CUSHMAN & WAKEFIELD 2014 LEGAL SECTOR BENCHMARK SURVEY GUIDES AND INFORMS U.S. LEGAL SECTOR
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The survey focuses on the key drivers influencing real estate decisions at law firms across the United States and explores topics which ultimately affect the business, financial and operational success of every competitive firm in the profession.
Administered by Cushman & Wakefield’s Legal Sector Advisory Group (LSAG), and drawing on input received from a broad range of experts and executives in the legal sector, the survey targets law firms across the United States with 75 questions aimed at delving into the challenges and opportunities they face.
“Understanding the changing needs of our legal sector clients and those of the competitive landscape are critical to the design of our strategic plans. This survey provides unmatched data,” said Jim Underhill, CEO of the Americas for Cushman & Wakefield. “Collecting and leveraging this knowledge helps us transform our clients’ real estate into a competitive asset supporting their growth and success”
Sherry Cushman, Executive Managing Director and Head of LSAG, added, “The results we collected in 2013 have been shared with over 500 legal professionals, representing over 250 law firms in 26 cities, informing them of the trends and developments in real estate within the legal sector. Both large and small firms have benefitted from and used this assembled knowledge to improve their standing in a very competitive marketplace.”
In response to the success of the inaugural survey, Cushman & Wakefield partnered with ALM Legal Intelligence this year to prepare and distribute the survey. ALM Legal Intelligence is a leading provider of detailed business information and competitive intelligence about the legal industry to top U.S. and international law firms and their clients, including The Am Law 100 and 200.
During the next 90 days, LSAG professionals will work to confidentially gather completed surveys from the legal community, including Global Real Estate Directors, Chairmen, Executive Directors, Managing and Real Estate Partners, and Senior Administrators throughout the United States. Cushman & Wakefield will analyze the data and produce a detailed, statistics-based report—one that includes future industry projections on how law firms can capitalize on real estate to leverage their position in the marketplace.
Information submitted by individual firms will be collected in a blind fashion and is therefore completely anonymous. The collective data, however, is extremely valuable to participating firms as it offers a comprehensive perspective of how a firm stacks up against its peers in relation to real estate expenses, location and efficiencies. This is important from a competitive standpoint because it provides insight into how similar-sized firms use real estate as a vehicle to decrease overhead, improve overall operations and increase profits.
Cushman & Wakefield will compile the confidential survey results after the survey closes on August 31, analyze the data, and produce a detailed, statistics-based report for survey participants that will include future industry projections. In 2013, 286 law firms responded to the LSAG survey, including, 26 percent designated as Am Law 200 firms (signifying the largest 200 U.S. law firms based on revenue). Firms from every region of the United States responded.
Law firms interested in participating in the 2014 National Legal Sector Benchmark Survey should contact Sherry Cushman (sherry.cushman@cushwake.com; 202-471-3595) to request a hard-copy survey or an online link.