Data from real estate advisor CBRE shows that rents for the capital’s 100 largest law firms rose 7 per cent last year to an average of £43 per square foot. The research found that many firms have reduced space and reorganised their office in a bid to offset the rise, resulting in 63 relocations last year, a 19 per cent increase from 2014.

Some law firms, including CMS Cameron McKenna, Ince & Co and BLM, have made the shift from cubical-style offices to open plan. CBRE found this typically requires 20 per cent less space per head, for an average saving in rent of £21,800 per lawyer.

Frances Warner Lacey, senior director of CBRE’s central London tenant advisory group, said: ‘Property overheads are the second largest cost after salaries for law firms, so as they face up to rising competition and pressure on fees, real estate costs are one area where savings can be made.

‘London continues its position as a global city, so instead of moving elsewhere, many firms have elected to make their current space work harder, while also nearshoring the use of contract lawyers and legal support centres to improve efficiencies.’ Source: The Telegraph