Learn how a shared office space can lower monthly expenses and help your solo or small practice grow.
While looks aren’t “everything” for a law office, appearances do have an impact on your firm. Your office has an affect your image of professionalism. That’s just a fact.
Knowing that, what can you do if your law practice is not yet well enough established for you to afford a high-end office in a prestigious neighborhood? How can you be a mover and shaker when you are not in the right place to do so?
Your Solo Law Firm’s Secret Weapon
This is where shared law offices come in. By sharing office space in Manhattan, solo law offices can reap the benefits of a prestigious office address and significant savings at the same time.
The legal CRM experts at Lexicata state that sharing an office space may save lawyers as much as 60 percent on their monthly rent expense. Considering that rent is often the largest single line item on a law firm’s list of fixed monthly expenses, a 60 percent reduction should not be ignored.
Sharing office space in a place like Manhattan enables you to leapfrog over your competitors. Not only is the address impressive, but the office space you share is also high-end. A well-appointed office space projects success, something that your clients want, whether they are conscious of doing so or not.
Think about it this way. Why do you advise a client who is going to make a court appearance to wear a nice suit and tie? Because a professional appearance will only help their case.
Similarly, rather than “making do” with an ordinary office with modest furnishings in a less desirable location, it makes sense to associate yourself with a location and office environment that says “Successful!” to clients.Sharing office space with other law firms can lower your rent expense by up to 60% Click To Tweet
Some of the other benefits of shared office space include:
- The ability to scale with your business
- Access to amenities like mail delivery, reception service, and other included utilities.
- The freedom to come and go according to your client’s needs.
Shared Office Space Cures Lack of Productivity and Isolation Blues
An often overlooked advantage of shared office spaces is increased productivity.
Some solo lawyers prefer to work from home. While this option works for many lawyers, private homes don’t always foster a productive environment. A home-based office can provide too many distractions for some attorneys.
On the other hand, shared office space can help you remain focused on the task at hand. Away from time-wasting scenarios that crop up at home. You can devote your full attention to client matters in your office space, increasing billable hours and generating more revenue in the process. Some attorneys find that this benefit alone makes using a shared office space worth the small investment.
Shared office space eliminates another issue that sometimes plagues solo law firms. When you work alone constantly, it is easy to fall prey to feelings of isolation. Shared office spaces provide opportunities for you to interact with other attorneys.
Networking becomes more natural, which for many lawyers results in an increase of referrals. Something as simple as a conversation in the hallway can help you keep your legal instincts sharp and avoid the feeling of practicing law in a vacuum.
There are many different factors that go into your firm’s perceived image. But by leveraging the advantages of a Manhattan shared office space, your firm can lower its expenses, while also being in an environment that promotes success and grows your firm.