Law.com Compass: Driving Competition for the Best Office Space – The War for Talent & ESG
Law firms have been in acquisition mode in recent years when it comes to their offices, this is due to the role that law firm real estate plays in the war for talent and ESG
February 09, 2023 at 07:17 AM
3 minute read
The highly acquisitive nature of law firms for office space in recent years is one that has been seen across all levels, with large US and UK firms as well as smaller firms all leasing new space. The reason why firms have been particularly active in the commercial real estate market is due to several factors. These include the war for talent, ESG ambitions, lease events, and competition for prime office space, all of which have contributed to law firms' heighted activity in acquiring real estate. Two of these factors, the war for talent and ESG, have also led law firms to now ensure that they have the 'right' real estate in place.
The emergence of a law firm talent war has meant that firms are now looking at what mechanisms they can utilize to attract and retain talent. As well as remuneration and benefits, firms are increasingly turning to real estate as a weapon with the rationale that having the best possible office space can attract the top talent. For example, several Am Law 25 firms have recently signed 'best-in-class' space, with London in particular, at the forefront. The likes of Kirkland & Ellis, Skadden, and Latham & Watkins have all signed deals or are under offer on new space in the UK capital. Firms are now looking at office space with first class amenities including exceptional end of trip facilities, plenty of cycle spaces and terrace and outdoor space for occupiers.
ESG is a term that has increasingly gained importance for law firms and the wider corporate world, with ESG agendas now being discussed in boardrooms. Real estate has its part to play in this, and law firms are now recognizing the importance of having their real estate portfolios aligned with their ESG agendas. This is why more firms are now looking at new office space and specifically relocating to buildings with strong ESG credentials. Firms are aware that ESG is a topic that will continue to be of importance to their clients, and they are therefore expected to adhere to these aims. Real estate is seen as being essential to aligning with their clients ESG strategies.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All![ALM Market Analysis Report Series: Nashville's Rapid Growth Brings Increased Competition for Law Firms ALM Market Analysis Report Series: Nashville's Rapid Growth Brings Increased Competition for Law Firms](https://images.law.com/cdn-cgi/image/format=auto,fit=contain/https://images.law.com/contrib/content/uploads/sites/292/2024/03/FEATURED-Bar-Talk-Merger-Hotspot.jpeg-image620x372.jpg)
ALM Market Analysis Report Series: Nashville's Rapid Growth Brings Increased Competition for Law Firms
Law Firms Mentioned
Trending Stories
- 1States Accuse Trump of Thwarting Court's Funding Restoration Order
- 2Microsoft Becomes Latest Tech Company to Face Claims of Stealing Marketing Commissions From Influencers
- 3Coral Gables Attorney Busted for Stalking Lawyer
- 4Trump's DOJ Delays Releasing Jan. 6 FBI Agents List Under Consent Order
- 5Securities Report Says That 2024 Settlements Passed a Total of $5.2B
Who Got The Work
J. Brugh Lower of Gibbons has entered an appearance for industrial equipment supplier Devco Corporation in a pending trademark infringement lawsuit. The suit, accusing the defendant of selling knock-off Graco products, was filed Dec. 18 in New Jersey District Court by Rivkin Radler on behalf of Graco Inc. and Graco Minnesota. The case, assigned to U.S. District Judge Zahid N. Quraishi, is 3:24-cv-11294, Graco Inc. et al v. Devco Corporation.
Who Got The Work
Rebecca Maller-Stein and Kent A. Yalowitz of Arnold & Porter Kaye Scholer have entered their appearances for Hanaco Venture Capital and its executives, Lior Prosor and David Frankel, in a pending securities lawsuit. The action, filed on Dec. 24 in New York Southern District Court by Zell, Aron & Co. on behalf of Goldeneye Advisors, accuses the defendants of negligently and fraudulently managing the plaintiff's $1 million investment. The case, assigned to U.S. District Judge Vernon S. Broderick, is 1:24-cv-09918, Goldeneye Advisors, LLC v. Hanaco Venture Capital, Ltd. et al.
Who Got The Work
Attorneys from A&O Shearman has stepped in as defense counsel for Toronto-Dominion Bank and other defendants in a pending securities class action. The suit, filed Dec. 11 in New York Southern District Court by Bleichmar Fonti & Auld, accuses the defendants of concealing the bank's 'pervasive' deficiencies in regards to its compliance with the Bank Secrecy Act and the quality of its anti-money laundering controls. The case, assigned to U.S. District Judge Arun Subramanian, is 1:24-cv-09445, Gonzalez v. The Toronto-Dominion Bank et al.
Who Got The Work
Crown Castle International, a Pennsylvania company providing shared communications infrastructure, has turned to Luke D. Wolf of Gordon Rees Scully Mansukhani to fend off a pending breach-of-contract lawsuit. The court action, filed Nov. 25 in Michigan Eastern District Court by Hooper Hathaway PC on behalf of The Town Residences LLC, accuses Crown Castle of failing to transfer approximately $30,000 in utility payments from T-Mobile in breach of a roof-top lease and assignment agreement. The case, assigned to U.S. District Judge Susan K. Declercq, is 2:24-cv-13131, The Town Residences LLC v. T-Mobile US, Inc. et al.
Who Got The Work
Wilfred P. Coronato and Daniel M. Schwartz of McCarter & English have stepped in as defense counsel to Electrolux Home Products Inc. in a pending product liability lawsuit. The court action, filed Nov. 26 in New York Eastern District Court by Poulos Lopiccolo PC and Nagel Rice LLP on behalf of David Stern, alleges that the defendant's refrigerators’ drawers and shelving repeatedly break and fall apart within months after purchase. The case, assigned to U.S. District Judge Joan M. Azrack, is 2:24-cv-08204, Stern v. Electrolux Home Products, Inc.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250