With all of the carnage in the office market, law firms should be asking hard questions about their space as they plan for the future.
Right now, real estate is the second largest expense of law firms behind employees for law firms, according to Ryan Hoopes, a director in the Legal Sector Advisory Group at Cushman & Wakefield. For instance, in Dallas-Fort Worth, real estate is about 5.4% of a firm's revenue, Hoopes says.
Like many professionals, lawyers and their staff aren't going into the office right now. But business is still happening and cases are moving forward.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
