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Office Space
Law firms have long dominated downtown trophy office space, locating in buildings that are the best-of-the-best at “Main and Main.” But times are changing. While growth is slowly returning to the legal industry, slightly rising revenues are still no match for rapidly increasing office space rents. New solutions ' and new locations ' must be found.
As a result, some firms are locating offices outside the central business districts according to this year's annual Law Firm Perspective, a report from global real estate firm JLL. This trend offers an elegant solution for partners addressing seemingly conflicting challenges: the need to cut costs to keep operations focused on efficiency and productivity; and, the need to invest in offices that support innovation and competition for talent and clients.
Here, Elizabeth Cooper and Tom Doughty, co-chairs of JLL's law firm practice, discuss the latest property trends and real estate strategies law firms should consider.
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