A shared office space provides a plethora of benefits that serve to help solo attorneys and small firms.
Tell us what constitutes shares 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 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 suitemates can really have a direct impact impact on one’s income potential. Being in a shared space, whether it is a workstation of 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. Less of a chance for malpractice.
Without other attorneys around it can be very easy to fall into the trap of malpractice. A shared office space, especially one that caters to the attorney profession reduces the risk because you have the knowledge of other attorneys at your finger tips.
With the help of other attorneys you are less exposed and can utilize the other attorneys as an asset.
2. More cases come your way that you can handle.
Co-counseling opportunities are abundant in shared office space. Big law firms are the prime competitors of solos and small firms and being able to handle more cases gives you the edge.
While you make plans to increase your profits a shared law office space will definitely help to sustain that growth.
3. You can retain your clients and prevent them from going to bigger 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 suitemate.
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. Success is encouraged within a shared office space.
You should always look at shared office space as a way to make your firm successful. Having the right people around you with common interests helps to foster a an environment that can propel you to success. You can take what you learn and apply it to your firm.
This attitude will only help your firm indefinitely.