Shared law office space offers benefits to lawyers, beyond the bottom line.
What is shared office space?
Shared office space is a fully equipped and move-in ready office environment that provides solo attorneys and small law firms a real estate option other than working from their home or signing a direct to landlord lease.
4 Reasons Solo Lawyers Choose Shared Law Office Space
Law is a profession that is most successfully practiced in collaboration with other lawyers. Beyond a favorable economic relationship and referrals from suite-mates, shared office space offers solo lawyers benefits beyond the bottom line. The ability to brainstorm and get advice about legal issues or practice strategies is essential to the successful practice of law. Here are 4 benefits of shared law office space:
1. Shared law office space reduces malpractice risk.
By accessing the legal expertise of other lawyers in a shared law office, attorneys can quickly advise clients on areas where they may not be as comfortable without exposing themselves to additional malpractice liability.
2. Shared law office space increases the scope of cases an attorney can handle.
By co-counseling on cases with other lawyers in different practice areas, solo attorneys can retain a larger portion of the leads that they may otherwise lose to a full-service law firm. This leads directly to increased profits.
3. Shared law office space helps attorneys lose fewer clients to other law firms.
Often, client matters arise during the scope of representation that outside an attorney’s practice area. For example, an immigration case may include family law questions and criminal defense issues. In shared law office space, attorneys can refer to or co-counsel with a suite-mate.
Through the proximity of office location, the referring lawyer will keep better control over existing clients, minimizing the risk that the referring lawyer loses the client to another firm. Since all your referral partners are in the same shared law office space, there is social pressure and accountability for the lawyer receiving the referral to do a good job.
4. Share law office space encourages success.
When it comes to shared law office space, the whole is greater than the sum of its parts. If you surround yourself with other success solo attorneys, you will start to mimic what they do to become successful. A shared office space environment will accelerate your legal and practice development skills.