Sullivan & Cromwell is in advanced talks to lease 150,000 sq ft at 75 London Wall, the former Deutsche Bank HQ, as part of a major expansion in the City of London. The move, at over £150 per sq ft, underscores the growing dominance of US corporate law firms in the UK market. Firms like Kirkland & Ellis, Latham & Watkins, and Paul Weiss have reshaped the legal landscape by poaching top talent and driving up salaries, with newly qualified lawyers earning nearly £190,000 and top partners over £10mn annually.
Sullivan has hired at least nine partners in the past year, including from Kirkland & Ellis and Weil, Gotshal & Manges, to bolster its private equity, M&A, and finance practices. The firm currently has 30 partners in London and over 1,000 lawyers globally. The expansion is fueled by private equity demand, with US firms increasingly handling European work for their clients.
Latham & Watkins paid a record £160 per sq ft at One Leadenhall, while King & Spalding committed £155 per sq ft at 8 Bishopsgate. CBRE’s Jack Tomlin noted law firm demand is “stronger than ever,” with average lease sizes up 83% since the pandemic. Renovations at 75 London Wall finish in 2028; Sullivan plans to move from New Fetter Lane in 2029–2030.
The City faces a supply crunch due to post-Brexit construction slumps.
Source: Financial Times Companies · Summarized by HeadlinesBriefing