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•	World’s Best Property Consultancy, International Property Awards Grand Final 2015

•	Best Consultancy in Asia, International Property Awards Grand Final 2015

•	Global Real Estate Company of the Year (LaSalle), Estates Gazette

•	Core Property Manager of the Year (LaSalle), Professional Pensions

•	Pan-European Property Manager of the Year (LaSalle), Professional Pensions

•	Japan Firm of the Year (LaSalle), 2015 Global PERE Awards

•	For the eighth consecutive year, one of the World's Most Ethical Companies, the Ethisphere Institute

•	100 Best Corporate Citizens (#20), CR Magazine

•	For the seventh consecutive year, one of the Global Outsourcing 100 - International Association of Outsourcing Professionals

•	World’s Most Admired Companies, Fortune Magazine

•	50 Out Front for Diversity Leadership: Best Places for Women & Diverse Managers to Work, Diversity MBA Magazine

•	As having a perfect score on the Human Rights Campaign Foundation's 2015 Corporate Equality Index, a national benchmarking survey on corporate policies and practices related to LGBT workplace equality

•	As a Winning "W" Company and were listed on the 2020 Honor Roll by the 2020 Women on Boards

•	As having one of the Best Law Departments in the US real estate industry, by The Legal 500

•	One of the Best Places to Work by a number of local publications world-wide

•	2015 Energy Star Sustained Excellence Award by the U.S. Environmental Protection Agency

•	Energy Star Climate Communications Award, U.S. Environmental Protection Agency

•	Excellence in Global Corporate Governance, India Institute of Directors

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•	Our focus on client relationship management as a means to provide superior client service on an increasingly coordinated basis;

•	Our integrated global services platform;

•	The quality and worldwide reach of our industry-leading research function, enhanced by applications of technology and our ability to synthesize complex information into practical advice for clients;

•	Our reputation for consistent and trustworthy service delivery worldwide, as the result of our creation of best practices and by the skills, experience, collaborative nature, and integrity of our people;

•	Our ability to deliver innovative solutions and technology applications to assist our clients in maximizing the value of their real estate portfolios;

•	Our local market knowledge;

•	The strength of our brand and reputation;

•	The strength of our financial position;

•	Our high staff engagement levels;

•	Our efforts to deliver the best possible returns for investment management clients;

•	The quality of our internal governance and enterprise risk management;

•	Our history of delivering strong investment performance for LaSalle clients;

•	The management of our supply chain for the benefit of the project management, facilities and property management, and other services we provide to clients; and

•	Our sustainability leadership agenda, which addresses the long-term financial, environmental and social risks and opportunities for ourselves and our clients.

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•	We have the size and scale of resources necessary to deliver the expertise of the Firm wherever clients need it;

•	Our culture of client service, teamwork, and integrity means that we can marshal those resources to deliver the greatest possible value and results;

•	Our "client first" and ethical orientation means that our people focus on how we can best provide what our clients need and want, with integrity and transparency;

•	Our governance and enterprise risk management orientation means that we have built an enterprise that clients can rely on over the long-term;

•	Our strong intellectual capital, our long-term approach to business, and our ability to anticipate, interpret, and respond to the trends influencing our industry sector mean that we are quick and nimble in adapting to new challenges and opportunities in a fast changing world and in helping our clients to do the same.

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•	Deploy innovative technology that allows our people to mine the depth of our intellectual property to provide the most sophisticated possible advice and service to our clients.

•	Apply best practices in human resources to supply our businesses with well-trained, engaged and diverse employees and create an overall culture that serves to retain our top talent.

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•	Promote an updated and modern brand that fully leverages our digital capabilities and clearly reflects the breadth of our expertise, wisdom, governance and integrity.

•	Establish and standardize tools and processes that make our operations highly productive and minimize losses from enterprise risk.

