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Majority of U.S. Law Firms Plan to Change Real Estate Footprint Over Next Two Years
Roughly 85% of U.S. law firms plan to change the size of their real estate portfolio over the next two years, with more than half expecting to add space and about a third planning to reduce it.
That aggressive forecast of growth in office space comes as U.S. law firm office leasing in Q1 of 2024 totaled 3.2 million square feet, an amount that lagged 4.3 million square feet during Q1 of 2023 and 3.6 million square feet during the first three months of 2022.
The real estate statistics are findings of Cushman & Wakefield's 2024 Legal Sector Benchmarking Survey, which includes responses obtained during Q1 from firm partners and associates in the U.S. and globally. The survey was done in conjunction with ALM Legal Intelligence.
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