Shared law office space and be the key to helping new law firms keep their expenses down while growing their practices at the same time.
Whether you’re starting a new practice or currently running a small or solo law firm, it is critically important to spend money wisely and find happy, paying clients. One way to keep expenses down is to use a virtual law office or share office space with other lawyers.
But if you are interested in being in a physical office, and reaping the rewards that come with sharing office space with other lawyers, then a shared law office space is probably right for you. Read on to learn about 5 major benefits of shared law office space for small and solo law firms.
1. Save Money on Rent
Rent is often the largest single line item on a law firm’s list of fixed monthly expenses, especially in major cities like San Francisco, New York, and Los Angeles.
That’s why the most obvious benefit of shared office space for new law firms is lower overhead. Compared to a private office, the monthly rent for a shared office space can be anywhere from 40% – 60% lower.
This adds up to a huge amount of money, especially to newer law firms. It also gives you more cash to spend on things like marketing, legal software or hiring a virtual assistant.
2. Shared Resources
Running a law firm is not cheap, surprise surprise. Computers, printers, a phone system, office furniture, decor, wi-fi, parking, software, advertising, etc. are all pretty much standard expenses these days. Add this up and your expenses have now shot through the roof even without including rent.
Not only is rent drastically reduced in a shared law office space, but there are also additional cost savings from sharing office resources. For example, at Law Firm Suites you get access to a pre-furnished office space with access to printers, scanners, fax machines, wi-fi and access to file room storage.
3. Draw from a Deeper Bench
Law is a very specialized profession. Lawyers more and more have specific practice areas that they focus on. Because of this highly specialized approach, attorneys often need the advice of others in complementary practices.
A shared office space, particularly one that caters to legal professionals, provides a network of legal knowledge. Allowing you to better serve your clients.
For example, in a B-to-B practice 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.
4. Serious Client Referrals
The main difference between shared spaces and typical commercial arrangements is the collaborative work environment. Referrals are way more common in shared spaces. And that additional revenue can make a world of difference for a small firm or newly solo attorney.
The right mix of attorneys is crucial to keep in mind when choosing a shared office space. 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 a 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.
5. Safe and more Productive Work Environment
The environment you choose to work from can have a big impact on your productivity. Just like a high-end restaurant needs to be in a good location and have a pleasant ambiance, a law firm can be run more effectively from a nice office building with conference rooms and all the amenities.
Working from a local coffee shop can be noisy and distracting while working from home often leads to less productivity. These types of work environments may be optimal from a cost standpoint, but nobody wants to meet their lawyer in a coffee shop to discuss their serious legal matter.
For these reasons, a shared office space for law firms is something that anyone would highly recommend to any small firm or solo lawyer just getting off the ground.