A law office sublet, executive suites for law firms or maybe leased office space? Get the Ultimate Guide to picking the best law office space for your firm.
Today marks the start of Finding the Perfect Law Office month, which includes today’s “Insider’s Guide”, plus several additional great posts. Together they’ll go through every suitable office option for small firm attorneys located in urban areas, and how to choose the best option for your firm.
To give you an overview of what we’ll be covering, check out this list of these 4 upcoming articles:
- Tuesday (today): A free eBook “The Insider’s Guide: How to Rent the Perfect Law Office” – (52 page, full color PDF)
- Thursday: 5 Things Attorneys Must Consider Before Renting NYC Law Firm Office Space
- Saturday: Sublet Office Space: Why NYC Law Firms Don’t Make Good Landlords
- Sunday: (Attention Lawyers) Don’t Rent from Executive Suites Until You Read This
- Saturday: How Big Should a Law Firm Get Before Considering their Own Leased Office Space?
To give you a taste of what’s in the eBook, I’ll share some of the enlightening case studies and tips that are included. Enjoy!
But first, let’s talk about the elephant in the room.
To borrow a quote from my new favorite reality TV personality: Let’s call a thing a thing.
If you’re a self-employed attorney who needs a NYC shared office space or virtual office, I want to rent it to you. Bottom line.
In that regard, I can understand how this eBook may seem self-serving.
But see, I’m also confident that you’ll find no other office rental that will support your practice better than Law Firm Suites. (Trust me, we secret shop the competition all the time.)
But despite my bias, I also know that our shared office space concept is not a good fit for everyone.
If you are one of those (few) attorneys, I’d rather help you find an office space that you love than have you rent from us and be unhappy.
Then perhaps, when one of your friends (who may be a better fit for Law Firm Suites) is in the market for office space, you’ll hopefully remember us and will make a referral.
See, I truly believe that if I help you, chances are good that you’ll help me in return. It’s that simple!
Don’t move your firm more than once every 5 years.
After moving my law firm several times, it didn’t take long to realize that it’s a major hassle. Just thinking about moving my old client files makes me ill.
No matter how efficient your move is, you are going to spend a lot of money, and you’ll lose even more while you’re busy packing and not billing.
For this reason, prudent lawyers pick office space where they will not have to move within five years.
To choose a space that can meet that requirement, first you must have a comprehensive understanding about your firm’s likely growth (or contraction). Second, you’ll need to know which office option best suits your firm’s needs.
The first point is very subjective, but the second is easy to learn. That’s where this eBook comes in.
By using the Ultimate Guide, hopefully you will find a place to hang your shingle for a long time to come.
There are Only 3 Office Options for Self-Employed Attorneys
For the urban lawyer, realistically, there are only three office options (assuming you are not planning to work from a home office, which has its own set of issues):
1. The Sublet Office Space – subleased office space, typically extra offices rented from a bigger law firm.
2. Executive Suites – a professional office operator that rents individual offices in “executive office space”, together with shared business services, like reception, technology and conference rooms. Attorneys requiring virtual office rentals would likely purchase one from a business center operator.
3. The Leased Office Space – Office space leased directly from the landlord of a commercial office building.
In the eBook, each option is explained in detail using real-world case studies and practical advice about each of their benefits and drawbacks.
Now, let’s talk about some of the case studies in the guide.
Sublet: Floor Included. Our manager secret shops a NYC law firm office space sublease and gets acquainted with the firm’s floor…for over an hour.
RECEPTIONIST: You received a call while you were out. SUBLET ATTORNEY: But I’ve been here for four hours!?! What (not) to expect from the sublessor’s staff in a Manhattan law office sublet.
“Ma’am, the rat bit you where?” Inappropriate hallway conversations when you sublease office space from other law firms.
The Trader and the Tailor. A snapshot of the ‘diversity’ you’ll find in typical executive offices (and it’s not the kind that the profession strives to achieve).
Have Office, Seeking Friend. Your name may have the marquis spot on the door, but sad and lonely in your own leased law office space is no way to practice law.
Seriously, if you enjoy reveling in someone else’s misery (and what lawyer doesn’t) these case studies are reason enough to justify the download.
Know all the Hidden Costs
Every office option has hidden costs. To truly compare “apples to apples” you need to know exactly what they are. Here are few of the examples discussed in the eBook.
You’ll pay out of pocket for services in sublet office space. The services included in your sublease, like reception, internet, copy machines or conference room usage, may not be reliable or available. If these services are factored into your deal, consider the extra cost to acquire some of these services on your own.
Expect to get nickel & dimed in most executive suites in NYC. Did you know the leading operators of executive suites for law firms charge a mandatory, per person, kitchen fee? That’s one of many ways that you can get nickel and dimed to death in executive office space.
You will pay for more than what you get with leased office space. Did you know the square feet you pay for in your office lease will be significantly more than if you took a tape measure and calculated the actual square feet in the suite? Typically you pay for 20% to 30% more space than what you get. Commercial landlords call this a “loss rate”, and it differs substantially from landlord to landlord. So, if your firm requires 1,000 sq. ft., it will pay for 1,200 to 1,300 sq. ft. Plan accordingly!
That’s a little teaser of what’s inside this comprehensive 52-page Insider’s Guide to Renting the Perfect Law Office. Download the full PDF now to learn what office space is the best for your firm!
Stephen Furnari is a corporate attorney and the founder of Law Firm Suites, an executive suite for law firms based in New York City. Through Law Firm Suites, Furnari has helped dozens of attorneys launch and grow successful law practices. He is the author of several eBooks, including “7 Deadly Mistakes that Prevent Law Practice Success” and “An Insider’s Guide to Renting the Perfect Law Office”. Stephen has been featured in the ABA Journal, Entrepreneur, New York Daily News and Crain’s New York. You should follow Stephen on Twitter.