The Lawyer Asia Pacific 150 is the only research report to provide a ranking of the top 100 independent local firms and top 50 global firms in the region. The report offers critical review of some of the fastest growing firms and their strategies, a country-by-country guide to leading legal advisers and legal services market trends, plus exclusive insight into the current business development opportunities in the Asia Pacific. Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Lawyer 2B looks at the biggest deals and key legal and market developments to have taken place over the summer
Law firms are taking advantage of Londons soft real estate market, with several securing bargain leases and rent-free periods on new office space.
Bevan Ashford, Dewey Ballantine, Herbert Smith, McGrigors, Osborne Clarke and SJ Berwin have all made significant investments in new London premises since the start of the year, and have been able to drive down rental costs to as little as 31 per sq ft.
Scottish firm McGrigors will pay just 31 per sq ft for its new premises at 5 Old Bailey, while Bevan Ashford has negotiated to pay 33 per sq ft for premises at Fleet Place House, including a 27-month rent-free period. Osborne Clarke has also secured a 26-month rent-free period at London Wall, while Norton Rose and Lawrence Graham are expected to commit to taking space at More Londons 13-acre development south of the River Thames.
The legal work tends to be undertaken by a firms own real estate department, although SJ Berwin did bring in Slaughter and May to advise on its move.
According to research by real estate services firm Cushman & Wakefield Healey & Baker, law firms across Europe signed up for 2.4 million sq ft of office space in 2003. London, Paris, Amsterdam and Madrid benefited most from this trend, with law firm movement in London resulting in the total space leased reaching 430,600sq ft last year.
Unlike this year, movement in 2003 was largely driven by US firms entering the UK market, such as Sidley Austin Brown & Wood, which leased 80,000sq ft of office space, and White & Case, which signed up for 120,000sq ft.