The top UK law firms in London have collectively saved £7m in annual rent costs by shrinking their offices over the last three years, while international rivals have seen a jump in rent costs as they continue to expand in the City, a study has found.
According to the fourth edition of real estate company CBRE’s Law in London report UK firms in the CBRE Legal 100 have reduced their floor space by 725,000 sqft between 2012 and 2015 – a 9% cut in office space. It said firms are paying £7m less in annual rent as a result.
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