NJBIZ’s Post

Looking for top-tier legal talent? Look no further than New York's new hottest legal hamlet, 𝐇𝐮𝐝𝐬𝐨𝐧 𝐘𝐚𝐫𝐝𝐬--the home to a verifiable murderers row of BigLaw behemoths. The already stacked lineup of Hudson Yards tenants that includes the likes of Milbank LLP, Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates, Debevoise & Plimpton, Cooley LLP, Ashurst, Boies Schiller Flexner LLP and Crowell & Moring is about to get better, as powerhouse Cravath, Swaine & Moore LLP loads up its moving vans and prepares to uproot its midtown HQ in favor of the Yards. One of the most storied and prestigious law firms in New York, Cravath just finished renovations on its new office at Two Manhattan West. And from the looks of it, any preexisting notions of the BigLaw juggernaut being archaic or outdated are about to get tossed right out one of the office's luxurious floor to ceiling windows. Rethinking the traditional model to make the office a more appealing place to be has been a priority for many businesses since Covid-related work-from-home arrangements gave a new generation of employees a misplaced sense of entitlement to work from anywhere (yes, I said it). So we've seen a lot of innovation and investment in these new modernized workplaces that often include cocktail lounge-esqe looks and amenities. All I know is that based on the images that have surfaced, Cravath can mandate me to come into the new Hudson Yards office any time. Just one question... is the Tap Beverage Bar complimentary?... https://lnkd.in/dna9P-Ju

🏢 New office, new heights - literally. This week, we're moving into our new office, 8 floors down in the same building. We're excited to grow and thrive in a fresh space! Let's do this! 💼🚀 #GrowthMindset #NewOffice #LawOffice #LawFirm #construction #lawyer

Chicago's legal landscape is witnessing a dramatic shift with law firms opting for high-end, trophy offices. This trend underscores not just a commitment to luxury and prestige, but also the importance of creating an environment that fosters productivity, employee satisfaction, and client impression. These trophy offices, often located in prime locations, also offer the advantage of accessibility and visibility, reinforcing the firms' brand and status within the competitive legal industry. This pursuit of high-end office space by law firms indicates that premium real estate is more than just about aesthetics; it's about projecting an image of success and reliability. It also highlights the growing importance of real estate decisions in shaping a firm's business strategy and culture. As law firms continue to vie for these trophy offices, it's clear that the future of legal workplaces in Chicago will be characterized by a blend of luxury, functionality, and strategic location. #ChicagoLawFirms #PremiumRealEstate #FutureOfWorkplaces

Despite trends showing that many law firms are reducing their office space, our data shows that 70% of firms in the Am Law 200 that signed new leases in New York City in the last year-and-a-half moved to similar or more space. Check out this article, along with the full Am Law Firm report on cresa.com by Gregg Cohen - Corporate Real Estate Specialist and Craig Van Pelt.

Interesting stats below telling a story counter to popular headlines for Law Firms in NYC.

Interesting trends and some beautiful photos of law firm space in New York. Below are a few insights from the article, some of which we're seeing in Vancouver (for tech spaces as well): 1) Soundproofing, with double-pane glass in offices and meeting spaces. 2) Efficiency, with more lawyers overall but up to 40% less space per lawyer. Not all firms are shrinking their total footprint. 3) Total Costs Unchanged, as firms lease smaller spaces in nicer buildings with views and amenities (at a higher price per square foot). 4) Dedicated Workspaces, for those who typically attend 3 days (or more) per week, with generous common and shared spaces for others. What are you observing in law, tech or other industries, and what trends were missed in this article?

Law firms are shrinking from a previous average of 1,000 feet per lawyer to new norm of 600 feet per lawyer. While many firms are shrinking their footprint, this does not necessarily translate to savings on rental as many firms are transitioning to newer higher end locations with higher prices per square foot. "Since the pandemic, firms are focusing more on features like air filtration and acoustics, which have become particularly important with the increase in hybrid meetings." #cre #officespace #lawfirm

Creating a welcoming space goes beyond the basics in any law firm, both for the people who work there and the clients who visit. Think of your office as more than just utilities; it should feel like a second home to your team and a welcoming space for clients. Focus on improving the visual appeal of your firm and shaping a workplace culture that resonates with everyone. Here's why the atmosphere at your law firm matters and how you can enhance it, even on a limited budget. #LawyerMinds #MikesOfficeManagementTips #Lawyers #LawFirm #LawOffice #WorkEnvironment https://lnkd.in/dnWtyJWt

“Law firms have become more strategic in navigating the costs of office spaces,” Tere Blanca, Founder & CEO of Blanca CRE tells Commercial Property Executive. “Instead of relying on large offices with expansive conference rooms that often end up unused, they are designing multipurpose spaces that allow firms to optimize their space while enforcing the collaborative aspect fundamental to law practice.” Explore how these evolving trends are reshaping the legal real estate landscape. https://lnkd.in/ePeEgqKq

Finally, some good news for the office market as Law Firms leased more office space in 2023 than they did during any of the pandemic years, 2020-2022. In fact, per this article, they leased more in 2023 than in 2017, 2018, or 2019. #denverofficespace