Essay About Firms Growth Rate And Viable Alternative

Clifford Chance
Summary of Important Facts:
The firms growth rate is moving at such a rate that their current London’s office capacity to accommodate the needs of their employees and growing client list was already constrained. In fact, growth projections of the firm indicated that Clifford Chance would need to be able to expand from 437,000 square feet in January 2011 to 785,000 square feet by 2005. In the long term they would need close to 1,000,000 square feet of office space to accommodate their growth.

The firm has a long history in central London and few of its partners cared to give up the services, prestige, and comforts that the location offered. This new location would also remove them from close proximity to court-houses and offices of litigation where most of their critical business would be conducted.

The firm needs to provide space that (1) offered the highest quality work environment and (2) conveyed the firm’s heritage of prestige.
Clifford Chance’s lease was set to expire in 2003 which gave them a concurrent timeline to find a solution.
Rates in Central London for office space are around ₤45-₤55 per square foot (psf).
Rates offered by Canary Wharf Group Plc for a new customized office location would be ₤35 psf.
One viable alternative in the redevelopment of Spitalfields Market since it has the desired office space. Another alternative is the creation of a ‘village’ or ‘campus’ of offices.

Image and prestige are important factors in recruiting practices with law offices.
Problem
Should Clifford Chance risk moving its company headquarters from the prestige and business convenience location of Central London to an upcoming redeveloped state of the art business