Legal Sector_WhyChicago

WHY CHICAGO? A Leader in the National Legal Landscape

WHY CHICAGO? HQ & TALENT MAGNET

THRIVING AND DIVERSIFIED ECONOMIC HUB

Chicago has the #1 most-diversified economy among the largest U.S. metros, based on employment and is ranked in the Top 5 among U.S. metro areas for Employment & GRP/Output in:

FINANCIAL SERVICES 327,380 employees; $159 billion GRP

BUSINESS & PROFESSIONAL SERVICES 837,930 employees; $105 billion GRP

MANUFACTURING 421,500 employees; $80 billion GRP

HEALTH SERVICES 590,840 employees; $47 billion GRP

TRANSPORTATION & WAREHOUSING 233,350 employees; $28 billion GRP

Moody’s; U.S. Bureau of Labor Statistics, 2018

CORPORATE HQ HOTSPOT Chicago is the #1 U.S. metro for corporate investment and relocation for the 6th consecutive year and continues to attract some of the best and brightest companies with its accessibility, affordability, name recognition, talent pipeline and live-work-play culture. The Chicago metro area is home to several corporate headquarters— 12 of which are Fortune 500 companies located in the City of Chicago.

Site Selection Magazine, 2013-2018

2

C U S H M A N & WA K E F I E L D

WHY CHICAGO? HQ & TALENT MAGNET

TALENTED LABOR POOL With more than 58,000 college/university students located in the CBD alone, Chicago provides direct access to a tremendous talent pipeline.

CHICAGO RANKS #4 IN THE COUNTRY FOR ATTRACTING NEW GRADUATES AND IS THE #1 METRO FOR BIG TEN ALUMNI WITH NEARLY 500,000 BIG TEN AND NOTRE DAME ALUMNI IN THE GREATER CHICAGO AREA. Wall Street Journal; Emsi, 2018

2 OF THE TOP 10 LAW SCHOOLS IN THE U.S. U.S. News & World Report, 2018

#4

#10

#39

#77

#87

#132

ACCESS TO TALENT The Metro Chicago area ranks #3 in job accessability by transit and is comprised of over 9.5 million residents, 2.7 million of which are located within the City of Chicago. The city is at the center of the area’s hub and spoke public transportation system providing convenient access to the area’s talent.

650,000+ More than 650,000 people commute to downtown Chicago each business day with more than half taking mass transit

1,000,000 Approximately 1 million college graduates with a bachelor’s or higher live within one mile of a CTA or Metra train stop

3,000,000+ 3+ million working- age adults are within a 50-minute commute of downtown Chicago– more than 1.2 million are between 18-34 years old

U.S Department of Transportation Bureau of Transportation Statistics; University of Minnesota Accessibility Observatory, 2016

3

C H I C A G O : A N A T I O N A L L E A D E R I N T A L E N T A N D F I R M G R O W T H

CHICAGO LEGAL INDUSTRY M&A ACTIVITY

RECENT NATIONAL LAW FIRM ENTRIES INTO CHICAGO FIRM TRANSACTION YEAR

# OF ATTORNEYS

*

Merger

2016

30

Acquired Carroll McNulty & Kull

2017

13

*

New to Market

2014

27

*

Acquired Shaw Fishman

2018

31

*

Acquired Schopf & Weiss

2015

43

*

Acquired Grippo & Elden

2015

23

*

New to Market

2014

56

*

New to Market

2017

23

*

New to Market

2016

63

New to Market

2017

16

*

Merger

2018

62

New to Market

2016

18

*

Acquired Pircher Nichols & Meeks

2018

29

*

New to Market

2019

7

*

New to Market

2019

5

*

Acquired Butler Rubin

2019

20

NOTABLE TRANSACTIONS WITH AN EXISTING LOCAL PRESENCE FIRM TRANSACTION YEAR # OF ATTORNEYS * Acquired Meckler Bulger Tilson 2015 50 * Acquired Ungaretti & Harris 2015 82

Split from Schiff Hardin

2016

58

Split from Bates Carey

2014

41

Taft acquired Shefsky & Froelich/ Merger with Briggs & Morgan

2014/2019

108

*Denotes AmLaw200

4

C U S H M A N & WA K E F I E L D

Kingsbury

Expwy Feeder Ramp

Ohio

Ohio

Fairb CHICAGO LEGAL INDUSTRY M&A ACTIVITY

Nort McC Field

Grand

Grand

Illinois

Illinois

Hubbard

Center Plaza Cityfront

5

New

Columbus

Kinzie

River

Chicago Ri

Wacker

9

Fulton

Wacker

South Water

11

12

Lake

6

15

Stetson

Randolph

Randolph

2

3

M

Washington

1

M

7

14

10

Clark

State

Canal

Wells

LaSalle

Clinton

Wacker

Wabash

Michigan Michigan

Je erson

Franklin

Madison

Desplaines

Dearborn

16

94

Monroe

Monroe

8

4

13

12

Adams

M M

90

17

Jackson

Jackson

Van Buren

290

Congress

Lake Shore Drive

M

Harrison

COMPANY*

ADDRESS

COMPANY*

ADDRESS

70 W Madison

444 W Lake

1

11

Balbo

Federal

100 N Riverside

333 W Wacker

2

12

Je erson

f Illinois ago

Polk

Polk

8th

123 N Wacker

55 W Monroe

3

13

Columbus

227 W Monroe

Clark

4

Halsted

LaSalle

Clinton

Park Terr

Canal Canal

Desplaines Dan Ryan Expwy.

