Clifford Chance will take another look at how much office space it needs in London, after appointing Cushman & Wakefield to review its property strategy.
The Magic Circle firm has instructed the property agency to carry out a “strategic review” of its occupational needs, and to advise on its long-term office plans, it said today.
Clifford Chance’s lease at 10 Upper Bank Street in Canary Wharf, E14, expires in 2028 after the firm moved out of the Square Mile 18 years ago.
Managing partner Michael Bates said it was important to “think seriously about the ‘where’ and ‘how’ of the future of our London space in the longer term”.
“We have learned a lot over the course of the pandemic about the importance of the workplace experience to our culture, our colleagues and our clients,” Bates said.
It comes after Baker McKenzie became the latest law firm to reduce the amount of office space it will use in the wake of the pandemic.
That followed on from reports that Norton Rose Fulbright, listed DWF and London-based Fieldfisher were projecting reductions in floorspace of between 30% and 50%, after the enforced work-from-home experiment during the pandemic.
James Meikle, head of London occupier representation at Cushman & Wakefield, said: “This is a generational opportunity for Clifford Chance to align its real estate strategy to its future business strategy, supporting its delivery of services and the recruitment and retention of the best legal talent in London.
“Making long-term decisions, during the most challenging and uncertain times in modern history, requires a clear vision and robust strategy.”
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