London firms decreasing office space
According to trends over the past several years, major law firms have begun to consolidate their City offices into smaller spaces, decreasing space per fee earner. The latest Law in London report from CBRE indicates that the City’s largest 100 firms have shifted their real estate strategies over the past five years, mainly through a decrease in space.comments powered by Disqus
The report also indicates that new London leases decreased by more than 50% last year, a change attributed trends such as agile work arrangements, hot desks, and technological changes.
Knight Frank also released a report identifying trends affecting London firms’ real estate strategies. The trends include automation and technology, pressure on middle tier firms, outsourcing, a decreased emphasis on scale, and a transition to legal enterprise from the traditional law firm model.