A Shared law office space offers benefits to the small-firm or solo attorney, exceeding far beyond the bottom-line benefits.
What is shared office space?
Shared office space is an office environment that provides solo attorneys and small law firms a real estate option other than working from their home, searching out a firm for a sublet or signing a direct to landlord lease. The best of these come fully equipped and move-in ready.
Why Do Solo/Small-Firm Attorneys Choose Shared Law Office Space?
Law, as a profession, is best practiced in collaboration with other lawyers. Beyond a favorable economic relationship and referrals for suitemates, shared office space offers solo lawyers numerous benefits both on the bottom line and far beyond it. Brainstorming together is essential to the successful practice of law, as is getting advice about legal issues,practice strategies and referrals from other attorneys.
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.
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.
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.