For the solo attorney or small firm, conference room rentals may be the answer to their temporary space needs.
The basics of a conference room rental.
Conferences room rentals are temporary-basis rooms used by groups, associations, or law firms to conduct events such as a conference, meeting, training event, or seminar. Law firms of all shapes and sizes use conference room rentals for a variety of reasons:
- Real estate and corporate transactional closings;
- Litigation preparation;
- War room use in close proximity to a particular court; and
- Hosting a networking event.
Cut your costs by not using leased office space.
If your need for space is on a temporary basis, using a conference room at a local executive center rather than signing a commercial lease can significantly reduce your overhead over time.
You may find suitable options elsewhere for events such as depositions or closings that are only temporary and don’t require a need for long-term usage of a space.
It is quite possible to save thousands in costs each year when using temporary conference rooms. Law firms may have their own smaller conference rooms in a lower quantity. Since the need for larger space may not be often, this allows the firm to not have to maintain such a large space even when it is not in use.
How do firm’s save so much money? Here’s a dollars and cents approach to conference room costs.
Conference rooms vary in size from center to center. The average space is about 400 sq. ft. give or take. If your firm has a lease that constitutes $35.00 a square foot, you will be paying a base cost of $1,517 a month. This cost factors in the 30% loss rate found in most urban commercial office buildings.
The cost of the physical space is a given, but what many do not realize is that is costs money to maintain the space as will. This may be relevant to phone, internet, utilities, and even cleaning costs. That could be around $300.
Don’t forget the cost of furniture. An average 10 person conference room table and chairs will run around $5,000.00, plus an extra $1,000 for artwork and a credenza.
With the monthly cost of an extra conference room being $1,817.00 per month and the additional furniture cost, it can be very hefty to cover.
Compare the “real cost” of an extra conference room with the “real cost” of renting a conference room from an executive office center.
Office providers typically rent by the day or by the hour because they understand that meetings are temporary. For the small firm or solo attorney, this may be a more adequate option as opposed to having an office with the additional space that may produce unnecessary costs over time. This ensures that the bottom line is kept in mind.
Does your firm use that extra conference room enough to justify the cost?