With Millions in Real Estate Savings on the Table, the Am Law 100 Are Ready to Slim Down
Eyeing millions in savings, many firms are ready to reduce their post-pandemic footprint. Elites may keep it as a differentiator. Everything is on the table.
April 20, 2021 at 09:30 AM
8 minute read
Legal ServicesInspired by a newfound comfort with remote work, almost 40% of the Am Law 100 are planning to reduce their office footprints, according to this year's survey. At an average cost of $55 per square foot and an average footprint of more than 900,000 square feet, based on more than 50 firms that detailed their present real estate situation in the survey, there is the potential for massive savings—and many firms are eager to take advantage.
What data are you leveraging to sell strategy internally? Get the Am Law 100 data exclusively with Legal Compass.
But not everyone is ready to cut back—22% of respondents said they have no intention of reducing their office space—and some elite firms may seek to use their vast footprint as a differentiator as the competition slims down, legal industry observers say.
This content has been archived.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
© 2024 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.
Law Firms Mentioned
Trending Stories
- 1The Law Firm Disrupted: For Big Law Names, Shorter is Sweeter
- 2How I Made Office Managing Partner: 'If You Are Aware of Areas for Improvement and You Can Play a Role in That, Speak Up,' Says Jennifer Mellott of Freshfields
- 3'I'm Staying Everything': Texas Bankruptcy Judge Halts Talc Trials Against J&J
- 4What We Know About the Kentucky Judge Killed in His Chambers
- 5Burns & Levinson to Wind Down After 64 Years in Boston
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