A Virtual Office Midtown Manhattan can make a new small firm or solo practice flourish in the tough NYC market. Here’s why:
What is a virtual office?
A virtual office rental is a financial arrangement where solo attorneys and small law firms pay a low monthly fee (typically starting at under $100 a month) to rent the use of a premium commercial address in an executive office suite and the non-exclusive use of office space and amenities, such as conference room facilities, a staffed reception area and access to professional grade internet, telephone, and office equipment.
When it comes to attorneys, those using virtual office rentals generally fall into three groups:
A virtual office provides newly solo attorneys a cost effective mechanism to obtain a premium commercial mailing address while keeping initial overhead under control. For a minimal monthly cost, a virtual office rental bridges the gap between starting a practice and being able to afford a physical office.
In some cases, particularly in a lawyer-only office suite that offers virtual office rentals, newly solo attorneys will often find a community of like-minded, self-employed attorneys who can help them tackle practice issues, provide advice on areas of law they may be unfamiliar with and be a resource to exchange referrals.
For example, if the attorney has children and wants to be close to home to assist with childcare, or simply, if the attorney wants a commute that is as simple as rolling out of bed to their dining room table.
Having the appearance that a law office is located in a premium commercial location often enables a lawyer to command higher rates than if they used an office address that was clearly their home one.
On top of that, for the attorney who has made a long-term commitment to working from home, isolation can be a real issue.
Law is a profession that tends to be best practiced collaboratively. Being able to talk through practice issues with another attorney is critical for the successful practice of law: You tend to get better results for clients and reduce malpractice risk.
Therefore, home based attorneys should look for a virtual office provider exclusive to lawyers, or one that has a high concentration of attorneys. In these options, attorneys should expect management to actively provide opportunities for virtual office attorney to connect with each other, such as regular networking events, access to referral sharing programs, or practice development coordination.
Solo attorneys and small law firms whose primary office location is located in another city or another state.
Out-of-town law firms choose a virtual office rental as a way to expand their firm’s regional footprint at a very low cost.
New York City is the legal and financial epicenter of the United States. Out-of-town and out-of-state law firms gain access to a new pool of potential clients at a cost that is significantly less than establishing a physical office presence.
A telephone number with a 212 area code can be the difference between landing a lucrative case or not. Even for firms located in Long Island, New Jersey, or even in boroughs other than Manhattan, you may not be “local enough” to get that crucial Manhattan referral.
Incredibly, a Manhattan office presence may enable the out-of-town firm to charge higher rates, even in the local area.
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