The five main reasons why solos and small firms in White Plains love to use shared office space for their practices.
What is shared office space?
Shared office spaces are similar yet different to traditional office rentals. The main difference is that a shared office is typically fully-equipped and provides you with the tools you need to run a law firm minus the huge overhead. These shared office spaces are really attractive to solo and small practices because they include amenities such as:
- A fully staffed, professional reception area;
- Access to multiple, well-appointed and spacious conference rooms;
- Law firm grade telecommunications equipment.
Why are small firms and solos in White Plains so attracted to shared office space?
There are five main reasons why small firms and solos choose to use shared office space in White Plains:
1. Save money
Standard commercial leases are EXPENSIVE (like extremely expensive!), and this is the hard truth. The amount required to rent your own space stops most law firms from getting off the ground.
Also, a shared office provider may only require a one year lease, whereas a direct-to-landlord arrangement may be up to five years plus a massive down payment.
Amenities that come with a shared office space are also important to the attorney as well when it comes to financial expenses. For instance, a solo attorney may not be able to swing the costs associated with having a support staff, office equipment, telephone service, and even internet.
In a shared office environment, certain amenities come as part of the package, saving lawyers time and money.
2. Draw from a deeper bench by getting advice from your neighbors
Law is a very specialized profession. And because of this, attorneys often need the advice of others in complementary practices.
3. Client referrals
Referrals are way more common in shared spaces. And that additional revenue can make a world of difference for a small firm or newly solo attorney.
The right mix of attorneys is crucial to keep in mind when choosing a shared office space. For example, while a personal injury attorney can certainly co-exist with a bunch of tax or patent lawyers, the better fit from a business development perspective would be a suite with immigration, workers’ comp and matrimonial attorneys.
Being selective about practice niches is less of a concern in larger shared law office suite with many attorneys from diverse practice areas. For example, in a shared office space like Law Firm Suites, where over 125 attorneys in different practice areas share space, there will always be an opportunity to build a referral connection.
4. Proximity and Access to New York City
There has always been a connection between White Plains and Manhattan. But because of the high prices in the City, White Plains has become a more economical option for many lawyers. With that being said, having easy access to the Manhattan when needed is a big boost for many lawyers, making it easier to meet with clients and referral sources who might live/work in Manhattan. The Metro North trains make this trip between these two cities very easy.
5. Work becomes more social and enjoyable
Shared office space is collegial in nature. When functioning at its best, it creates a social environment where like-minded individuals can create long-lasting personal and professional relationships. It provides the best of what a law firm has to offer, in terms of collegiality, without the aggravation that can come with sharing economics with partners.