WASHINGTON, DC-Cushman & Wakefield has launched a benchmark survey for law firms that extensively queries them about their real estate needs and usage. Eventually, the survey--which Sherry Cushman, executive managing director and head of C&W's Legal Sector Advisory Group, calls unprecedented in the commercial real estate industry—will be used to track far-reaching trends. For instance, she tells GlobeSt.com, the survey is following such eventualities as law firms that may go completely virtual.
In the shorter term the survey can be expected to yield valuable information for more traditional – i.e. office occupying -- law firms interested in maximizing their real estate space.
"The legal industry more so now than ever is struggling to maintain profitability," Cushman says. "Fee structures are more and more challenging and it is more difficult for firms to maintain profitability."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
