Solo attorneys and small firms choose NYC shared office space for four main reasons.
What can be said about NYC shared office space?
An NYC shared office space is not much different from a traditional office space rental. However, a shared space provides perks like being fully equipped and move-in ready. Not much is needed to make the office your own comfortable work space. You just need to move in. A shared space allows an attorney to do more than just work from home.
These shared office spaces are incredibly attractive, especially shared law office spaces when it comes to legal professionals. These spaces provide the resources and amenities necessary for a small firm or solo to practice efficiently without the colossal expense a standard commercial office lease might promote. These amenities and resources include:
- A fully staffed, professional reception area;
- Access to multiple, well-appointed conference rooms;
- Law firm grade telecommunications equipment;
- High-speed, secure Internet and wireless Internet; and
- Professional grade copy equipment.
What makes NYC shared office space appealing to small firms and solos?
Small firms and solo attorneys may find an NYC shared office space appealing for four main reasons:
1. For the lawyer on a budget, NYC shared office space can be your best bet to saving money.
Signing for a standard commercial is a hefty commitment. It’s so hefty that it is often out of reach for a many solo attorneys and small firms. These types of deals require the big bucks and may not be suitable option for someone who is smaller scale.
Direct-to-landlord leases are often very time sensitive. Where an NYC shared office space will only require a year to commit, the standard lease may require up to five years and an even bigger down payment.
Amenities that come with a shared office space are also important to the attorney as well when it comes to financial expenses. For instance, a solo attorney may not be able to swing the costs associated with having a support staff. When divided among multiple tenants, the cost of a support staff provided by the a shared office is much more reasonable. This also works itself into other expenses, such as durable office equipment, telephone service, and even internet.
Certain amenities if not part of your lease package can cost you a pretty penny at the end of the day. In a shared office space, many of these amenities are included in your agreement, therefore, you save time and money trying to attain these resources on your own.
2. Have like minded professionals around keeps it consistent.
Law is an area that is becoming extremely specialized with each legal professional. Lawyers more and more have specific practice areas that they focus on in their career. Because of this highly specialized approach, attorneys need the advice of others in complementary practice disciplines to offer the best service possible.
A shared space that is highly specialized to cater to legal professionals helps you by allowing you to have additional expertise at your fingertips making you better able to serve your clients and their needs.
For example, in a B-to-B practices such as M&A, an attorney may have practice issues during the scope of client representation involving other practice disciplines, for instance, complex taxation, intellectual property or employment law issues.
The shared office space makes it easier for the M&A attorney to have colleagues view meetings and provide a level of competency in client representation that may not be available to the attorney without the network of a shared office space.
The same can be said for a business to consumer practice as well. For example immigration attorneys often have ancillary issues that involve family law, matrimonial law and criminal defense.
3. Collaboration can lead to a great referral.
The main difference that gives shared spaces an edge over typical commercial arrangements is the collaborative work environment. Referrals exist in this work environment which can mean the difference between succeeding as a newly solo attorney.
With this, many small firm attorneys are able to add profits to their firm over time.
The right mix of attorneys is crucial to keep in mind when choosing a shared office space. Limited offices constitutes in depth research on the attorney network to ensure complementary practice areas exist so you get the most in referral exchange.
For example, while a personal injury attorney can certainly co-exist with a bunch of tax or patent lawyers, the better fit from a business development perspective would be a suite with immigration, workers’ comp and matrimonial attorneys.
Being selective about practice niches is less of a concern in larger shared law office suite with many attorneys from diverse practice areas. For example, in a shared office space like Law Firm Suites, where over 125 attorneys in different practice areas share space, there will always be an opportunity to build a referral connection.
4. NYC shared office space helps to negate from isolation.
NYC shared office space can be very collegial. The atmosphere created is very social and when done right, can create long-term professional and personal relationships within the space. Instead of having to be with the same firm to foster such an atmosphere, you can find that in a shared office space with a robust legal community.