Check Out Our Top 10 Blog Articles!
Law Firm Suites has amazing blog content designed to help aspire and establish solo attorneys and small law firms. We’ve gathered the top 10 shoptalk articles on navigating an office rental or shared space in NYC from the Law Firm Suites blog. Take a look and see the benefit of this content.
5 Tips When Looking For Your First New York City Law Office Rental
Moving into a law office, especially when it is your first one, is not a quick or easy process and it always results in lost billable time. Renting your first office space can be an exciting turning point for your business. But choosing just any office for your firm would be a mistake. You need to make sure that your office is one that will support your new practice, put you in a place that will help you succeed, and allow you to grow and thrive. Below are 5 things to consider when looking for your first New York City law office rental.
Beware the Bait and Switch When Searching for a New Law Office Rental
Finding a sublet office is no walk in the park. In fact, it can be pretty stressful and distracting. Shared office spaces and executive suites are meant to provide a sense of stability that can be a huge boost to any busy lawyer. Some of the most common clients of shared spaces and executive suites are solo and small firms and this has become an increasing trend recently. An NYC executive suite may be a great option for anyone and for solos and small firms, this option may be ideal. In addition to having your own space, but you get an office that is professionally managed by on-site staff so you don’t have to do it yourself. These additional perks come often at a little extra cost.
Your Law Office Rental Should Boost Your Firm, Not Hold it Back
Most lawyers view law office rentals as a necessary commodity. While this sentiment may be true, it is short-sighted. Your office space should be as monetarily productive as a junior associate’s. And just as your junior associate has a billable hour target, your office space should be held to the same standard. It should be something other than one of your firm’s largest fixed expenses. In my practice, I always made office space one of the most important parts of my marketing strategy.
5 Things Attorneys Must Consider Before Renting Shared Office Space
Know these five things about your law practice before choosing shared office space and find the best balance of flexibility and stability for your firm. There are two big takeaways from the COVID pandemic. First, the business climate can change swiftly and drastically, so striking that balance between flexibility and stability with your office rental is critical. Second, for lawyers, there’s nothing more important than having an established network of other attorneys to refer you business when you can’t do in-person networking (like if you’re too busy, or precluded from doing so because of a deadly virus). Picking the right office space requires having a solid understanding of these five things.
Finding The Perfect Law Office Space
It can be a challenge when looking to find that perfect office space for your law office to work out of. You want all the amenities you need to function plus the benefits that will need to accelerate growth, but what you don’t need is a sky-high lease payment to go with it. Keeping your rent terms and costs in check can make the difference in whether or not your firm reaches its full potential or struggles to get off the ground. However, finding everything you need in an office space without skimping is a fine line to tread.
Why Shared Law Office Space Is A Safer And Cheaper Option
No matter if you have been practicing for 30 years or you are fresh out of law school, the office that you choose to practice out of can make a massive difference in the success of your practice. A traditional office means you have an office all to yourself and you can set the rules, but can be very expensive. Then if you decide to rent out extra rooms to other lawyers or businesses then you have to add the role of landlord and office salesman to your daily duties in addition to the demands of your practice.
The Up-Front Costs of Leasing Law Office Space May Stop You Before You Get Started
One of the benefits of an office sublet or executive suite rental is the minimal up-front investment that is required to get started. Typically, all you need is the first month’s rent and a one month’s security deposit. Occasionally, there may be some minimal set-up fees related to getting your phones or Internet equipment ready for your use. Getting into your very own leased office space, however, requires a substantial up-front cash investment that is not required in an executive suite or when you sublet an office.
How Can Shared Law Office Space Benefit a Solo or Small Firm?
The term “shared law office space” is relatively new to the real estate market. However, this is a concept that has been going on for decades. Solo attorneys will often rent an office from a small firm or a shared space because there is high value in working around other like-minded professionals even if you don’t belong to the same firm. If you’re thinking about starting a solo law practice or are already practicing and in the market for different office spaces, here are the top 3 reasons why you should consider shared law office space.
The Pros & Cons of Starting a Law Practice in an NYC Workstation Rental
If you’re a bootstrapping entrepreneurial lawyer like me who is thinking about starting a solo practice, what to do about your first office location is probably on your mind. It was for me. Since I started my firm with no clients (and I mean not one), it didn’t make any logical sense to pay rent for office space when I could easily get a monthly virtual office rental for less than the cost of a decent meal out. But I knew that wouldn’t work for me. I wanted to be in an office with other lawyers every day. Working from home, it would’ve been too tempting to get distracted with the things I like, rather than pushing myself outside of my comfort zone to build a business.
When Should a Law Firm Consider Getting Their Own Leased Office Space?
When you lease your own office space direct from the landlord, it can be very exciting. It’s confidence-boosting to see your name on the building; you have free reign to do anything you want with the office. You could decorate extravagantly or use monochromatic frames to serve as the backdrop for the truth of the moment. It’s really up to you and that can be very rewarding. That is, of course, if your firm is willing and able to pay for the privilege.
Making A Great First Impression At An NYC Shared Office Space In Just 5 Easy Steps
It would surprise you how often we witness attorneys in our NYC shared office space have terrible interactions with clients when greeting them at reception. It’s fairly common for an attorney to arrive in reception as much as 45-minutes late, barely make eye contact, greet the client with a frown, turn and walk away (expecting the client to follow) without so much as a word of instruction. It is incredibly difficult to understand and one can only imagine that it sets a tone for discomfort for the rest of the interaction. Once this happens, it may be impossible for the attorney to recover because the client may be offended or even angry.