Soft Real Estate Market a Bonus to Law Firms on the Move

Managing Partner Max Crane was interviewed about the availability of office space for law firms. According to this article, “One firm that hasn’t moved, Newark-based Sills, Cummis & Gross P.C. is looking to expand its space in both New Jersey and New York.” “The rents are falling. The number of buildings that have available space have increased,” said Sills Cummis managing partner R. Max Crane, adding that “smart landlords are cutting deals.” The article continues, “Crane said it is difficult to generalize about why firms have chosen to move this year, though several are linked by having their existing leases end, allowing them to evaluate their business models. Crane separated the effect of the general recession, which he said may not be affecting the real estate market for law firms, from the real-estate recession, which is having a significant impact.” “We see this as an opportunity to basically cut a good deal for the firm,” Crane said.