Law firms here in Boston and across the country are aggressively rightsizing as they look for opportunities to realize significant cost savings. In fact, according to JLL’s recently released Law Firm Perspective, throughout the US the typical firm has cut its footprint by over 22% to 760 square feet per attorney, bringing rent per attorney down by 12% in the process. And that’s just the beginning. As efficiency remains critical, firms would like to reduce target occupancy by an additional 17%.
As you can see in the chart below, this trend is no different here in Boston. In fact, we recently worked with one large law firm that was able to reduce its total square footage by nearly 5,000 square feet while at the same time increasing headcount significantly.
What are you doing to keep up?
If you haven’t already done so, there are several ways you can help your organization reduce costs and get to the target of roughly 600 SF per attorney. This can include:
- Centralizing conference space on one floor
- Eliminating un-needed space like secretarial stations and libraries
- Streamlining office sizes so they can be better utilized and offices don’t sit un-used
For more information on this and other trends impacting the legal industry, I encourage you to download our complete 2016 Law Firm Perspective, and feel free to contact me with any questions you may have.