Law firm real estate moves are always interesting. And it makes sense that attorneys care a lot about their offices — they spend a disturbingly high percentage of their lives there. So what are the hot new trends?
Well, we know in New York the buildings going up in the Hudson Yard have a bunch of Biglaw tenants and White & Case showed us what a gorgeous, modern office space looks like. But, there are broader trends at play that impact the entire industry.
Law.com reports on JLL’s 2017 Law Firm Perspective report, and in an effort to appeal to younger associates law firms are leading the way, picking up leases in fancy new buildings:
Paying for Law School in 2025: A Straight-Talk Playbook
Juno has consistently secured the best private loan deals for students at the Top MBA programs since 2018—now they’re bringing that same offer to law students, at no cost. Students can check their personalized offers at juno.us/atl This article is for general information only and is not personal financial advice.
“Law firms tend to want to go to the nicest, newest building in town,” said Elizabeth Cooper, co-leader of JLL’s law firm group. “Top of the building” rates are unlikely to go down, she said, but an opportunity exists for firms in the middle or lower segment of the real estate offerings.
And even cheaper options aren’t tempting when there’s a shiny object:
With global economic growth on the rise and new real estate development popping up across U.S. cities, many law firms are likely to see more favorable tenant conditions in the next 12 to 18 months, a new report said. But even amid those relative bargains, many firms are likely to take the new spaces with the highest price tags.
But it isn’t all bright lights and chrome finishes. The square footage per attorney firms are interested in has taken a hit:
[E-BOOK] 5 AI Productivity Hacks To Save Time And Streamline Your Law Firm
Discover five practical ways to harness AI and eliminate busywork—so you can focus more on your clients and less on repetitive tasks.
Still, firms are cutting back on their square footage and rent per attorney, [John Sikaitis, JLL’s managing director of research] said, giving back between 20 and 25 percent of their space when they move.
Welp, hope you like your coworker… shrinking spaces mean you won’t be able to avoid them.
Kathryn Rubino is an editor at Above the Law. AtL tipsters are the best, so please connect with her. Feel free to email her with any tips, questions, or comments and follow her on Twitter (@Kathryn1).