2024 Bright Insight

KEY TAKEAWAYS: • The legal sector has been a bright spot for office demand as occupiers committed to a new high of 16.9 million square feet (msf) in 2023 followed by 3.2 msf in Q1 2024, which was bolstered by heightened activity in major markets and strong leasing in secondary markets. • Industry revenue is still growing at 5.3% in 2023 but fell short of the 8.8% revenue growth expectation of 2023’s Bright Insight report. Total revenue for Am Law 1-200 firms reached $164.8B in 2023; firms in this group have seen revenue growth average 5.1% annually over the past 10 years. • Employment in U.S. law offices hit a historic high in December 2023 , signaling strength, resiliency and optimism in the U.S. legal sector. Law firm jobs declined slightly from their December peak by the end of April 2024, but have still seen year over-year (YOY) growth.

BRIGHT INSIGHT | 11