Law Firms Are Opting to Relocate Rather Than Renew Leases: The Morning Minute
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June 21, 2022 at 06:00 AM
6 minute read
Law Firm Office Launches and ClosuresWHAT WE'RE WATCHING
MOVIN' OUT - While the concept of the law firm office may not be obsolete, your law firm office might just be. Firms increasingly seem to be reaching that conclusion, as they opt for new digs rather than renewing their existing leases, Law.com's Jessie Yount reports. In recent weeks, three midsize firms in the West have relocated or announced upcoming relocations that move them out of their homes of 20 years or more, into smaller footprints in newer buildings that firm leaders say are better designed for the hybrid legal practice of the future. For example, northern California midsize firm Farella Braun + Martel, is taking the plunge after more than 50 years in the same building in the heart of the San Francisco Financial District. The firm's new space, just three minutes away, will reduce its footprint from 125,000 square feet to 40,000 square feet come mid-2023. "This was a chance to look at, 'Are we in the right space for the future?'" Farella Braun managing partner Brian Donnelly said, noting that the timing of the firm's lease expiration was particularly fortunate in light of the pandemic and transition to hybrid work. Another firm, Denver-born firm Davis Graham & Stubbs, is also planning a move to new space in 2024. Davis Graham co-managing partner Kristin Lentz said that as the firm returns to work, with the ask that attorneys are in the office about 50% of the time, the new space will make it easier to host creative events and get-togethers. "We have a lot of dead space in our current office, and if you don't have 100% capacity, it feels lethargic. We're excited about this new building because it will be denser, highly concentrated and more personal," Lentz said.
COURTING CONTROVERSY - The increasing involvement of Justice Clarence Thomas' wife, Ginni Thomas, in the Jan. 6 House investigation is another blow to an already wounded U.S. Supreme Court and a potentially dangerous moment for the court's senior associate justice, Law.com's Marcia Coyle reports. The House committee investigating the 2021 assault on the Capitol reportedly is examining emails between Ginni Thomas and John Eastman, a former Justice Thomas clerk and a central figure in the attempt to change the results of the November 2020 presidential election. Earlier reports showed Ginni Thomas also engaged in email correspondence with former President Donald Trump's chief of staff, Mark Meadows, and Arizona state legislators, urging them to fight the election results. "This clearly damages the court," ethics and constitutional law scholar Louis Virelli of Stetson University College of Law said. "Her job is not to protect the integrity of the court, but her husband's job is. If there is the kind of communications that we're seeing now, that responsibility becomes more important for Justice Thomas."
WHO GOT THE WORK?℠ - Prologis has agreed to acquire Duke Realty for approximately $26 billion in an all-stock consideration. The transaction, announced June 13, is expected to close in the fourth quarter of 2022. San Francisco-based Prologis is advised by a Wachtell, Lipton, Rosen & Katz team led by corporate partners Adam O. Emmerich and Viktor Sapezhnikov. Duke Realty, which is based in Indianapolis, is represented by Alston & Bird and a Hogan Lovells team led by partners David Bonser and Stacey McEvoy. A Fried, Frank, Harris, Shriver & Jacobson team, led partners Roy Tannenbaum and Philip Richter, advised Goldman Sachs, acting as financial advisor to Prologis. >> Read the filing on Law.com Radar and check out the most recent edition of Law.com's Who Got the Work?℠ column to find out which law firms and lawyers are being brought in to handle key cases and close major deals for their clients.
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