Check Out Our Top 10 Blog Articles!
Law Firm Suites provides blog content to help aspiring and established solo attorneys and small law firms alike. On this blog, we have gathered the top 10 must-read articles on shared office options. Continue reading and see the benefit of this content.
When Should a Law Firm Consider Getting Their Own Leased Office Space?
High costs of a standard leased office space is often the primary drawback for many firms and a firm’s time may be better spent in a shared office space rather than getting in over their heads. When you lease your own office space directly from the landlord, it can definitely be very exciting. It’s confidence boosting to see your name on the building; you have free reign to really 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.
Downtown Manhattan Office Space Should Stay Affordable For Lawyers
Average office space rent prices have risen sharply, but lawyers should continue to find values in downtown Manhattan despite changes in the overall market. It’s common knowledge that downtown Manhattan office space is the most affordable in the borough. But like most areas in Manhattan, office prices have been rising steadily. Notwithstanding, traditional users of office space like law firms should continue to find value rentals for several years to come.
Skeptical About the Benefits of Shared Law Office Space? These 3 Lawyers Were Too
Recent studies conducted by reputable institutions like the Harvard Business Review confirm that professionals who share office space with their peers earn more money, find more meaning in their work and have greater job control. It’s for these reasons that small firm attorneys have been sharing law office space for decades, and have been doing so in professionally managed legal suites since the 1960’s. Yet, we’re still surprised when we meet lawyers who are skeptical about the game-changing impact shared office space can have on law firm profits. These three lawyers were among the most skeptical of any we had seen come through Law Firm Suites.
Subletting Office Space? Why Law Firms Don’t Make Good Landlords
Bigger law firms often sublet office space to small firm attorneys. This is especially true in areas where it’s cost prohibitive for small firms to acquire their own office lease. By subletting an empty office from another law firm, a small firm attorney can leverage someone else’s long-term financial risk and up-front investment by paying a small premium in rent. It’s what makes subleased office space the most common office option for solo and small firm attorneys. Sublet arrangements can be very productive and last for years. Others can be a nightmare.
Why Lawyers Crave Shared Office Space
A shared office space parallels traditional office rentals in many ways. The main difference is that a shared office is typically fully-equipped and provides you with the tools you need to run a law firm minus the huge overhead. Basically, you do not need to do much to make the office work for you except for moving in your stuff. These shared office spaces are really attractive to solo and small practices because they include amenities.
Leasing Office Space Seems Reasonable, but Your Monthly Costs Will be a lot More than You Think!
There’s a pretty significant expense associated with leasing an office directly from a landlord; particularly if your practice is located in a major metropolitan area like New York, Los Angeles, Boston or Washington, DC. While the cost of the square footage may seem reasonable, the monthly expenses can quickly make even a small leased space unreasonably expensive. To help, we have put together a list of some recurring expenses that you would be responsible for when leasing space directly from a landlord.
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.
Slashing the Cost of Law Office Space in Manhattan
Manhattan’s 2,700 businesses per square mile can drive law office space prices sky high…unless you use a little ingenuity. Do you want a Manhattan office address for your law firm? If so, you are definitely not alone. The New York Business Journal reports that Manhattan boasts over 90,000 businesses, all vying for space in the most densely populated business environment in the nation. Perhaps that explains why 2015 statistics released by Jones Lang LaSalle reveal that New York City’s commercial lease space is more expensive than in any other major U.S. city, at a whopping $67 per square foot on average.
What you Need to Know Before Renting a Shared Office Space
Moving a law office is not a quick or easy process and it always results in lost billable time. We have found that many lawyers prefer to move their firm’s office no more than once every five years. But this can be tricky. For many attorneys, your practice will likely look very different in five years. Finding an office space that has that perfect mix of flexibility and stability can be difficult. Doing so requires having a solid understanding of these four things.
Beware the Bait and Switch When Searching for a New Law Office Rental
A bait and switch scenario can be a disaster for any attorney looking to rent an executive suite or shared office space. 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.
