Ever since The Lawyer spelled out the importance of the transatlantic business corridor between London and New York, the similarities between the two legal markets have become increasingly clear. Indeed, to some extent it isn’t stretching the point to say that New York and London (or NyLon, if you will), is a single market. But beyond the mirror recruitment strategies, cross-Atlantic collaboration initiatives and global key client programmes that are evident at many firms in both cities, there’s another similarity. And it’s a big one. Literally.
The scarcity of premium office space is an issue focusing law firm leaders’ minds just as much in New York as it has been in London ever since the pandemic. Data from US real estate business Cresa shows there were 23 leases signed for office space by law firms in New York involving more than 50,000 sq ft each over the last two years alone. The data also shows that several firms have become so squeezed in their current space that they’ve been forced to take additional room in an office one or two streets away.
Splitting sites is never ideal for any firm but four biggies – Davis Polk, Kirkland, Latham and McDermott – have clearly had no choice. All four have recently added spillover space to the mega block most of their lawyers occupy.