Category Archives: Law Firm Market

How the Law Industry Can Fight Stagnant Growth

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By: Rob Roe, JLL Managing Director 

The 2008 recession resulted in significant changes to the legal business. According to our 2016 U.S. Law Firm Perspective, law firms have faced numerous challenges, such as economic uncertainty and volatile legal employment rates, as demand has stagnated.

Despite these challenges, the 2016 Altman Weil Report revealed that nearly 74% of firms with 250 lawyers or fewer have experienced revenue and profit growth since 2008. There has been a slow upward trend in revenue, however, firms must reevaluate their growth strategies to remain profitable.

So, how are they overcoming these challenges?

Industry leaders are starting to regain their footing by adopting new strategies to trim overhead costs, spark growth and maintain high levels of profitability.… Read More

U.S. Law Firms Re-Strategize Their Commercial Footprint: 4 Key Trends from JLL’s Law Firm Perspective

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By  Dan Adamski, Managing Director, JLL, and Rob Roe, Managing Director, JLL

Pittsburgh

Varied legal employment rates and an uncertain month-to-month economic outlook have caused law firms to rethink the way they use their office space. JLL’s 2016 U.S. Law Firm Perspective has conducted an extensive analysis of more than 40 U.S. markets, highlighting the biggest trends impacting law… Read More

Law Firms Overrule Traditional Workplace Strategies

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By: Dan Adamski, Managing Director, JLL

Heading into 2016, law firm revenue is climbing. But with new challenges ahead, continued growth will be accompanied by higher rents and dwindling Class A office space in U.S. Central Business Districts. In fact, direct vacancy dipped below the single digits in many mid-sized markets, including Pittsburgh.

While the legal industry has traditionally preferred Class A and Trophy office spaces, law firms are feeling the pressure to seek alternatives. Moving away from downtown areas and into mixed-use spaces, some new-age law offices are even considered “the most efficient workspace designs available,” according to JLL.

Want more law firm insights? Download the full 2015 Law Firm Perspective for more trends and insights, plus statistics from 40 local office markets.

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Law Firms Get Creative to Face New Challenges in 2016 [JLL Research]

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By: Rob Roe, Managing Director, JLL

Law firms hit record revenue levels in 2014 … just in time to face an increasingly competitive marketplace.

JLL’s newly released 2015 Law Firm Perspective revealed that the market’s job growth hasn’t been this high since the late 90s. But as the legal market expands, firms face fewer office choices and higher rent in Trophy and Class A spaces (i.e. the typical preference for law firms).
Thus, a notoriously traditional industry is taking a new approach to real estate, moving away from downtown locations and toward mixed-use, efficient designs. For more on how the economy and office market are impacting law firms, see what JLL’s Director of Office Research, John Sikaitis, has to say.

Closer to home, law firms across Ohio, Michigan and Pennsylvania are also facing tighter office markets and fierce competition for top talent. JLL’s new report includes a market-by-market analysis of the U.S. landscape.

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JLL Releases 2014 Law Firm Perspective [Free Download]

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By: Robert Kramp, Vice President and Director of Research, Jones Lang LaSalle, Midwest and Great Lakes Region

Law-Firm-2JLL research released the 2014 Law Firm Perspective, and with it, the industry’s leading trends and the latest real estate insights. Across the U.S., JLL found that the rightsizing wave is finally slowing down. Most firms have already downsized for efficiency, and are now looking for new approaches to location strategy.

Another national trend: There’s a supply shortage. Since location, often within prime office buildings, is critical for law firms, they “face more supply constraints than nearly any other industry,” according to the report.

On the upside, law firms are now making site selections based on employee preference. It’s all about talent for law firms, and some hotter, desired locations are in “fringe CBD” areas.

From national to local, law firms in Ohio, Michigan and Pennsylvania have been busy during 2014. Read on to find out what’s happening in your city’s law firm CRE landscape.

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How To Determine Your Law Firm’s Real Estate Strategy [VIDEO]

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By: Andrew Batson, Senior Research Analyst, JLL Great Lakes Region

Are you a leader in the legal field? Before making a decision about your law firm’s real estate, make sure you’re in the loop on the latest industry trends.

From office layout to city preference, the legal landscape is shifting. Below are a few top trends to consider before structuring your own real estate strategy.

  • Budget Allocation: Most U.S. markets are moving in favor of landlords. Rents continue
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Attention Law Firms: Better Space Utilization Cuts Operating Expenses [Infographic]

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By: Andrew Batson,  Senior Research Analyst, Great Lakes Region

Like many businesses today, law firms are looking for ways to increase productivity and reduce spend. In 2013, many were able to do so through better, more efficient real estate strategies.

In the 2013 Law Firm Perspective, JLL researchers saw a trend toward smaller spaces. Those that moved last year relocated to offices that were 7.1% smaller. Plus, square footage per worker decreased significantly, ranging from 900 square feet to 550 square feet.

From a cost standpoint, those that move to more modern, and more efficient layouts can shrink their real estate occupancy budget by more than 15%.

Check out JLL’s full graphic for more on workspace trends we’re seeing in the legal space. 

A space to suit law firms – An infographic by the team at JLL

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Calling All Law Firms: Keys to Succeed in a Muted Market [Infographic]

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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,… Read More

Law Firms Face a Commercial Real Estate Shift in Primary and Secondary Markets

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By: Robert Kramp, Vice President and Director of  Research, Jones Lang LaSalle, Midwest and Great Lakes Region

The national economy is looking up, and the momentum is expected to continue into the new year. However, in the midst of a market shift, the law firm market will meet new challenges in 2014. According to JLL’s newly released Law Firm… Read More