Law Firm Beats Silicon Valley Real Estate Prices With Private Jet
SAN JOSE (CBS SF) – A patent law firm with Silicon Valley clients has reportedly found a way to beat the area's high real estate prices, by flying in attorneys from Texas on a private jet.
According to the Houston Chronicle, the intellectual property firm Patterson and Sheridan has flown in attorneys from its headquarters to serve its Silicon Valley clients since 2010. The firm claims it is able to provide lower costs to its clients despite the Gulfstream G200 jet's $3 million cost and operation expenses of $2,500 an hour.
"We fly it full," said Todd Patterson, the firm's founder told the Chronicle. "It's not a luxury item."
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Patterson and Sheridan does most of its work in Houston, where commercial real estate is 43 percent cheaper and salaries are 52 percent lower, the newspaper reported.
The firm also claims additional cost savings compared to commercial air travel because lawyers work billable hours during the flights to and from Houston.
While Houston-area salaries are significantly lower compared to Silicon Valley, the median home value in the Houston metro is $178,000 according to Zillow. By comparison, the San Jose area has a median home price nearly six times as much, at $1,013,700.
The median home sale price in the Bay Area has risen for 63 straight months, according to CoreLogic.