DAC Beachcroft instructs agents to begin search for larger London offices
Firm targets new new 70,000 sq ft base ahead of end of 100 Fetter Lane lease
September 06, 2017 at 07:31 AM
2 minute read
DAC Beachcroft (DACB) has instructed real estate agency Knight Frank to begin a search for a new 70,000 sq ft London headquarters.
The lease on the firm's current base at 100 Fetter Lane – which houses 93 lawyers, according the firm's website – expires in 2019.
The move to 70,000 sq ft would mark an increase of more than 30% on the 53,098 sq ft the firm currently occupies at 100 Fetter Lane.
DACB also has a 33,000 sq ft office at 1 Minster Court, which houses its insurance practice. The firm moved into this office in 2012 following its merger with David Arnold Cooper, and 64 lawyers now work there, according to DACB's website.
Including its London bases, DACB has 11 UK offices with staff based in Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Manchester, Newcastle, Newport and Winchester.
Earlier this year, a report by commercial property company CBRE showed that the number of new London leases taken up by the largest law films in the capital fell by more than 50% last year. After canvassing the largest 100 law firms in London, the report found that factors such as flexible working, new technology and uncertainty following the Brexit vote were driving the downturn.
In June, DACB called in Addleshaw Goddard to advise on an overhaul of its members agreement, as the firm moves towards the conclusion of a wide-ranging governance and strategy review.
In its latest financial results, the firm saw turnover rise to £207m, a 2.7% increase on the 2015-16 figure of £201.6m. Profit per equity partner also rose 20% to £432,000, up from £358,000 last year.
DAC Beachcroft and Knight Frank declined to comment.
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