Boston-founded Ropes & Gray is making a significant move in its New York operations, announcing plans to expand its presence in the heart of Manhattan. The firm is set to relocate to a more spacious office at 1285 Avenue of the Americas, shifting from its current site a few blocks away at 1211 Avenue of the Americas. The new location will offer over 535,000 square feet of office space, facilitating the firm’s continued growth in New York, which serves as a strategic hub for many of its local and global clients.
The firm, which specializes in deals and has a strong track record in merger and acquisition advisory, plans to enter into a 20-year lease at its new headquarters in 2028. With approximately one-third of its 1,500 lawyers based in New York, Ropes & Gray emphasizes its commitment to providing top-tier legal services by recruiting top legal talent in the New York market. Firm leader Julie Jones, recently reelected for a second term, highlighted the role of New York as a strategic center for their operations. More details on Jones’s reelection can be found in her statement.
The move comes amidst a surge in law office leasing activities in New York City. According to a report by advisory firm Savills, leasing activity has climbed up 30% as compared to the previous year, with year-to-date figures reaching 6.4 million square feet. This uptick not only marks a resurgence from pandemic impacts but also surpasses pre-pandemic levels. New York constitutes over 25% of the total law firm leasing activity by square footage in Q3 of this year, though Chicago saw the highest number of deals overall. The city’s return-to-office rates have rebounded to almost 80%, motivated largely by in-person demands from Wall Street entities. Further insights can be referenced from this Bloomberg report.
Financially, Ropes & Gray continues to perform strongly, with revenues nearing $3 billion last year and profits per equity partner reported at $4.5 million, as per The American Lawyer. The firm has been among the top 20 mergers and acquisitions advisers through the first three quarters of the year. The firm’s recent recruitments include high-profile legal professionals such as Amish Shah, former senior associate counsel to President Joe Biden, who joined their DC office, and other significant hires across Boston and London. More information about these recruitments can be found in their announcement.
This move represents not just a physical relocation but also a strategic expansion aligning with the firm’s growth trajectory on a national and international scale. The complete announcement is covered by Bloomberg Law.