2024 Bright Insight

KEY FINDINGS

01

LEGAL SECTOR PERFORMANCE

• 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. 1 • 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.

1 Cushman & Wakefield analysis of Am Law 200 data, 2024

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