Law Firms Move to Cut Costs, but Spare the Senior Partners
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In the push for smaller, more efficient spaces, law firms are clearly leaving behind spaces that are larger in square footage, though no figures giving national totals for the change are available. ”It’s good activity without an indication that it’s healthy for the market; it’s activity without indication of growth,” said Alan J. Pomerantz, a partner who specializes in real estate law at the firm of Weil, Gotshal & Manges. ”You can always squeeze more people in, and I think there will be a lot of space given back.” And so the new leasing that is keeping brokers busy may eventually weaken markets that are already soft in central business districts, partly by putting even more sublease space on the market. More : query.nytimes.com |