Magic circle firm Allen & Overy has revealed that it could cut its London office space by up to half over the next few years in a bellwether relocation for the City. The firm, which currently occupies 500,000 square feet at One Bishops Square near London’s Liverpool Street, announced plans to move to ’a new and more sustainable office’ at the nearby Broadgate Campus in 2026/27.
The new premises will provide 1,800 partners and employees ’with the space and flexibility required to meet the needs of the firm’s agile working model’, the statement said. ’We’re very clear that our space in the new office will be smaller [than the current premises],' a spokesperson said. A ‘space analysis’ nearer the move will calculate the square footage the firm will need, but landlord British Land told the London Stock Exchange that the minimum could be 254,000 square feet.
’I suspect that the final figure will end up being significantly more than that,’ the spokesperson said.
However the announcement stresses the role of the move in cutting the firm’s carbon emissions by 2030. Managing partner Gareth Price said: ’The new office space is a step-change in terms of energy consumption and better reflects the way we want the firm to work in the future. The building will contribute to an estimated 80% reduction in our annual London office carbon emissions as well as having market-leading certifications for its environmental impact and the wellbeing of those who will call 2 Broadgate their place of work.’
A&O has been based at One Bishops Square since 2006. The office also accommodates Allen & Over’s Fuse incubator space for lawtech businesses.