Attorneys using temporary meeting rooms is not only common, but it’s beneficial to the enhance convenience as you practice law.
What is a temporary meeting room?
A temporary meeting room (also known as a conference room rental) is a room typically in an executive office center used for the purpose of meetings, seminars, training events, and so forth. They are typically on a temporary basis and its usage is paid for on a need-only basis. For a small firm or solo attorney, a temporary meeting room can be used for many purposes:
- Real estate and corporate transactional closings;
- Litigation preparation;
- War room use in close proximity to a particular court; and
- Hosting a networking event.
Nixing the idea of a leased office may help your bottom line.
As an attorney, your work is really based on the cases you take and how frequent you see your clients. The need to meet can happen sometimes happen instantaneously and your office may not have the space for it.
Temporary meeting spaces solve this issue and don’t promote huge costs like a leased space would, especially if you do not use it all the time.
Certain lawyer-specific meetings are short-term. Seeking a temporary room may just be the best option indefinitely.
Thousands of dollars can potentially be saved with a temporary meeting room. Regardless of whether your firm has the space, it may not be suitable, therefore, leveraging a temporary room for a short while would be best as it’s not long term
How is money saved? An enlightenment.
Temporary meeting spaces can range in size and this is really dependent on the 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. Costs of maintenance add up and you have to factor in cleaning, utilities, etc. That could be around $300 a month.
Cost of furniture needs to be added in; 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 quite a pickle 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. The difference is definitely something to take notice.
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.
Always think about the costs and whether your firm uses the room enough to justify such costs.