After personnel costs, rent accounts for the most significant portion of a law firm’s expenditures. As a result, more law firms are weighing the benefits of negotiating lease extensions early to remain in their current locations. But the decision to engage one’s current landlord in renewal negotiations requires a thorough understanding of the firm’s overall space situation. This includes an analysis of the building infrastructure.
For law firms the important thing is to start early. By undertaking an assessment of needs long before the expiration of their current lease, law firms have the ability to position themselves with maximum flexibility to take advantage of whatever alternatives may arise during the remainder of the lease.
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