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Credit: Daniel Liévano

Inspired by a newfound comfort with remote work, almost 40% of the Am Law 100 are planning to reduce their office footprints, according to this year’s survey. At an average cost of $55 per square foot and an average footprint of more than 900,000 square feet, based on more than 50 firms that detailed their present real estate situation in the survey, there is the potential for massive savings—and many firms are eager to take advantage.

What data are you leveraging to sell strategy internally? Get the Am Law 100 data exclusively with Legal Compass.

But not everyone is ready to cut back—22% of respondents said they have no intention of reducing their office space—and some elite firms may seek to use their vast footprint as a differentiator as the competition slims down, legal industry observers say.

Intelligent use of space could be a significant opportunity for law firms, Tiffany Winne, vice chairwoman and director at Savills, a global real estate services provider, says. Some firms are spending more than $70 per square foot on their offices, according to the Am Law 100 survey, and the most expansive enterprises have well more than a million square feet of real estate in their portfolios. Based on the survey, an average Am Law 100 firm spends about $51.5 million in annual real estate costs.

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Patrick Smith

Patrick Smith, based in New York, covers the business of law, including the ways law firms compete for clients and talent, cannabis law and marketing innovation. Reach him at [email protected] or on Twitter at @nycpatrickd

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