CBRE Research Part One: The More Competitive Law Firm
A new two-part series from CBRE Research examines how law firms in Washington, DC have responded to the changing environment and reshaped their real estate decisions.
The legal sector has witnessed unprecedented change since the Great Recession. A combination of market pressures and structural shifts in the workplace has driven law firms to increase focus on real estate costs – the second largest expense after payroll compensation.
PART I – The More Competitive Law Firm: Download»
The first part (covered in this report) discusses the implications of wider market factors in the legal industry, such as the surprisingly large number of firms that have established a new D.C. presence, the local impact of industry mergers and acquisitions as well as large firms that have dissolved. The result is a markedly more competitive legal landscape with associated ramifications for real estate.
PART II – The More Efficient Law Firm: Coming Soon
The second part examines internal drivers and trends which have led to leaner, more flexible and efficient law firm operational structures. It provides an overview of the real estate trends among Am Law 100 firms and identifies unexpected pockets of growth. Workplace strategies and relocation trends in the D.C. market are also addressed in detail.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.