How Bishopsgate Became London's Midtown Manhattan for Law Firms
If you have ever visited a leading law firm in London, you might feel as though you have stepped into an episode of the hit US legal drama Suits. Increasingly, City firms' offices are adopting a distinctly American ambiance, reflecting a broader trend in the legal sector's real estate strategy.
The Race for Premium Office Space
In the City of London, the competition is not just about raising lawyers' salaries. Post-pandemic, top law firms are aggressively vying for what they consider the best office spaces, as the divide between average and best-in-class offices widens significantly. According to property adviser Knight Frank, law firms leased 828,450 square feet in London in 2025, marking an increase of over 13 percent from 2024. This surge is driven by firms prioritizing the highest-quality workspace available, known as Grade A offices, which dominate the uptake of newly constructed and refurbished properties.
Kevin Darvishi, head of leasing at property developer Stanhope, explained to City AM that corporate occupiers, including law firms, are now leveraging the office as a strategic tool to attract and retain top talent. The data reveals that law firms are increasingly avoiding fringe locations in favor of prime areas such as the City, encompassing the Square Mile and EC2 postcode, and Midtown, the region between the West End and the City of London. Notably, even Clifford Chance is set to relocate to the City this year, departing from Canary Wharf.
Bishopsgate: A Premium Legal Hub
Bishopsgate has solidified its status as a premium location, where you could almost throw a stone and hit at least five of the most prominent law firms. Darvishi highlighted that at 8 Bishopsgate alone, law firms occupy well over a third of the building, with names like King & Spalding, Proskauer Rose, and HFW collectively securing more than 200,000 square feet. Firms are particularly drawn to amenities such as terraces, restaurants, gyms, and event spaces, as well as proximity to Liverpool Street Station.
Unsurprisingly, US firms are at the forefront of this demand for space. Data shows that they account for five of the top 10 legal-sector deals involving 100,000 square feet or more over the past five years. Their expansion in London has not only intensified the market but also sparked a pay war as they recruit the best and brightest legal minds. In doing so, they have effectively transformed Bishopsgate into a Midtown Manhattan equivalent.
Darvishi noted, "For many US firms, the London office isn't just a cost centre, it's a billboard: taking a big, glossy tower floor is a way of signalling to clients and rivals that they're here to play at the very top of the market." This strategy appears to resonate with lawyers, as landlords in Bishopsgate report higher attendance among legal tenants compared to their previous offices, especially from Monday to Thursday, with staff attracted by the space's quality and panoramic views.
Challenges of Office Space Under-Supply
However, for firms with leases nearing expiration, joining the concentration in EC2N may not be as straightforward as signing a new contract. Darvishi explained, "Where there were once three or four major towers under construction at any given time, today you can count the new City skyscrapers on one hand, and much of that space is already spoken for." He added that the under-supply of corporate buildings in the City is compelling law firms to adopt a more developer-like mindset, planning over 5- to 10-year horizons rather than simply renewing leases every few years.
Firms that delay their decisions will face the harsh realities of this undersupply: not only higher rents but also a significantly reduced selection of buildings capable of accommodating their needs. This dynamic underscores the competitive and strategic nature of London's legal real estate market, as firms navigate limited options to secure their place in premium locations like Bishopsgate.
