Cushman & Wakefield’s Legal Sector Advisory Group (LSAG) today released the results of its second National Legal Sector Benchmark Survey. Among its key findings, and in stark contrast to last year’s results, is a 17% increase in respondents who believe that traditional partnership structures will be completely reorganized. In addition, competitive fee structures overtook recruitment and retention as the number one issue affecting business competition– a notable shift in perception from last year’s survey.
“The legal sector is quickly coming to terms with the changing workplace environment. Finding and keeping talent is the priority, and the way law firms are structured and organized is changing,” said Sherry Cushman, Executive Managing Director and Head of Cushman & Wakefield’s LSAG. “This survey is an outgrowth of our client-only commitment to fully understand the niche requirements and key drivers affecting the legal sector —now and in the future.”
The survey of more than 400 decision-making representatives of law firms across the globe—from boutique to Am Law 100 mega-firms—provides key insights, statistics and trends about the business, financial and operational drivers affecting the legal sector. The survey was conducted in partnership with ALM Legal Intelligence.
According to Mark McGranahan, Vice Chairman of Cushman & Wakefield, San Francisco: “ The trends revealed in the survey are accentuated in San Francisco given the strength of the office market where rents are now over $65/psf. While many firms want a presence in San Francisco to participate in the fast growing economy, all are doing more with less and trying to reduce their footprints to maintain cost control.”