•	Employing an investment philosophy and filters that are focused on growth that will best meet client needs and concentrate on the most lucrative potential services, markets and cities;

•	Establishing charters for internal business boards with responsibility for promoting more inter-connected global approaches, where appropriate, to client services and delivery;

•	Using technology, including emerging digital, Internet and social media capabilities, to provide information to clients to help them maximize the value of their real estate portfolios and to mine and apply our knowledge to improve the ability of our people to provide superior client services;

•	Deploying additional tools and metrics that will make our people as productive and efficient as possible;

•	Determining how best to marshal, train, recruit, motivate and retain the human resources that will have the skill sets, diversity and other abilities necessary to accomplish our strategic objectives;

•	Continuing to develop our brand and reputation for high quality client service, integrity and intimate local and global market knowledge;

•	Building our brand in digital and social media channels; and

•	Continuing to promote best-in-class governance, compliance, enterprise risk management and professional standards to operate a sustainable organization capable of meeting the significant challenges and risks inherent in global markets and to minimize disruptions to, and distractions from, the accomplishment of our corporate mission.

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In terms of our financial capital, we recognize the challenge of maintaining healthy short-term profit margins while continuing to invest in the further growth of the business. As there is constant fee pressure from our clients that is inherent in a competitive professional services environment, we need to continue to find new ways to increase the productivity of our people so that we can drive higher revenue per person. Additional productivity can be derived by improved application of technology, by continuous process improvements, and through increased staff well-being and training and development, among other techniques.

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In terms of our human capital, we recognize that our investments in talent will continue to be a primary method of creating long-term value and that continuing business growth will necessitate the growth and increased flexibility and diversity of our workforce. This can be a challenge, particularly in emerging markets, where the available pool of talent does not necessarily have the skill sets we need. Consequently, we may need to establish our own training programs beyond what is typically required for companies in developed markets. Increased reliance on third-party suppliers may create challenges in terms of due diligence, performance management, and ensuring that third-party personnel have the same level of commitment and integrity as we demand from our own people. In developed markets, the challenge of growing a workforce with the requisite skill sets can be frustrated by the targeted efforts of competitors to hire away our people, including sometimes by offering above-market compensation.

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In terms of our intellectual capital, we recognize the challenge of continuing to identify innovations through which we can provide increasingly valuable services to our clients, including as the result of developing, identifying, and successfully applying new technologies to our business processes. We also must confront the challenges inherent in managing and mining the significant data in our systems so that it can be made useful to our people and maximized in terms of our ability to analyze it in a sophisticated way for the benefit of our clients. As we develop our intellectual capital, we need to make sure our brand, and the awareness it generates in the marketplace, keeps pace with our capabilities and the messages we want associated with them in the minds of current and prospective clients, employees, and other third parties in the business community and society at large.

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•	Leasing;

•	Capital Markets and Hotels;

•	Property and Facility Management;

•	Project and Development Services; and

•	Advisory, Consulting and Other Services.

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•	Deliver superior investment performance;

•	Develop and execute investment strategies that meet the specific investment objectives of our clients; and

•	Deliver uniformly high levels of client service globally.

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•	Employee engagement means the extent to which employees are motivated to contribute to organizational success and are willing to apply discretionary effort to accomplishing tasks important to the achievement of organizational goals;

•	Performance enablement means the extent to which an organization is committed to high levels of customer service and relies upon continuous improvement practices to achieve superior organizational results; and

•	Manager effectiveness means the extent to which supervisors are leaders, capable of facilitating team performance through effectively managing both the tasks and responsibilities as well as facilitating teamwork and interpersonal relationships.

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•	The listing requirements of the New York Stock Exchange ("NYSE"), on which our Common Stock is traded;

•	The corporate governance requirements of the Sarbanes‑Oxley Act of 2002, as currently in effect;

•	U.S. Securities and Exchange Commission ("SEC") regulations;

•	The Dodd-Frank Wall Street Reform and Consumer Protection Act, as currently in effect; and

•	The General Corporation Law of the State of Maryland, where Jones Lang LaSalle is incorporated.

