Location, location, location still key as law firms see offices as vital in attracting clients
The latest Big Question survey shows that 91% of respondents feel that a law firm's office space significantly influences how clients perceive it, with fewer than one in 10 disagreeing. The vast majority of respondents also regard office space as important in attracting and retaining talent, with 96% describing it as either very (39%) or quite (57%) important. "The location and feel of the office is much more important than you might otherwise think," said Norton Rose Fulbright global head of corporate Martin Scott (pictured, right). "It is essential to have a space that people want to be in. It's been five years since we moved but the building still feels cutting edge.
October 24, 2013 at 07:03 PM
4 minute read
Partners believe investing in quality offices will help them retain staff and impress clients. Pui-Guan Man reports
The majority of partners at UK law firms believe that the quality and location of their offices plays a significant part in reinforcing client relationships, according to new research by Legal Week.
The latest Big Question survey shows that 91% of respondents feel that a law firm's office space significantly influences how clients perceive it, with fewer than one in 10 disagreeing.
The vast majority of respondents also regard office space as important in attracting and retaining talent, with 96% describing it as either very (39%) or quite (57%) important.
"The location and feel of the office is much more important than you might otherwise think," said Norton Rose Fulbright global head of corporate Martin Scott (pictured, right). "It is essential to have a space that people want to be in. It's been five years since we moved but the building still feels cutting edge.
"When we moved to More London we were convinced that being in the right building was more important than the exact location. Having made the move there are no regrets – people like our site on the Thames, facing several famous landmarks; they feel they are a part of London, not just part of the City.
"Although with email the number of client meetings has reduced, clients still enjoy coming to our offices. And while it is not the only factor in retaining employees, it plays a big part in keeping people happy at work."
When asked what the most important factor was in choosing new office space, two-thirds (65%) said location was paramount while 23% opted for cost as the top priority. Only 6% believed that size was the critical factor with another 6% citing the interior fit-out.
The cost of London office space has been making the news in recent weeks. K&L Gates' UK limited liability partnership (LLP) accounts showed that more than a fifth of all its UK revenue – £8.4m out of £39.2m – was spent on land and building leases in 2012, with the vast majority going towards rent on its One New Change headquarters.
Mike Francies, London managing partner at Weil Gotshal & Manges, which moved into the Rolls Building at 110 Fetter Lane in 2011 from its longstanding base in South Place, near Moorgate, said spending on office space could be a legitimate investment. "I feel that investing in office space is worthwhile, both for the people working at the firm, and for the confidence of clients.
"For us, location was one of the most important factors as we were keen to stay in the City, and the quality of the facilities was another. We spent time in the planning stage consulting with staff to hear what they wanted and we're very pleased with the end result. We've had some great feedback from clients too."
Clifford Chance (CC) was identified by the respondents as the London-based firm with the best office space, followed by Slaughter and May, whose offices are at One Bunhill Row in the City, and then Norton Rose.
However, one respondent added that CC's Canary Wharf location was a disadvantage. "It's at Canary Wharf, so it fails badly on location. Clients don't want to go there, so most meetings happen in the City or at banks' West End offices."
"Canary Wharf is not to everyone's taste," conceded Patrick Sarch, a corporate partner at the firm (pictured, right). "But for us it is an efficient location. Being in the vicinity of so many banks means it takes less time to shoot across to them than it takes to book a meeting room, which makes a big difference.
"Office space is important in reinforcing the culture of a place and creating the right impression. But I think overly grand offices can put people off. Some clients might wonder if they are paying for a particularly lavish reception area while they are sitting in it."
Asked which aspect of their own office they would like to improve, the most popular choice was working space (32%) with client space and decor in joint second (18%). Next came the toilets and changing room facilities (14%), followed by the cafeteria (11%). Just 5% of the respondents said they would like to change the location of their offices.
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