While law firms continue to absorb traditional office space, t
he companies are adopting new workplace strategies.
Law firms are adapting to new office formats. While law firms continue to use traditional office space, these companies are adopting new workplace strategies to recruit and retain talent. However, law firms need to balance the needs of employees at different stages of their careers.
“There has been a marked shift in thinking and a new approach to space and talent required for today’s legal workplace,” Jonathan J. Larsen, principal, managing director and member of executive committee for the US at Avison Young, tells GlobeSt.com. “We are seeing more law firms encompass multiple generations, from recent law school graduates to senior partners well past the conventional retirement age.”
While new entrants and mid-level attorneys have their own specific needs, senior attorneys do as well. “Attorneys in their early 60s are considered to be too young to retire, especially when they are partners with relevant books of business,” says Larsen. “In most major law firms, 60 to 62 had been a mandatory retirement age. Over the last few years, however, several local firms that have expanded nationally have hired attorneys in this age group with a relevant book of business, and many continue to work well into their 70s and 80s.”
In addition, law firms are moving away from building individual talent and moving toward a team-focused format. “Legal teams are replacing individual stars. Clients now judge law firms by the quality of their teams rather than by individual lawyers,” says Larsen. “As a result, law firms are under increased pressure to foster teamwork among attorneys who may often be spread out across several locations.”
To adapt to all of these changing needs and strategies, law firms are making significant investments in workplaces and technology. “With that said, firms are re-thinking their businesses, leveraging improvements in information technology to operate more efficiently across wider geographies and providing clients with greater access to remote resources,” says Larsen. “They are also expanding from urban cores to secondary locations in suburbia, closer to where senior partners and staff live. Often times, suburban offices have an advantage of lower rents and reduced commute times as compared to urban hubs, which leads to a better quality of life.”
The change is slow, but ultimately, these trends will result in a change in workplace format. “Ultimately, all of these changes in culture, strategies and philosophy are directly related to how office space is looked at and used,” says Larsen. “It is important to have an expert who understands those key drivers when it comes to looking for new space, expanding or renegotiating a lease.”
By: Kelsi Maree Borland (GlobeSt)
Click here to view source article
“There has been a marked shift in thinking and a new approach to space and talent required for today’s legal workplace,” Jonathan J. Larsen, principal, managing director and member of executive committee for the US at Avison Young, tells GlobeSt.com. “We are seeing more law firms encompass multiple generations, from recent law school graduates to senior partners well past the conventional retirement age.”
While new entrants and mid-level attorneys have their own specific needs, senior attorneys do as well. “Attorneys in their early 60s are considered to be too young to retire, especially when they are partners with relevant books of business,” says Larsen. “In most major law firms, 60 to 62 had been a mandatory retirement age. Over the last few years, however, several local firms that have expanded nationally have hired attorneys in this age group with a relevant book of business, and many continue to work well into their 70s and 80s.”
In addition, law firms are moving away from building individual talent and moving toward a team-focused format. “Legal teams are replacing individual stars. Clients now judge law firms by the quality of their teams rather than by individual lawyers,” says Larsen. “As a result, law firms are under increased pressure to foster teamwork among attorneys who may often be spread out across several locations.”
To adapt to all of these changing needs and strategies, law firms are making significant investments in workplaces and technology. “With that said, firms are re-thinking their businesses, leveraging improvements in information technology to operate more efficiently across wider geographies and providing clients with greater access to remote resources,” says Larsen. “They are also expanding from urban cores to secondary locations in suburbia, closer to where senior partners and staff live. Often times, suburban offices have an advantage of lower rents and reduced commute times as compared to urban hubs, which leads to a better quality of life.”
The change is slow, but ultimately, these trends will result in a change in workplace format. “Ultimately, all of these changes in culture, strategies and philosophy are directly related to how office space is looked at and used,” says Larsen. “It is important to have an expert who understands those key drivers when it comes to looking for new space, expanding or renegotiating a lease.”
By: Kelsi Maree Borland (GlobeSt)
Click here to view source article
