Summary: The law firm of Weil, Gotshal & Manges announced on Tuesday of this week that it had signed a new lease, calling for less space, at the General Motors Building in New York City.
The law firm of Weil, Gotshal & Manges LLP has decided to decrease its presence in New York City, according to a report from The Wall Street Journal.
The firm has been operating out of the General Motors Building since it opened in 1968.
The law firm announced that it signed a 15-year lease extension at the building that will start in 2019. The lease calls for 400,000 square feet, which is 20 percent less than the space on the current lease.
The new lease will return three floors to the building owner. It will also come with a “complete gut renovation” to make the space “more efficient and in-line with how we work today,” according to a spokeswoman at the law firm.
Law firms tend to occupy two to three times as much space per employees compared to technology, insurance or banking companies.
In June, Weil dropped 60 junior lawyers and 110 members of the staff to cut costs. At the same time, the firm announced it was going to cut the pay of 30 of its 300 partners.
Image credit: Weil, Gotshal & Manges