Tag Archives: Law Firm Trends

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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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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