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Dechert
A global US law firm with particular strengths in investment funds, private capital and finance, offering a six-seat London training contract.
About Dechert
Dechert is a US-founded international firm advising corporations, financial sponsors, investment managers and financial institutions. Investment funds and financial services are prominent parts of its London practice, alongside corporate transactions, finance, employment and other commercial disciplines. Its international funds capability connects lawyers across major investment jurisdictions, including Ireland and Luxembourg.
For prospective trainees, the six-seat structure provides an opportunity to explore several specialisms within a relatively small intake. Four-month rotations require trainees to become familiar with new teams and technical subject matter regularly.
The two-year programme comprises six four-month seats. Options include financial services, corporate and securities, enforcement and investigations, antitrust, finance and real estate, employment, litigation, intellectual property and tax. Seat planning takes account of trainees’ interests and career goals.
Trainees receive supervision, a personal partner mentor and support from the graduate development team. Training includes legal writing, commercial skills, technology and practice-specific development.
Future trainees study at the University of Law’s Moorgate campus. Dechert pays eligible PGDL and SQE preparation fees and provides £20,000 per year during full-time study. Funding requires an accepted training contract offer before the course begins; fees and grants are not reimbursed retrospectively.
Practice areas & rankings
Dechert has 11 ranked practices in Chambers UK 2026. Its recognised areas include hedge funds, private equity funds, credit funds, CLOs, derivatives, leveraged finance, corporate M&A, employment and employee incentives. New or improved rankings include CLOs, derivatives and credit funds.
Ranked departmentsChambers UK
Explore the practice areas
Ranked Band 2 for Investment Funds: Hedge Funds, UK-wide, in Chambers UK 2026, Dechert advises emerging managers and major institutional clients. Its work covers fund launches, fundraising, commercial terms and regulatory compliance. The practice supports fundraising across Europe, the US, Asia and the Middle East, drawing on expertise in different fund jurisdictions.
Ranked Band 2 for Investment Funds: Private Equity: Credit Funds and Band 4 for Investment Funds: Private Equity, UK-wide, in Chambers UK 2026, these practices advise on establishing, structuring and operating investment vehicles. The work connects fundraising with investment strategy, investor relationships and regulatory requirements.
Ranked Band 4 for Private Equity: Buyouts: Up to £500 million, UK-wide, in Chambers UK 2026, Dechert advises private capital clients on transactions and related financing. Its wider offering includes fund finance, subscription facilities, NAV financing and structured products, connecting the needs of investment funds with their acquisitions and portfolio investments.
Ranked Band 5 for Corporate/M&A: £100–800 million in London in Chambers UK 2026, the practice advises corporations, financial sponsors and investment businesses. Its work includes acquisitions, investment transactions, financing and restructurings, with international matters supported by the firm’s wider corporate team
Awards
Impact Deal Award, Securitization and Structured FinanceIFLR Europe Awards 2026
Won for Barings Euro Middle Market CLO 2025-1, the first European CLO to combine a multicurrency structure with an exclusively private credit portfolio.
CLO Deal of the YearGlobalCapital European Securitization Awards 2025
Won for advising Barings on the launch of Europe's first private credit CLO, a 380 million euro transaction.
The application process
Click on each stage to find out more.
Applications cover September 2028 and September 2029 training contracts. The winter deadline has passed; spring applications remain open.
Explain why Dechert’s work interests you using a specific practice or client problem. For example, explore how investment managers raise capital, respond to regulation or finance acquisitions. Support your motivation with evidence of research and experience, then show how your skills would help you contribute.
Use work experience examples to demonstrate accuracy, responsibility and collaboration. Explain what you personally did and why your decisions mattered.
Dechert: quick answers
How much does Dechert pay trainees?
Dechert pays first-year trainees £55,000, rising to £61,000 in the second year. Newly qualified solicitors at Dechert earn £165,000.
When is the Dechert vacation scheme deadline?
Applications open 1 Sep · winter scheme closes 16 Oct 2026, spring scheme closes 31 Dec 2026 · winter scheme runs 7-18 Dec 2026, spring 30 Mar-9 Apr 2027 · ALL trainees are recruited from the vacation schemes Deadlines can change and popular schemes may close early, so check the live application deadlines tracker.
How many trainees does Dechert take on?
Dechert takes on around 10 trainees in each intake, so places are competitive and strong applications matter.
What tests does Dechert use in its applications?
The second stage comprises a Critical Reasoning Test and written exercise. Candidates receive five days to complete them, separately if preferred; together they take approximately one hour. For critical reasoning, practise distinguishing conclusions from assumptions and assessing whether evidence supports a statement. Base your answer on the information supplied. For the written exercise, establish the task’s purpose and intended reader before drafting. Prioritise important points, explain your reasoning clearly and reserve time to check accuracy. The current page does not name the test provider or publish a detailed written-task format.
What grades do you need to apply to Dechert?
To apply to Dechert you will generally need a 2:1 degree. At A-level, Dechert asks for AAB. Requirements can flex where there are mitigating circumstances, so always check the firm's own criteria if your grades differ.
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