A Manhattan shared office space will help your solo or small firm to maintain its independence while still providing networking opportunities as needed.
As far as rules go, the law of supply and demand has not changed despite all efforts to make it so. If you want law office space in midtown Manhattan, be ready to suffer sticker shock. According to a recent JLL Real Estate infographic published in Forbes, New York is the fourth most expensive city in the world for office space, at an incredible average cost of $171 per square foot.
This shocking realization leaves you with few options. You can take out your checkbook and spend your kid’s college fund on a new office, or you can find a more equitable alternative solution for your law office.
Re-Thinking the Solo Law Firm
There is a chance you chose to practice as a solo lawyer because you had little interest in dealing with the bureaucracy of a big law firm. There is nothing wrong with wanting to practice law with autonomy. It makes perfect sense to want to concentrate on both serving your interests and those of your clients.
You knew there would be obstacles when deciding to go become a solo lawyer. Finding the right office space to accommodate your firm is a challenge every solo has had to tackle; and when you are footing the entire overhead bill, suddenly each square foot matters a lot more than before.
One thing solo lawyers don’t always consider is the loneliness that can come with being a self-employed attorney. Lawyers who decide to go it on their own can miss the collaboration and the shared impromptu conversations with colleagues. These situations come much more naturally when you’re surrounded by other lawyers.
Being an attorney is largely a social endeavor, and if not done right, striking out on your own can make finding these necessary social interactions more difficult.
Shared Law Office Space Fills the Needs of Solo Law Firms
Fortunately, it is possible to have the best of both a solo practice and a collaborative environment. With a shared office space designed for and inhabited by solo law firms, you can have the autonomy of a solo law firm and treasured opportunities to collaborate and interact with peers in similar circumstances.Shared office space combines best of both a solo practice and a collaborative environment Click To Tweet
With shared office space, the overhead that comes with most traditional office spaces is significantly lower (so your budget breathe a sigh of relief). Additionally, you have access to experienced staff that can screen your calls and attend to the daily needs of a law practice. As well as mail and package delivery services, your firm will gain the prestige that comes with a coveted Manhattan address.
Also, when other lawyers are sharing space, it not only becomes much simpler to find a colleague for a consult or co-counsel opportunity, but the amount of referrals shared between attorneys also increases. This atmosphere feeds the social aspects of being a lawyer, while also contributing to sustainable growth for your solo practice.
Contrary to how it sounds, going solo does not necessarily mean you are all alone. With shared office space, you maintain your independence while still networking as needed. Helping you to lower the cost of maintaining your firm, and giving you the additional resources to grow your practice.