A virtual office Midtown Manhattan allows solos and small firms to have a hand in the New York City legal market without the stress of financial overhead.
What exactly 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.
Three different type of attorneys come to mind for virtual offices rentals:
1. The solo attorney who recently started their own law practice.
Let’s face it. Costs to acquire and maintain a physical office space are astronomical, especially in the New York City real estate market. That being said, it is one of the most desirable markets to have a hand in because of the prestige behind it.
For a solo who is just starting out, a virtual office Midtown Manhattan is not only cost effective, but it also acts as a new type of approach to one day attaining that much-desired physical office office space. The solo also has the chance to build the reputation and credibility of their firm.
Many virtual office providers cater to a specific clientele. If one is lawyer-specific, it may help you narrow down your options more effectively. Having an office that is specific to your career needs promotes the chance to network within that virtual office community.
Having that network of like-minded professionals allows attorneys to provide the right answers because they have the expertise provided within the network.
2. The stay-at-home solo attorney in need of a commercial address.
Some people like to work from home and there is nothing wrong with that. Lifestyle is often an indicator of why a solo chooses to work from home.
One incredibly common reason for having a home office is children. Especially if the attorney just had a child, he or she may want to be at home to assist with child care. It makes it much easier knowing you can just get out of bed and sit at your computer to draft a document.
In terms of marketing, you have to take into account how you come off to a potential client. When someone sees you have an actual office address, it promote credibility, even if it’s just for mailing or meeting purposes. If they see you do not have a commercial address, it can have a direct effect on fee rates if their address given is residential.
Also, long-term, at-home attorneys tend to suffer from isolation. This is relative to one’s referral network.
The profession of law is best viewed as a collaborative practice. Having the ability to collaborate with other attorneys negates from malpractice because you have knowledge at your fingertips with the network provided in your virtual office community.
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.
3. Solo attorneys or small firms that are not local.
Choosing a virtual office Midtown Manhattan rental as an out-of-town firm is often the first thing many firms and solos consider when expanding their practice.
Various industries have a hand in many cities and states. Take into account an entertainment law firm based in Los Angeles. While Los Angeles holds the crown as having the biggest entertainment industry, New York city’s entertainment industry is nothing to scoff at or to ignore. It is also still growing.
Not having a hand in the New York market is not only ill-advised, it’s foolish because you’ll be left in the dust by other firms that do pursue the New York City market.
Making it here means making it anywhere.
Getting a referral from anywhere is great, but the Manhattan referral is one of the most prestigious referrals one could attain as an attorney. Having a local area code in your phone number and a local address in Manhattan can mean the difference between limited and unlimited growth.
Having a Long Island address or even one in an outer borough may not be enough to get the aspirational “Manhattan” client.
Incredibly, a Manhattan office presence may enable the out-of-town firm to charge higher rates, even in the local area.