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Expansion costs to top GBP326m as City firms boost headcounts.
(From The Lawyer)
City law firms could face a collective refurbishment bill estimated at GBP240m if expansion plans to take on an additional two million sq ft of office space over the next three years come to fruition.
The office refurbishment and fit-out costs estimated at GBP240m leap further to GBP326m if rental costs are also taken into account for the three-year period.
The figures are based on research by property consultancy Atisreal, which found that City law firms are looking to create almost 7,000 additional jobs over the next three years.
According to the survey of the City's top law firms, 88 per cent are expecting to grow headcounts over the next three years, while 64 per cent expect the proportion of lawyers to support staff to increase.
International firms in London are targeting the most growth, with 80 per cent projecting at least a 20 per cent increase in headcount within the next three years.
Atisreal claimed that, based on an average density of 220sq ft per person, firms would require an extra two million sq ft of office space over the next three years ...
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