Current and forward-looking market trends, perspectives and strategies
CBRE is the global leader in law firm transactions, with the most comprehensive occupier services platform and more professionals specializing in the legal sector than any other real estate firm. Law Firms come to CBRE to learn about ways they can improve productivity, optimize locations, improve and offer holistic solutions regarding workplace performance, talent attraction and retention and ultimately reduce costs.
CBRE Law Firm Practice Group members, Lynn Williams, Clay Hammerstein, Stephen Bay and Kevin Bender, discuss legal real estate trends for the Los Angeles Market in 2017 and beyond.
CBRE Vice Chairmen Lou Christopher and Rob Copito as well as Executive Vice President Mark Minich discuss legal real estate trends for the Washington, D.C. market in 2016 and beyond.
Although still maturing, the rise of automation - most notably artificial intelligence - will significantly impact traditional legal tasks.
Virtual Workplace
Mobile devices, virtual networks, video-conferencing and cloud storage have created a virtual workplace that has changed employee expectations of where and how they work.
Alternative Fee Arrangements
Alternative fee arrangements and clients moving to non-traditional law firms for legal services have placed pressure on the billable-hours pricing model and therefore firm profitability.
Globalization
As companies globalize, they expect outsourced providers such as legal services to do the same, increasing the amount of cross-border expertise law firms need to remain competitive.
Succession-Planning
Millennials are the largest contingent of the national workforce, but the legal profession is aging. Rapidly retiring baby boomers are creating succession-planning challenges for law firms.
Talent
National unemployment is at the lowest level in 16 years and the amount of young professionals choosing law is declining. This is creating intense competition for attracting and retaining skilled talent.
