By: Robert Kramp, Vice President and Director of Research, Jones Lang LaSalle, Midwest and Great Lakes Region
Yes, economic activity has seen an upturn in recent months, and many industries are feeling the positive return of economic acceleration. With the improved fundamentals comes a change in the future of office space as evidenced with trends in law firms.
For starters, JLL research has found that growth revenue levels for AmLaw 100 firms slowed in recent years. And, as revenue slowed, profits per partner did as well. Despite quite a landscape change industry-wide, global firms with diverse practice groups continue to grow and even expand.
So how can law firms succeed in a market environment that is essentially moving away from traditional law firms? We suggest that firms:
1. Focus on growth within practice areas.
2. Explore new markets.
Check out the full graphic for details.
A case of finding growth – An infographic by the team at Jones Lang LaSalle
If you’re looking to maintain, or potentially even cut the cost of, your real estate, there may be ways to make it happen through better use of office space. Stay tuned for JLL’s next infographic featuring space utilization for law firms.
About the Author
As Vice President and Director in the Midwest and Great Lakes Region at Jones Lang LaSalle, Robert has experience in the industrial, retail, multifamily and land sectors. Read up on Robert’s experience or connect with him on LinkedIn.