More lawyers, less office: Perkins Coie combines Chicago growth with smaller footprint
1/12/21 REUTERS LEGAL 20:12:20
Copyright (c) 2021 Thomson Reuters
David Thomas
REUTERS LEGAL
January 12, 2021
The Chicago skyline is subdued in this photo made May 29, 2001, as more than a dozen of downtown buildings, including 311 S. Wacker Dr. (far left) and the John Hancock Tower (far right) dim their lights in accordance with an environmental plan to keep birds from flying into downtown roofs. Scientists say that buildings that flick off outside lights and beacons cut bird deaths by 75 percent or more.
Even as it stands mostly empty amid the COVID-19 crisis, Perkins Coie's new Chicago office is illustrating at least three law firm business trends at once: Firms are expanding despite the pandemic; they're bullish on the Windy City; and a bigger office doesn't always mean what it used to.
The Seattle-based firm's offices in the brand-new Bank of America tower at 110 N. Wacker Dr. will accommodate more attorneys despite having a smaller footprint, said Rick Sevcik, Perkins Coie's Chicago managing partner.
"It's an extremely efficient space," Sevcik said. "One of the reasons why we chose to move was the efficiencies evident in the new space."
The new offices, which the firm is slated to occupy beginning later this fall, take up 104,000 square feet. Perkins Coie's current Chicago office, less than a mile away, is spread across 118,000 square feet; the firm's website lists 143 employees based in the Windy City, including professional staff.
Last week, Perkins Coie announced it added Baker McKenzie partner Arthur Rooney to its Windy City ranks. He's the second partner to join the firm's labor & employment practice in Chicago this year.
Law firms for years have been moving toward smaller office footprints that reduce the number of square feet per attorney, said Ryan Hoopes, a director at commercial real estate services firm Cushman & Wakefield's legal sector advisory group.
The trend has accelerated thanks to the pandemic, Hoopes said, after the virus emptied law firm offices across the country. Although firms have prospered during remote working, there is still a demand for Class A office space with a desirable address, he added.
"Most law firms agree that, at some point, their workforce is going to return to the office.... They're going to return, and when they return, they need to remain competitive to attract attorney talent," Hoopes said. "That's what trophy office buildings help with."
When it first announced its move in May 2019, Perkins Coie described the new office in a "trophy class building."
The pandemic has not altered the firm's plans for its new office, although Sevcik said the firm has made minor design changes over the past few months.
"This move embodies the firm's continued commitment and investment in Chicago and the region, with what we believe to be a first class and state-of-the-art office," Sevcik said.
Perkins Coie won't be the Bank of America tower's only law firm tenant. King & Spalding, which launched in the Windy City in 2017, is also slated to set up shop in the new building. According to press reports, it's the largest office building built in Chicago since 1990.
Chicago has seen several law firms enter the market or expand within it lately, the most recent being Venable and Dickinson Wright, who planted their respective flags last month.
Sevcik said the firm's Chicago office is known for its core strengths -- litigation, corporate and merger & acquisitions practices, as well as its technology and labor & employment practice.
And it will soon have more competition.
Kent Zimmermann, a Chicago-based law firm consultant with the Zeughauser Group, said he's working on multiple combinations involving multiple Chicago firms. Compared to other markets on the East and West coasts, Chicago is "less picked over," Zimmermann added.
UPDATE: This story was updated to include the square footage of Perkins Coie's new office space in Chicago.
End of Document© 2024 Thomson Reuters. No claim to original U.S. Government Works.