Law practices are redefining their approach to business in light of economic factors, technology and cultural shifts that have occurred in recent years. Mergers and acquisitions have changed the landscape of the legal industry, giving rise to a new focus on cost reduction, flexibility and technology. Real estate impacts a law firm’s viability and success in all these areas. Therefore, it is paramount that a law firm’s real estate requirements be met strategically, to accommodate both future requirements and unexpected changes.
Newmark’s Law Firm Advisory Services division utilizes vast law firm experience and best-in-class benchmarking to analyze its law clients’ business and facility needs. These procedures enable Newmark to develop strategies that provide flexibility and create an efficient and effective business environment, while maintaining or reducing overall occupancy costs. This allows law firms to be more agile, and take advantage of business opportunities, ultimately leading to an increase in per partner profits.
The Law Firm Advisory Services division works with its clients as a partner, not an independent entity. The firm recognizes that there are several distinct factors impacting law firms, and accordingly addresses each of them individually. We approach each firm’s account with a strategic plan tailored to that firm’s real estate and financial requirements. By immersing themselves in their client’s culture and goals, the division’s professionals achieve results that go beyond monetary savings, and meet a law firm’s needs for both the present and the foreseeable future.