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Make the Most of Your Law Firm's Lease Expiration

By Elizabeth Cooper and Tom Doughty
January 30, 2013

Lease expirations and other anticipated firm moves represent milestones offering significant opportunity to boost productivity, drive cost and energy use reductions, and improve workforce morale. But as any veteran law firm partner will tell you, lease negotiations and the resulting renovations or moves also represent a highly sensitive management issue. To be successful, focus on drawing the most value from your firm's lease expiration ' whether you decide to make a move, transform your existing space, or simply negotiate advantageously without major change.

What Time Is a Good Time?

The next few years remain a good time to consider a move. It will come as no surprise that since the onset of the recession, law firms have been in the driver's seat when leasing office space. In fact, as the Jones Lang LaSalle's Law Firm Office Perspective Report reveals, law firms have been able to take advantage of a historically tenant-favorable market with average rents discounted by 10% to 20% from the peak in 2007. See www.us.am.joneslanglasalle.com/ResearchLevel1/2012Law_Firm_office_Perspective.pdf.

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