•	Annual elections of all members of our Board of Directors;

•	Annual "say on pay" votes by shareholders with respect to executive compensation;

•	Right of shareholders owning 30% of the outstanding shares of our Common Stock to call a special meeting of shareholders for any purpose;

•	Majority voting in Director elections;

•	Separation of Chairman and CEO roles, with the Chairman serving as Lead Independent Director;

•	Required approval by the Nominating and Governance Committee of any related-party transactions;

•	Executive session among the Non-Executive Directors at each in-person meeting;

•	Annual self-assessment by the Board of Directors and each of its Committees; and

•	Annual assessment by the Company's senior executive management of the operation of the Board of Directors.

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•	Code of Business Ethics;

•	Vendor Code of Conduct;

•	Bylaws;

•	Corporate Governance Guidelines;

•	Charters for our Audit, Compensation, and Nominating and Governance Committees;

•	Statement of Qualifications for Members of the Board of Directors;

•	Complaint Procedures for Accounting and Auditing Matters; and

•	Statements of Beneficial Ownership of our Equity Securities by our Directors and Officers.

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•	Macro movements of the stock, bond, currency and derivatives markets;

•	The political environment;

•	Government policy and regulations, in each case whether at local, national or international levels; and

•	The cost and availability of natural and non-renewable resources used to operate real estate.

•	The slowdown of the economy in China;

•	The sharp drop in oil prices combined with increased actual and potential output from the United States and Iran, among other countries;

•	The sharp drop in the prices of other commodities, partially as the result of the slowdown in demand from China;

•	The significant decline in global equities markets that has continued into the early part of 2016;

•	Uncertainties resulting from the randomness of terrorist acts, the effects of mass migration from countries experiencing hostilities in the Middle East, and the effects of climate change;

•	Risks from potential cyber-attacks, the sophistication of which continues to grow;

•	Uncertainties relating to the potential outcome of the November 2016 presidential election in the United States;

•	The dynamic nature of government policy and regulations, in each case whether at local, national, or international levels; and

•	The cost and availability of natural and non-renewable resources used to operate real estate.

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•	Strategic Risk Factors;

•	Operational Risk Factors;

•	Legal and Compliance Risk Factors; and

•	Financial Risk Factors.

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•	Decline in Acquisition and Disposition Activity

•	Decline in the Real Estate Values and Performance, Leasing Activity and Rental Rates

•	Decline in Value of Real Estate Securities

•	Cyclicality in the Real Estate Markets; Lag in Recovery Relative to Broader Markets

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•	Effect of Changes in Non-Real Estate Markets

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•	Diversion of management attention and financial resources from existing operations;

•	Difficulties in integrating cultures, compensation structures, operations, existing contracts, accounting processes and methodologies, technology, and realizing the anticipated synergies of the combined businesses;

•	Failure to identify potential liabilities during the due diligence process;

•	Failure to identify improper accounting practices during the due diligence process;

•	Inability to retain the management, key personnel and other employees of the acquired business;

•	Inability to retain clients of the acquired business;

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Exposure to legal, environmental, employment, professional standards, bribery, money-laundering, ethics, and other types of claims for improper activities of the acquired business prior to acquisition, including those that may not have been adequately identified during the pre-acquisition due diligence investigation or those which the legal documentation associated with the transaction did not successfully terminate or transfer;

•	Addition of business lines in which we have not previously engaged (for example, general contractor services for "ground-up" construction development projects); and

•	Potential impairment of intangible assets, which could adversely affect our reported results.

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We may lose some or all of the capital that we invest if the investments underperform. Real estate investments can underperform as the result of many factors outside of our control, including the general reduction in asset values within a particular geography or asset class. Starting in 2007 and continuing through 2009, for example, real estate prices in many markets throughout the world declined generally as the result of the significant tightening of the credit markets and the effects of recessionary economies and significant unemployment. We recognized impairment charges of $6.0 million, $2.4 million, $6.5 million, and $7.9 million for the years ended December 31, 2015, 2014, 2013, and 2012, respectively, primarily representing our co-investment share of the impairment charges against individual assets held by our real estate ventures. In contrast, as real estate investments benefited from benign interest rate environments globally and continuing recovery in many of our markets, for the years ended December 31, 2015 and 2014 we recognized equity earnings from our co-investments of $77.5 million and $48.3 million, respectively.