Financial

70 W Madison

Plymouth

14

9th

1000S

Taylor

353 N Clark

5

161 N Clark

90 94

15

New Retail Complex 155 N Wacker

11th

6

W A L K W A Y

Museum Campus/ 11th Street 10 S Wacker

16

70 W Madison

7

1200S

Roosevelt

Mus Cam

Roosevelt Collection Mixed-Use Project

111 S Wacker

233 S Wacker

8

17

111 E Wacker

Indiana

9

13th

Maxwell

500 W Madison

10

200E

Federal

Plymouth

0 E/W

800W

5

C H I C A G O : A N A T I O N A L L E A D E R I N T A L E N T A N D F I R M G R O W T H

CHICAGO LEGAL INDUSTRY OVERVIEW

LARGEST OFFICES IN CHICAGO BY PRACTICE SPECIALTY

# OF TOTAL OFFICES

SPECIALTY

FIRM

LOCATION # OF LOCAL ATTORNEYS

Kirkland & Ellis

300 N LaSalle

738

12

Sidley Austin

1 S Dearborn

445

20

Mayer Brown

71 S Wacker

401

24

CORPORATE & SECURITIES

Winston & Strawn

35 W Wacker

276

18

Jenner & Block

353 N Clark

255

5

Lewis Brisbois Bisgaard & Smith

550 W Adams

72

36

Nyhan Bambrick Kinzie & Lowry PC

20 N Clark

51

1

Franczek Radelet

300 S Wacker

31

1

EMPLOYMENT & LABOR

Laner Muchin Ltd

515 N State

49

5

Gordon & Rees

1 N Franklin

63

38

Tressler LLP

233 S Wacker

43

7

Bates Carey

191 N Wacker

58

1

Wiedner & McAuliffe

1 N Franklin

44

4

INSURANCE

Hinkhouse Williams Walsh

180 N Stetson

35

1

Nicolaides Fink Thorpe Michaelides Sullivan LLP 10 S Wacker

41

5

Brinks Gilson & Lione

455 N Cityfront

54

8

McDonnell Boehnen Hulbert & Berghoff 300 S Wacker

79

1

Marshall Gerstein & Borun LLP

233 S Wacker

76

2

INTELLECTUAL PROPERTY

McAndrews Held & Malloy

500 W Madison

69

1

Leydig Voit & Mayer Ltd

180 N Stetson

50

5

Clausen Miller PC

10 S LaSalle

55

12

Pretzel & Stouffer Chtd

1 S Wacker

46

1

Hall Prangle & Schoonveld

200 S Wacker

41

10

TORT

Donohue Brown Mathewson & Smyth

140 S Dearborn

34

1

Riley Safer Holmes & Cancila LLP

70 W Madison

58

4

6

C U S H M A N & WA K E F I E L D

CHICAGO LEGAL INDUSTRY OVERVIEW

BY THE NUMBERS

3RD LARGEST LEGAL MARKET

295 FIRMS*

11.83 MSF OCCUPANCY

831 AVERAGE SF/ ATTORNEY

75 NUMBER OF AM LAW 200

14,000 ATTORNEYS

*Totaling 10 attorneys or more Moody’s; U.S. Bureau of Labor Statistics, 2018

RIVER NORTH 22

NORTH MICHIGAN AVENUE 2 FIRMS 102K SF LEASED

1.7 MSF LEASED

FIRMS

PRACTICE SPECIALTY BREAKDOWN

WEST LOOP

134 FIRMS

5.3 MSF LEASED

CENTRAL LOOP 113 FIRMS

EAST LOOP

3.8 MSF LEASED

24 FIRMS

973K SF LEASED

7

C H I C A G O : A N A T I O N A L L E A D E R I N T A L E N T A N D F I R M G R O W T H

VALOREM | LEGAL VISION DASHBOARD

Cushman & Wakefield’s proprietary legal database, Valorem , is comprised of all law firms in Chicago with 10 attorneys or more totaling 300+ firms and tracks all of the following qualifications for each firm:

• Practice specialties • Attorney counts and levels • Transaction history and timing • Partner vs. non- partner ratios • Square footage

• Lease expiration • Building address and class • Building rise (low, mid, high) • Geographic presence • Number of office locations

• Space subleased • Space available for sublease • Headquarters specification • AmLaw 200 designation • Submarket

OUR CONSENSUS-BUILDING TOOL ALLOWS DECISION MAKERS TO USE REAL-TIME ANALYTICS TO MAKE THE MOST STRATEGIC REAL ESTATE DECISIONS

BENCHMARK YOUR COMPETITORS • Building image • Space efficiencies • Detailed transaction history • Geographic analysis

TIME YOUR PROJECT RIGHT • Project kick-off • Market entry • Transaction execution • Implementation

UNCOVER HIDDEN OPPORTUNITIES • Subleases

currently available • Approaching

lease expirations • Potential excess square footage

8

C U S H M A N & WA K E F I E L D

LEASE TRANSACTIONS EXECUTED CY 2018 AND SELECT YTD 2019

Contact us today for a Valorem report customized to your competitive landscape.

BRIAN DUFFY Director 312 424 8242 brian.duffy@cushwake.com

ANDY HEYMANN Senior Director 312 424 8048 andrew.heymann@cushwake.com