What All Firms Have in Common
In the next decade, the legal industry will go through more changes than it has in the past 100 years, Cushman & Wakefield legal sector advisory group head Sherry Cushman told us yesterday. All changes are side effects of firms' business and financial issues. That's what prompted the company to start its National Legal Sector Benchmark Survey for the first time last year and recently kick off survey year two. It focuses on key drivers of law firm's real estate decisions, and business, financial, and operational topics.
Last year's survey illuminated two big trends, Sherry says. Statistics from firms large and small, in differently-sized markets the country, were very similar. It also became apparent that when firms were asked to rank top issues relating to internal business—more than 50% of responses were on recruiting and retention. Real estate can support and improve retention and recruiting, she says. It's about creating a work environment that's right for everyone, often with four or five generations of lawyers under one roof.