Dechert has laid off 13 associates in its finance and real estate group. The associates were offered three options: to accept the severance package, stay 60 days in another group and then take the severance, or to stay in the new position, although there is no guaranty on the length of stay in that position. Under the third option, some of the associates could end up permanent, but if they stay longer than 60 days, the current severance package does not apply. In a report from lawyer.com, a statement from Dechert Chairman Barton J. Winokur was published. "Due to the major shift in market conditions affecting client demands in our finance and real estate practice area, we currently do not have sufficient work for all the associates in FRE," Winokur said in the statement. "As a consequence, we have told 13 associates in the U.S. FRE group that we see no demand for them in that group in the foreseeable future. However, due to increased and substantial demand in other practice areas, we will be offering those lawyers the opportunity to work in those other groups."
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