Law firms around the country are continuing to downsize their office space after seeing revenue and headcount drop, according to a report released Thursday by real estate firm Savills Studley.
The report, which looked at large law firms' real estate in New York, Chicago, Washington, D.C. and Dallas, showed that a majority of firms shrunk in terms of total space used per attorney and none had expanded their footprint.
In an interview, Savills Studley Chief Economist Heidi Learner said earlier this week that she did not see any signs of that trend reversing its course in the next five years and that lawyers would have to continue to grapple with the reality of moving into tighter quarters.
Law firms are starting to adapt with plans that range from doing away with libraries, installing shared workspaces where lawyers can work collaboratively, and assigning offices to partners and associates on a more universal basis with less disparity in size between senior and junior lawyers.
In its second annual report "Law Firm Employment and Space Trends", Savills Studley, a New York-based commercial real estate firm that advises more than 70 percent of the AmLaw 100 firms, analyzed how law firms use space by compiling its own real estate data and using other sources, including the U.S. Department of Labor and real estate information company CoStar...
With shrinking workforce, law firms are forced into tighter quarters: report
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