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Word on the street
With cost-cutting such a sensitive issue, a great deal of information was received 'off the record' or not verified by the firm in question. Here are some of the more interesting snippets - with names taken out to protect the innocent.
A few firms are understood to be attempting to sublet their premises. It is not clear whether this is because of redundancies or surplus space unrelated to the downturn.
Another firm has adopted a policy of discouraging 'open ended' travel bookings. Savings can be made by purchasing airline tickets with a specific return date and time.
Firms are quietly looking into the credit-worthiness of potential clients prior to accepting their business. Prompt payment is also increasingly 'encouraged'.
At one top-tier firm, lawyers have been admonished for use - or abuse - of taxi and meal facilities provided for those working late. Lawyers had reportedly been collecting a free meal from the firm's kitchens in the evening - and then disappearing homeward.
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Office space: the silver lining?
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While many law firms are locked into long-term leases, those due at the negotiating table may take heart from higher vacancy rates across Australia. The only exception is Adelaide – let’s hope Blake Dawson got a good deal on their new lease last year. |
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Market
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Vacancy rate – Jan 2009 (%)
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Vacancy rate – July 2008 (%)
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Vacancy rate – January 2008 (%)
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Perth CBD
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1.3
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0.3
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0.5
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Hobart CBD
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2.8
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n/a
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2.2
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Adelaide core
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3.4
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4.0
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4.3
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Brisbane CBD
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4.2
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1.2
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0.7
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Melbourne CBD
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4.8
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3.1
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4.4
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Sydney CBD
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5.4
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4.3
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3.7
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Canberra
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8.5
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6.1
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2.2
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Average
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5.0
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3.4
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3.0
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Source: Property Council of Australia
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