Using a shared office space provides a variety of benefits that are often unanticipated by attorneys.
What exactly is shared office space?
Shared office space is an option where an office rental, workstation, or something of the like is provided in a rental agreement. It is typically ready to move in and is often occupied by solo attorneys or small firms that need something other than an “at-home” situation. These types of arrangements are also much simpler as the attorney is not signing a direct-to-landlord lease.
4 Reasons Solo Lawyers Choose Shared Law Office Space
Collaboration is an essential element of the practice of law. It is how attorneys figure out concepts in order to practice with efficiency.
Economic standing is one of the reasons attorneys choose to use shared office space. because suite mates can really have a direct impact impact on one’s income potential. Being in a shared space, whether it is a workstation or office rental, promotes proper practice because of the network of expertise that is readily available. Here are some benefits of using a shared space:
1. Malpractice risk is greatly decreased.
Having other legal experts around in addition to your knowledge will be one of your best assets in a shared law office space. Knowledge is power and even just some quick advice can mean the difference between success and failure as an attorney. When you have the access to correct knowledge, it leaves an attorney less exposed to the danger of 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.
Cases are often more complex than just one general practice area. Often at times, clients may have questions about additional matters. For example, an attorney may have a client going through a divorce and questions about business may arise. If you are a business attorney, this may be something that you can be referred to work on or co-counsel with your 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. Shared law office space encourages success.
A shared space is best to analyze as a whole because its entirety will promote the success of your firm. When you surround yourself with people who have common goals, you can pick up on what they do in order to be successful and apply these habits to your own law firm.
Having a work environment that promotes your own success will only help you in the field as you continue to grow your practice.