Global law firm Mayer Brown has agreed to sublet a small portion of its London office space at 201 Bishopsgate, according to an article published by Legal Week.
As a result, fellow law companies, Locke Lord and Maurice Turnor Gardner have taken up 10 per cent of Mayer Brown’s building – roughly 20,000 sq ft.
The decision to sublet a section of the building was taken by the firm’s management; according to one of the partners at Mayer Brown, the decision was taken because their overheads in the capital were affecting its firm-wide profitability.
The partner said: “Management encouraged the move because our pre-crisis growth strategy simply wasn’t viable anymore. We needed to get our costs under control – hopefully we are now back on track.”
A spokeswoman for Mayer Brown also commented on the decision.
She said: “Following the credit crisis and slow down of the economy and legal market, our growth strategy also slowed and we decided to look at ways to maximise the opportunities that our surplus office space presented.”
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