INDUSTRY NEWS

US firm takes plot in City

US legal firm Orrick Herrington & Sutcliffe has agreed terms on office space in the City of London.

The company will take 75,000 sq ft at 107 Cheapside with an option to rent a further 30,000 sq ft, Property Week has reported.

Dutch bank Fortis has recently agreed terms to move to the area. It will take the top floors of St Martins Property Group’s 150 Cheapside scheme.

Research by Legal Business magazine, reported by the Times found it was high earnings that attracted many British lawyers to US firms.

The majority said they left their previous employer as they were tempted by better pay.

Steven Doggett conducted the survey, he noted: “In 2006, the average profits per equity partner in US law firms in London was £670,000, compared with £549,000 for UK firms.”ADNFCR-1329-ID-18721345-ADNFCR

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