•	We will have fluctuations in earnings and cash flow as we recognize gains or losses, and receive cash, upon the disposition of investments, the timing of which is geared toward the benefit of our clients.

•	We generally hold our investments in real estate through subsidiaries with limited liability; however, in certain circumstances, it is possible that this limited exposure may be expanded in the future based on, among other things, changes in applicable laws. To the extent this occurs, our liability could exceed the amount we have invested.

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We make co-investments in real estate in many countries, and this presents risks as described above. This may include changes to tax treaties, tax policy, foreign investment policy or other local political or legislative changes that may adversely affect the performance of our co-investments. The global economic downturn increases the chances of significant changes in government policies generally, the effects of which are inherently difficult to predict. We believe that the financial pressures on government entities that have resulted from weak economies and deficit spending led taxing authorities to more aggressively pursue taxes and question tax strategies and positions.

•	We generally make co-investments in the local currency of the country in which the investment asset exists. We will therefore be subject to the risks described below under "Currency Restrictions and Exchange Rate Fluctuations."

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•	The ability of the Board of Directors to establish one or more classes and series of capital stock including the ability to issue up to 10,000,000 shares of preferred stock, and to determine the price, rights, preferences and privileges of such capital stock without any further shareholder approval;

•	A requirement that any shareholder action taken without a meeting be pursuant to unanimous written consent; and

•	Certain advance notice procedures for Jones Lang LaSalle shareholders nominating candidates for election to the Jones Lang LaSalle board of directors.

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•	Obtaining new credit commitments from lenders;

•	Refinancing credit commitments or loans that have terminated or matured according to their terms, including funds sponsored by our investment management subsidiary which use leverage in the ordinary course of their investment activities;

•	Placing insurance;

•	Engaging in hedging transactions; and

•	Maintaining cash deposits or other investments, both our own and those we hold for the benefit of clients, which are generally much larger than the maximum amount of government-sponsored deposit insurance in effect for a particular account.

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•	Transaction commissions;

•	Advisory and management fees;

•	Incentive fees;

•	Project and development management fees; and

•	Construction management fees.

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Health Insurance: We self-insure our health benefits for all U.S.-based employees, although we purchase stop-loss coverage on an annual basis to limit our exposure. We self-insure because we believe that on the basis of our historical claims experience, the demographics of our workforce and trends in the health insurance industry, we incur reduced expense by self-insuring our health benefits as opposed to purchasing health insurance through a third party. We estimate our likely full-year cost at the beginning of the year and expense this cost on a straight-line basis throughout the year. In the fourth quarter, we estimate the required reserve for unpaid health costs, including those not yet reported, we would need at year-end. The accrual balance for our health insurance program, which can relate to multiple years, was $10.5 million and $11.0 million as of December 31, 2015 and 2014, respectively.

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Workers' Compensation Insurance: We self-insure for workers' compensation insurance claims because our workforce has historically experienced fewer claims than is customary for our industry. We purchase stop-loss coverage to limit our exposure to large, individual claims. We accrue workers' compensation expense based on applicable state rate and job classifications. On an annual basis in the third quarter, we engage in a comprehensive analysis to develop a range of potential exposure, and considering actual experience, we reserve our best estimate of the liability based on that range. The changes in estimate (including expenses for reserve charges) for the years ended December 31, 2015, 2014 and 2013 were $9.6 million, $15.5 million, and $9.7 million. The accrual balance for workers' compensation insurance claims, which can relate to multiple years, was $37.4 million and $33.7 million as of December 31, 2015 and 2014, respectively.

