find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Law firms find low rents

Law firms find low rents

Rents have come down and law firms are stealing the best deals, statistics show.

RENTS have come down and law firms are stealing the best deals, statistics show. 

Rents in New York have dropped substantially since the start of the crisis and savvy law firms are locking in new agreements at the discounted rates.

In 2007, when the law firm of Orrick, Herrington & Sutcliffe began looking for a new location for its New York office, rents in a prestigious building that suited their tastes ranged from a pricey US$120 (AUD$144) to US$140 (AUD$168) a square foot. Two years and the GFC have seen the company secure a 220,000 square feet office at the Black Rock Building, for about US$70 (AUD$84) a square foot.

The building is owned by CBS Corp, and in addition to dropping the rent they have agreed to spend $150 a square foot to renovate the space, leaving Orrick with little to no out-of-pocket costs to set up the new office, reports The Wall Street Journal.

Orrick was planning to rent at the Citigroup Center, however, after the collapse of Lehman Brothers on September 15, the firm called a meeting and decided to wait the market out.

"We began to see very favorable concessions that indicated to us that it was the time, as they say at the blackjack table, to stick and let the dealer turn down another card," said Peter Bicks, managing partner of Orrick's New York office.

The deal comes during what is turning out to be one of the most tenant-friendly markets in decades. Prices for class-A office space in Midtown Manhattan have fallen 7.2 per cent since the Lehman collapse, according to real-estate research firm Reis, while the vacancy rates is 10.4 per cent, compared with 5.9 per cent prior to Lehman.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017


Law firms find low rents
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...