Your bottom line is important and thinking beyond that with a shared office space offers a plethora of benefits for lawyers.
Shared Office Space. What Is It?
Shared office space is an option where the office is fully equipped and ready for a move-in. This environment is shared among solo attorneys and small law firms who desire something more than a “work-from-home” situation. It is also much easier than a “direct-to-landlord” lease agreement.
4 Reasons Solo Lawyers Choose Shared Law Office Space
Attorney collaboration is key in the profession of law and overall success in the field. Economy is a crucial factor in determining the use of a shared office space because your relationship with suite-mates affects your bottom line. It is essential to be able to obtain legal advice from those with the proper expertise in order to practice law efficiently and effectively. Here are some of the benefits of using a shared law office space:
1. The risk of malpractice is significantly decreased.
Access to legal expertise is abundant in a shared law office space and the ability to have quick advice from fellow legal experts is a great advantage against the rest in law. This quick access to legal advice decreases the risk of exposure to potential malpractice liability.
2. Shared law office space increases the scope of cases an attorney can handle.
Co-counseling allows attorneys to increase their retention rate for clients overall. Full-service law firms serve as huge competitors for solo attorneys and being able to handle more cases allows the solo attorney to obtain the much needed edge in business. A shared law office space provides many opportunities for increasing 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 is 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.
With a shared law office space, it is better to focus on it as a whole rather than various different parts. Surrounding yourself with other successful and like-minded individuals will allow you to pick up on their habits, thus contributing to your own success. Shared law office spaces provides the right environment for lawyers to successfully propel themselves in their field.