New London base
Sullivan & Cromwell is reportedly on the lookout for a new London base as it looks to expand its footprint in the City.
The US giant has been based on New Fetter Lane since it launched in 1972, occupying 75,000 sq ft. But that could be set to change. Real estate website CoStar reports that the firm is hunting for (much!) bigger digs, seeking up to 160,000 sq ft of new office space in central London, more than double its current set-up.
The report goes on to cite figures from real estate agent Knight Frank, which suggest law firms have been a particularly significant driver of demand for prime office space in London in recent years. Collectively, they leased more than 800,000 sq ft in the capital last year, up nearly 14% on the year before.
S&C’s London office is the firm’s second-largest, behind its New York headquarters. In London, there are roughly 75 lawyers, including around 16 partners, and the Legal Cheek Firms Most List shows the office recruits about 12 trainees each year.
A number of big legal players have upgraded their office space over the past year or so. Addleshaw Goddard, Kirkland & Ellis, Linklaters and Travers Smith have all relocated, while Clifford Chance, A&O Shearman, RPC and Herbert Smith Freehills Kramer have announced plans to move.