Challenging BigLaw in NYC to Help Save the Planet
One need not be a managing partner to know that a firm spends a significant portion of its annual budget on heating, cooling and powering its space.
September 27, 2018 at 03:22 PM
5 minute read
It's no secret that in New York City, BigLaw is Big Business. Law firms occupy 10% of the city's commercial office space, hosting thousands of employees across millions of square feet. One need not be a managing partner to know that a firm spends a significant portion of its annual budget on heating, cooling and powering its space.
It may not be so well known that buildings account for approximately 70% of New York City's greenhouse gas emissions – a total of more than 13 million metric tons of carbon dioxide equivalent per year are emitted by commercial and industrial buildings in the five boroughs. These emissions contribute to the build-up of greenhouse gases in the atmosphere, posing a dire threat to the health of our planet and to our coastal, low-lying city.
In the absence of federal leadership on climate change, New York City has stepped up to do its part to maintain progress towards achieving the goals of the Paris Climate Agreement by committing to reduce its greenhouse gas emissions 80% by the year 2050. This ambitious goal will require substantial reductions in the greenhouse gases emitted by city buildings. The legal community, with its large real estate footprint, wields enormous power to make a positive change in New York City's carbon footprint. We also stand to realize hefty savings by reducing our energy costs.
That's why we support the effort of the NYC Climate Action Alliance to connect law firms to energy efficiency resources, including the New York State Energy Research and Development Authority (NYSERDA)'s Commercial Tenant Program. Through the Commercial Tenant Program, NYSERDA will provide up to $50,000 in funds to commercial leaseholders for an energy assessment of their office space performed by a licensed engineer. These energy assessments result in customized recommendations of energy conservation measures and a full financial model of the recommended upgrades. As a not-for-profit organization founded by attorneys (including the authors), the NYC Climate Action Alliance can help law firms connect with NYSERDA and its Commercial Tenant Program.
Several of New York's top law firms have begun to include energy conservation measures in the design of their office spaces. White & Case worked with NYSERDA while building out the firm's new offices at 1221 Avenue of the Americas. The result is a sleek, modern, glass-paneled space that is projected to save the firm approximately $390,000 per year and provide a return on investment of 1141% over the 20-year lease term.
Similarly, Paul Hastings participated in NYSERDA's Commercial Tenant Program in the planning and build-out of its new space at 200 Park Avenue. With the energy conservation measures installed, the firm is projected to save approximately $270,000 per year and realize a return on investment of 1071% over the 16-year lease. These two firms are not only doing their part to help New York City reduce its greenhouse gas emissions from building sources; they are also demonstrating that committing to climate-friendly initiatives can be great for business.
Office energy efficiency improvements can yield other benefits as well. Such upgrades can be a powerful business development tool signaling a firm's commitment to environmental sustainability. Incorporating sustainability into a firm's office space can also help attract strong legal talent in a crowded recruiting market. Moreover, energy efficiency improvements can have the added benefit of making for healthier environments and improving comfort, thereby leading to a more productive workplace and better long-term job satisfaction.
The New York City legal community has shown itself time and again to be a forceful driver of change on important issues and improvements to our way of life. Here, law firms have another such opportunity to help New York City assume a leading role in the global effort to avoid the most significant impacts of climate change. By taking this opportunity we, as a legal community, can do the right thing and at the same time improve our bottom line.
We welcome any attorneys or law firm managers interested in learning more about NYSERDA's Commercial Tenant Program and other energy efficiency resources available to law firms to reach out to [email protected] for more information.
The authors are environmental attorneys and co-founders and board members of the NYC Climate Action Alliance, a not-for-profit organization (born out of the work of the Environmental Law Committee of the New York City Bar Association) committed to building a coalition of businesses, institutions, NGOs, and citizens to help drive the changes necessary to realize New York City's ambitious 80×50 greenhouse gas emissions reduction goals.
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