The dramatic change in big law firms from being run as a hierarchical club to a true business is no more apparent than in the change in office configuration. Real estate is an expensive perk.
Firms are recognizing the costs of those senior partner corner offices as well as the need to become more collaborative and egalitarian to attract millennials. Right sizing offices means equal size for all. Moreover, it shouldn't be the material trappings that signal or determine the success of a law firm, but rather the cohesiveness and expertise of the attorneys. Firms will continue to reduce non-essential costs, using experts to assist, so they can focus more on delivering value to clients than showing off views to increasingly unimpressed clients.
Glincher said that real estate costs comprise between eight to 10 percent of gross revenue, which stood at $461 million in 2015, according to The American Lawyer.