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Old Posted Oct 2, 2015, 2:24 PM
Simplicity Simplicity is offline
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Join Date: Feb 2014
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Quote:
Originally Posted by esquire View Post
Ah hah hah, best not to remind myself of past errors in judgment. Rapidly depreciating assets is probably the most accurate way of putting it



I recall that at one point 400 St. Mary Ave. was included in that list, although it is getting a bit dated now and probably not a viable alternative for the tenants occupying Class A P&M space.

Interesting rundown BTW Simplicity. I can't imagine that any of the big law or accounting firms would be easily swayed to move to TNS. ... in recent years the only ones I can think of which did move into class A space were MNP which is almost a once in a generation growth story, and D'arcy & Deacon... even they lost a couple of partners over that move.
Yeah, and D'arcy & Deacon only went to the Richardson Building! I'd be upset about the move too if I were a partner, but those sorts of firms don't act in the same way that the "Big 3" here do. If you have largely corporate clientele, the firms demand the high end space. And MNP's move had to do with them going national if I recall. In other words, if you want to play with the big boys, you've gotta act like them. Can't be in Class B space in St. James if you want national clientele.

But I actually think the huge firm model is dying given the obscene billing rates those firms expect. It's costing them good lawyers and they know that, but I don't think it'll stop the ego at the top from getting their status symbols. For some lawyers it just doesn't matter that they need 40-45 billable hours a week - they want their partnership at the big firm and they don't care that the rent is cutting into their paycheque. In other words, there will always be enough of them even if the dropoff after the partners is pretty pronounced.

A firm like TDS would be my guess right off the hop. Their space hasn't been touched since it was put in in the early 90s and they have a mandate to be the premier firm in this city. Two or three floors in a brand new building would do that for them in their mind.
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