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Captive Insurance Company: In order to better manage our global insurance program and support our risk management efforts, we supplement our traditional insurance program by the use of a wholly-owned captive insurance company to provide professional indemnity and employment practice liability insurance coverage on a "claims made" basis. The level of risk retained by our captive insurance company, with respect to professional indemnity claims, is up to $2.5 million per claim, inclusive of the deductible. The accrual balance for professional indemnity claims facilitated through our captive insurance company, which can relate to multiple years, was $19.2 million and $9.2 million, as of December 31, 2015 and 2014, respectively.

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1.	ORGANIZATION

2.	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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•	The property owner or client, with ultimate approval rights relating to the employment and compensation of on-site personnel, and bearing all of the economic costs of such personnel, is determined to be the primary obligor in the arrangement;

•	Reimbursement to JLL is generally completed simultaneously with payment of payroll or soon thereafter;

•	The property owner is contractually obligated to fund all operating costs of the property from existing cash flow or direct funding from its building operating account and JLL bears little or no credit risk; and

•	JLL generally earns little to no margin on the reimbursement aspect of the arrangement, obtaining reimbursement only for actual costs incurred.

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3.	BUSINESS SEGMENTS

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4.	BUSINESS COMBINATIONS, GOODWILL AND OTHER INTANGIBLE ASSETS

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5.	INVESTMENTS IN REAL ESTATE VENTURES

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6.	STOCK-BASED COMPENSATION

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7.	RETIREMENT PLANS

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8.	INCOME TAXES

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9.	FAIR VALUE MEASUREMENTS

•	Level 1 - Quoted prices for identical assets or liabilities in active markets accessible as of the measurement date;

•	Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•	Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

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10.	DEBT

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11.	LEASES

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12.	TRANSACTIONS WITH AFFILIATES

13.	COMMITMENTS AND CONTINGENCIES

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14.	RESTRUCTURING AND ACQUISITION CHARGES

15.	ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) BY COMPONENT

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16.	SUBSEQUENT EVENTS

•	ACREST - a retail asset management business located in Germany,

•	Big Red Rooster - a retail design and brand experience furm located in the U.S.,

•	Bill Goold Realty - a commercial rental residential property broker located in Canada,

•	Cobertura SA - an agency, located in Portugal, specializing in the country's prime residential sector,

•	Colliers Baltimore - a leasing and property management business located in the U.S.,

•	Strategic Advisory Group - a hotels and hospitality strategic consulting firm located in the U.S., and

•	Trussard Property Consultants - a commercial real estate business located in South Africa.

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(1)	In 1997, we adopted the SAIP, which provides for the granting of options to purchase a specified number of shares of common stock and other stock awards to eligible participants of Jones Lang LaSalle.

(2)	In 1998, we adopted an ESPP for eligible U.S. based employees. Under this plan, employee contributions for stock purchases were enhanced through an additional contribution of a 5% discount on the purchase price. Effective April 1, 2009, the 5% discount has been discontinued and purchases are broker-assisted on the open market.

(3)

In November 2001, we adopted the SAYE plan for eligible employees of our U.K. based operations. In November 2006, the SAYE plan was extended to employees in our Ireland operations. Under this plan, employee contributions for stock purchases are enhanced by us through an additional contribution of a 15% discount on the purchase price. Options granted under the SAYE plan vest over a period of three to five years. The original SAYE plan was not approved by shareholders since such approval was not required under applicable rules at the time of the adoption of this plan. In 2006, our shareholders approved an amendment to the SAYE plan that increased the number of shares reserved for issuance by 500,000.

1.	Financial Statements. See Index to Consolidated Financial Statements in Item 8 of this report.

2.	Financial Statement Schedules. No financial statement schedules are included because they are not required or are not applicable, or the required information is set forth in the applicable statements or related notes.

3.	Exhibits. A list of exhibits is set forth in the Exhibit Index, which immediately precedes the exhibits and is incorporated by reference herein.

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