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Pace of Law Firm Leasing Picked Up At End of 2023, But Many Firms Shed Space
As Big Law firms push a return to the office, law firms continue downsizing their physical footprints, in line with a trend of fitting lawyers and staff into less space.
Bryan Cave Leighton Paisner signed a lease renewal in the fourth quarter for 73% smaller space in its Washington, DC, office. Also in the fourth quarter, Cohen Milstein Sellers & Toll restructured its office lease in D.C., shedding 10,000 square feet, and Zuckerman Spaeder contracted slightly in space when it inked a new lease one street over from its current office.
While law firms have continued the trend of cutting back on square footage through lease renewals, overall law firm office leasing in D.C. picked up the fourth quarter compared with the previous quarter, with more firms securing office space during that time frame.
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