D.C. Firms Pay Big Money for N.Y. Presence
Posted Nov 27, 2007 01:49 pm CST
Washington, D.C.-based law firms with a New York presence are gearing up to expand, and spending millions of dollars to make it happen.
Hogan & Hartson has the biggest New York presence of the D.C. firms, with 150 lawyers, Legal Times reports. Its growth has been fueled by mergers with two smaller firms and by recruiting—and paying big money—to laterals.
Arnold & Porter, which has about 85 lawyers in the Big Apple, has rented about 24,000 additional square feet of office space, enough for 30 lawyer offices, the legal newspaper says. Real estate agents estimated the cost of the extra space at about $2.8 million, but a firm spokesman said it wasn’t paying that much.
Covington & Burling, with 92 lawyers, is paying about $11.5 million a year for four floors in the new New York Times building that can house 170 lawyers. It has options on space to hold an additional 300 lawyers.
Crowell & Moring is a recent New York arrival, with only 37 lawyers there in temporary space. It is looking for a permanent home for them.