Hong Kong, 10 April 2018 – According to the latest Law Firm Trends and Outlook Report 2018 APAC released today by Colliers International (NASDAQ: CIGI; TSX: CIGI), a global leader in real estate services, a number of key trends are reshaping the law offices of tomorrow as firms incorporate strategies to attract and retain the best legal talent in Asia Pacific. Partnering this year with executive search firm Michael Page, the report offers a unique vantage point from a talent perspective as it relates to how law firms are redefining their office models.
Mergers & Consolidation
David Wood, Head of Law Firm Practice Group APAC at Colliers International, commented: “Globally, law firm mergers continue to reshape the legal landscape as firms seek to expand their reach and ability to service clients internationally. The ability to create and foster a firm’s culture through space and brand identity enables a unique opportunity to adopt innovative technologies and future-proof the business.”
Need for Innovation
Increased competition and cost pressures continue to drive workplace innovation and the need for change in the sector. Firms are increasingly looking to achieve greater efficiencies through improving their office model and adopting flexible workspace configurations - a trend we expect to continue.
Technology & AI
Advances in technology and the adoption of Artificial Intelligence are two trends expected to drive innovation over the coming years, which will have an indirect impact on space requirements due to greater automation of various functions within law firms.
China’s Economic Rise
The legal sector is evolving at an unprecedented pace. China’s rise and the need to bolster presence in China have led firms to reimagine their approach to structuring their legal teams through the adoption of innovative office models that optimise space efficiencies and work-life balance.
Mr. Wood added: “Law firms are likely to take up more office space in key Chinese cities as they build up their China teams in response to growing demand for services on the Mainland. This could contribute to upward pressure in key office markets like Shanghai, which according to Colliers’ research has seen a 35% uptick in the number of positions over the past year. Further, robust hiring is also evident everywhere from Sydney to Singapore – a trend, along with the evolving requirements and demands of law firms, landlords will want to keep firmly in mind.”
Cool factors draw talent
Ng Lay Hoon, Associate Director of Michael Page Singapore, commented: “One of my clients did a survey on what law firms can do to improve and the pantry came up as an important factor. So they remodelled their pantry. Sometimes we forget that different generations have different thought processes and snazzy offices is one thing we hear demanded a lot from legal professionals. That’s why technology companies are increasingly getting more attention. Particularly for law firms, which are known to be a little stiff, even if they just do a little bit of that, it will make a huge difference in terms of visibility and employer branding.”
- More senior lawyers are seen to be moving from Global firms to Chinese law firms, which are flush with cash and able to offer more attractive remuneration packages
- Adoption of flexible workplace arrangements
- Repurpose talent and offer opportunity to transition into practice areas of need such as real estate and infrastructure
- Premium office design and amenities bolster the culture of a firm and convey a sense of well-being
To download a copy of the full report, visit here
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About Colliers International Group
Colliers International Group Inc. (NASDAQ & TSX: CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world’s most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn. For the latest news on Colliers International in Asia, visit Colliers Asia or follow us on Twitter: @ColliersAsia and LinkedIn
About Michael Page
Started out as a two-man operation in London in 1976, Michael Page has grown and expanded exponentially. Now after more than 40 years in the recruitment market, Michael Page is the leading brand of PageGroup, a publicly listed FTSE 250 company with a respected position as the leader in international recruitment and hiring. PageGroup's four brands currently spread across 140 offices with a network spanning 36 countries and more than 7,000 staff around the world.
Throughout this expansion, its founding mission has remained unchanged: to bring the world’s best companies and brightest professionals together, helping each side reach their maximum potential and capabilities. Michael Page offers a unique consultative approach to recruitment, tailoring every solution to specific requirements and offering long-term support and in-depth market knowledge. Through experience, growth and consistently high standards, Michael Page has become the most recognised and respected recruitment brand in the world.
Visit www.michaelpage.com.sg to subscribe to industry advice blogs, or follow Michael Page at www.linkedin.com/company/michael-page/.
For further information, please contact:
Associate Director, Content & Media | Asia
Phone: (852) 2822 0541