For law firm real estate, the biggest question isn't always "location, location, location." (If that was the biggest question, the biggest objection would be asked and answered.) We're going in depth on the subject at our Real Estate Strategies for Associations and Law Firms event on Tuesday, April 14, at the Renaissance DC. We think you'll really enjoy joining us.
The value of real estate to the firm is being considered, says Perkins+Will principal Diana Horvat. For some, it means an address, for others, a place for your clients to come, and for others, a recruiting tool. Firms are looking at space in a more purposeful way, and the value of the space is tied to the outcome. Diana has been practicing architecture for more than 25 years, recently working with law firms including Nixon Peabody and the 770-lawyer Canada-based firm Fasken Martineau. She's joining Bisnow as a panelist for our event.
Diana worked on the the World Wildlife Fund HQ in DC, above. Real estate is the second highest fixed cost for law firms, coming in after salaries. In the past, firm branding tended to focus on how nicely the space could be outfitted for clients to see; now it prioritizes how the space communicates the firm's culture to attorneys and staff, and accommodates future flexibility. While in the past there was a lot of focus on expansion rights, now there's just as much discussion of give-back rights.
From carpets and mahogany, law firm interiors have changed to look much more like the CoStar Group HQ (above) that Diana worked on. Three main reasons are behind the shift. First, clients are putting more pressure on firms to be innovative in how they deliver and price services. Second, clients are also implementing alternative real estate strategies for their businesses, and are looking for those to be reflected in the firms they're working with. Third, as firms can only pay employees so much in a competitive market, being able to attract the most well-versed attorneys means creating a space they want to be a part of. To join Diana and a panel of other lawyers and DC real estate experts for the Real Estate Strategies event on April 14 at the Renaissance DC, buy tickets here.
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