London law firms are cutting back on office space despite expecting growth. Research from property consultants CBRE has revealed that the average area occupied per fee earner in the 100 largest London law firms has reduced by five per cent since 2012 to 490 sq ft, costing £22,400 per annum in 2014. The top 11 to 25 have taken the greatest steps to cut back, slashing the cost of rent per fee-earner by nine per cent to £19,600 a year. Lawyers with their own offices have 550 square feet of space whilst open-plan offices sees fee earners occupying just 310 square feet, representing a considerable saving for firms going the open-plan route.
Reducing property overheads
Whilst 69 per cent of respondents say they expect to see growth in their firms, 83 per cent say their firms are looking at how to reduce property overheads. Meanwhile 74 per cent of respondents said location was the key factor in retaining talent – which poses some issues for firms looking to move out of the City or Midtown. Source: Property Week
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