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Selecting a Leasing Broker
The cost of space continues to be one of a law firm's largest costs of doing business. (The highest, as you might expect, is personnel.) Accordingly, choosing the right space at the right price, and choosing the right broker to assist the firm in selecting that space, is one of the most important decisions a firm can make. Working with the right broker can not only save the firm hundreds of thousands (or even millions) of dollars over the life of a five-year or 10-year lease, it also can free up management to spend time on other issues that affect the practice of the firm and leave obtaining the best deal for occupancy to those with greater expertise.
In order to assure that a firm chooses the best broker for the job, management should begin by soliciting proposals from a minimum of three or four brokers through an appropriate Request for Proposal (“RFP”) process. While the RFP need not be a formal one, relevant information about the firm and its needs should be provided to each potential broker. The information should include, at a minimum, the general geographic market in which the firm requires space, e.g., the city of Baltimore or Westchester County, the general parameters of the firm's space needs (there is a big difference between 15,000 square feet and 100,000 square feet!), and the firm's timeline, that is, the expiration date of its current lease.
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