As law firms nationwide expand, the issue of office space becomes a pressing one that requires serious attention. Some of the big deals of the past year included Winston & Strawn’s expansion to 430,000 square feet in Chicago; Ropes & Gray’s relocation to 400,000 square feet in Boston; and Jenner & Block’s relocation to 383,000 square feet in Chicago. Office space is generally the second biggest cost for law firms, behind payroll. Because of its importance, some firms are developing full time positions for individuals to manage leasing deals, rather than delegating the responsibility to firm leaders. Duane Morris, for example, has a five-person team of facilities managers who meets with leasing agents, architects, contractors and vendors. Other firms hire outside counsel to handle lease deals. Besides widespread expansion, increasing merger activity and lateral movement also require that firms have options about future space needs.
Source: www.law.com