A Day of Reckoning for NY Law Firms When the Lease Expires
Manhattan law firm offices are designed to dazzle clients with breathtaking views and the latest wizardry at a cost of hundreds of thousands of dollars a month. But a decade later when the lease expires, law firms face a day of reckoning.
October 12, 2018 at 09:06 AM
4 minute read
The original version of this story was published on New York Law Journal
Manhattan law firm offices are designed to dazzle clients with breathtaking views and the latest wizardry at a cost of hundreds of thousands of dollars a month. But a decade later when the lease expires, law firms face a day of reckoning.
When Flemming Zulack Williamson Zauderer folded this year after 47 years, the name partners said they didn't want to take on the long-term financial commitment that a new lease would require. The same was true for Wormser, Kiely, Galef & Jacobs, which disbanded after 80 years. Kornstein Veisz Wexler & Pollard made a similar decision after a 35-year run.
“I miss just a little having a huge corner office overlooking the harbor, having a whole wing of conference rooms and of course you miss the people you worked with,” said John Zulack, 76, who went to Allegaert Berger & Vogel when Flemming Zulack dissolved. “But it was easier when you're 50 or 60 or 65 to sign a new lease for 10 years. But when you're my age, that's an obligation you don't really want to impose on your family.”
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