AVAILABLE OPPORTUNITIES (312) 781-9000
05 Nov

Smaller Cities Overtaking Biggest Legal Markets for Law Firm Growth, Report Finds

by: Astor Professional Search

Law firms continue to expand in lower-cost areas with large talent pools, while growth in dominant markets such as New York and Washington, D.C., has plateaued, according to a study released on The American Lawyer. The new report on legal employment and real estate trends found that the U.S. legal sector has continued to grow in emerging markets, where low business costs and talented millennial workers have attracted firms looking to expand, (as quoted in The American Lawyer).

The report also identified key markets for potential future growth based on legal industry labor and real estate costs—particularly for large firms looking to establish back offices outside their core markets. According to the article, Phoenix was the national leader in legal service employment growth, which includes lawyers, paralegals and administrative staff, with a 9.6% increase from last year. Following Phoenix was Austin, Texas, at 9.1%; Atlanta at 8.9%; Orlando, Florida, at 7.4%; and Dallas/Fort Worth at 5.1%.

“Law offices, in general, are at the point right now where they are really struggling with a profit vs. expense scenario,” notes Julie Whelan, CBRE’s head of occupier research. “Real estate is becoming even more expensive, especially in gateway markets, making it even more important for firms to be strategic in terms of location and size. In some cases, firms may decide to increase efficiency by going to a much smaller space—where they may be paying more per square foot for a smaller size,” (as quoted in The American Lawyer).

See highlights from the full article on The American Lawyer.

Contact Bill Sugarman for more information.

Share it here
Related Posts
18 Oct The American Lawyer Midlevel Associates Survey Highlights (2017)
The American Lawyer Midlevel Associates Survey ...

The American Lawyer published results from its annual Midlevel Associates Survey, finding that “associates generally continued ...

13 Feb Minorities and Female Lawyers Are Making Gains in Big Law, Survey Finds
Minorities and Female Lawyers Are Making Gains ...

The American Lawyer reports that according to recent data released by Vault and MCCA, minorities and female lawyers are making ...

08 Jun Is it Time for Your Law Firm to Grow?
Is it Time for Your Law Firm to Grow?

Law firms that can identify when it is time to grow, and choose the right people when that time comes, are better positioned to...