Autumn on Lake Audobon

Autumn on Lake Audobon
Autumn on Lake Audubon, Photo by Alison Kamat

Thursday, November 13, 2014

Even DC's law firms are trimming their office space--and getting good deals.

A recent Washington Post article highlights a recent CoStar commercial RE management firm report noting that four of Washington's law firms--the type of firm that covets large private offices--are either keeping their current office space size or cutting down the space they occupy in recent leasing actions.   And, in the process, they are getting deals on rent and renovation.  This table from the WaPo article shows what these four firms are doing:

 
Law firm Previous SF leased New SF Leased Net SF Reduction
Hogan Lovells    413,959       413,959                     -  
Morgan, Lewis & Bockius   298,296           250,799          47,497
Latham & Watkins          236,577          232,099             4,478
O’Melveny & Myers          160,958          101,739          59,219
Total          397,535          584,637        111,194

Overall, these new leases comprise a 28% reduction in office space.

We do not know if the staffing in these law firms was also reduced, but it is unlikely that it was reduced by the same amount as the space it leased.  The staffing could have, in fact, increased.  After all, this is Washington, DC!

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