trainee intake, no two trainees’ training contracts will be the same. Following qualification, our NQs attend orientation in Philadelphia. We are looking for candidates who have a genuine interest in business and our clients, are ambitious and who have a keen sense of building community, both within the workplace and with our clients.

Vacation schemes
We recruit all of our future trainees from our vacation schemes, in winter, spring and summer. Our two-week schemes are designed to give you an idea of what it will be like to be a trainee solicitor at Dechert. Each week you will sit in a different practice group, and you are given real work to do by our lawyers. Exactly what you will do will depend on which practice group you sit in, but it will include research, drafting and attending meetings. You will also attend training sessions on a range of topics, such as legal writing and negotiation. Before you start the scheme, we will ask for your practice area preferences and then try to place you in those groups. You will be allocated a supervisor (an associate or partner) and both a partner and a trainee buddy, but will receive work from people at all levels from across the group. Social events, such as evening activities and dinners, are an important part of the vacation schemes as they enable you to build your relationships with Dechert trainees, associates, and partners.

Other benefits
Life assurance, an employee assistance programme, subsidised gym membership, subsidised on-site café, private medical and dental insurance, annual health assessments, pension scheme with firm contributions, season ticket loan and cycle to work scheme.

Open days and first-year opportunities




Visit our website for a full list of Dechert’s bespoke open days in 2023/24

University law careers fairs 2023/24
Visit our website for a full list of the careers fairs we will be attending in 2023/24

Diversity & Inclusion
Dechert’s guiding principles and personal commitments are not simply words written on our website and in our policies — they are something that we all must live by every day. Championing diversity is part of Dechert’s DNA — a culture where respecting and valuing everyone’s voice and creating a shared enjoyment in all we do empowers people from different backgrounds, experiences and points of view to be fully themselves and bring their very best.

The following are just some of the key measures that Dechert has undertaken to improve diversity and inclusion at the firm:


Diversity and Inclusion Committee
Our firm-wide, partner-led Diversity, Equity, and Inclusion (DEI) Committee oversees policies and procedures that support diversity and inclusion. Similarly, the DEI team is responsible for the strategic oversight and implementation of the firm’s diversity, equity, and inclusion initiatives.

The London Diversity and Inclusion Committee promotes an inclusive culture amongst all employees and seeks to foster a greater understanding of diverse groups represented in Dechert’s London community. The committee engages with other affinity groups across the firm to advance Dechert’s diversity, equity, and inclusion mission.

Affinity groups




Dechert is home to several affinity groups. Not only do these groups support the development and retention of diverse attorneys, business service professionals, and allies, but they also affect change by identifying and addressing DEI-related issues. Affinity groups contribute to Dechert’s diversity programming, especially heritage month events that celebrate the richness of our different backgrounds, voices, and perspectives. Our affinity groups include:

• Asian Affinity Group
•  Black Lawyers Alliance
•  Disability Affinity Group
•  Family Network
• Global Women’s Initiative
• Greater Middle Eastern Alliance
•  Latino Affinity Group
•  LGBTQ Affinity Group
•  Dechert Heroes (Veterans Affinity Group)


Diversity, Equity and Inclusion Week
This year’s theme for the firm’s annual Diversity, Equity, and Inclusions week, was Together We Rise. Colleagues were encouraged to come together as a community and celebrate the diversity that truly makes us stronger. The week’s activities included, food and literacy donation drives, outdoor walks, an interactive game to build connections, and a special edition of our Meditation Monday series.

Diversity Dashboards
To increase transparency, goal setting and follow-through, Dechert designed and launched a diversity dashboard that helps firm leaders see where things are working effectively, and where more attention is needed. The Chief Diversity, Equity and Inclusion Officer and Global Director of Diversity, Equity and Inclusion meet bi-monthly with practice group diversity liaison partners and practice group administrators to review hours, work quality and assignments.

Partner Diversity Information Card
Dechert recently launched a Partner Diversity Information Card (Info Card) dashboard to increase transparency and monitor the utilization and staffing processes for all U.S. and UK associates. The goal of the Info Card is to provide Billing, Supervising, and Consulting partners with real time data on how their matters are staffed and to remind partners of the importance of being intentional and equitable when selecting their teams. The Info Card includes an administrative interface which alerts partners if the utilization on their matters deviates significantly from the head count of the firm or their practice group and allows firm leadership to monitor and track the utilization of underrepresented populations.

This Firm's Rankings in
UK Guide, 2024

Ranked Departments

    • Banking & Finance: Lenders: Mid-Market (Band 2)
    • Commercial and Corporate Litigation (Band 5)
    • Corporate/M&A: £100-800 million (Band 3)
    • Employment: Employer (Band 3)
    • Financial Crime: Corporates (Band 2)
    • Restructuring/Insolvency (Band 5)
    • Fraud: Civil (Band 5)
    • Investment Funds: Hedge Funds (Band 2)
    • Investment Funds: Private Equity: Credit Funds Spotlight
    • Partnership (Band 3)