Attorneys use shared office space to reduce expenses on various aspects because it allows them to share those costs. This includes the cost of meeting rooms, equipment, receptionists and libraries.
Especially if the law firm is new, sharing office space can help attorneys pool their resources.
What Is a Shared Office Space?
Most people think of attorneys as having their own private office space, especially when they are in private practice. However, many who do practice independently in a solo capacity share their office space with others. Often, these attorneys practice completely different areas of law; for example, a personal injury attorney may share their office space with an estate attorney and a tax attorney.
Full law firms also often share office space with other firms. Often, these are smaller firms that are not in competition with one another.
A shared office space is exactly as it sounds; it is an office environment that is shared among attorneys and stocked full of office equipment for a convenient place to conduct business. Shared office space is particularly popular for solo attorneys and small law firms due to the amenities already provided to them so that they can save money. Some of those amenities include typical law firm telecommunications equipment, high-speed, secure, wireless Internet access, professional-grade copy equipment, multiple conference rooms and staffed professional reception areas.
What Benefits Can Attorneys Get from Using a Shared Office Space?
Attorneys who use a shared office space can enjoy numerous benefits. Specifically, there are eight that are notable. Those benefits include the following: they can save money, they can gain access to more networking opportunities, it offers better flexibility and scalability, it improves their professional image, it gives them access to collaborative equipment, it reduces their administrative burdens and it provides them greater access to resources.
Sharing Office Space Offers Cost Savings
Attorneys who rely on shared office space can look forward to significant cost savings. It helps them save money compared to directly leasing from a commercial landlord. Instead of having to pay a long-term lease that might last as long as five years, shared office space allows attorneys to make a smaller investment over a period of one year or one month to the next while including a security deposit. This lets them hold onto the extra money they would have otherwise had to shell out in the event that something comes up and they would have to relocate to a different office space.
There are also cost savings associated with office amenities. Solo attorneys and very small law firms just starting out may lack the resources necessary to be able to afford full-time front office reception staff. With a shared office environment, all the attorneys can pitch in and afford to hire a full-time receptionist or more than one. Office equipment is also more affordable with shared office space. This includes specialized equipment attorneys need for their work and general equipment like phone servers, high-speed Internet, copy equipment, postage machines and more.
More and Better Access to Networking Opportunities
A shared office space allows attorneys more access and better access to networking opportunities. Workers in all industries can benefit from building professional relationships because it can allow them to branch out and expand their networks. However, for attorneys, it’s even more than just that; shared office space lets them get to know more of their professional peers and gain richer access to more clients through references. This can happen even when attorneys who practice different areas of law share office space. For example, if a client who hired an estate planning attorney later suffers a personal injury, the estate planning attorney may be able to refer them to a personal injury lawyer who shares their office space.
Shared Office Space Provides Better Flexibility
When attorneys share office space, it provides them with better flexibility to accommodate their needs. The shared office environment consists of everything found in a traditional office, but things can be arranged in a way that makes things more versatile. Everything can be customized to each attorney’s preference or in the way the small firm likes.
Better flexibility in the shared office space also allows attorneys to change things in their working environment depending on the situation. Things can be rearranged to accommodate the attorneys’ needs. For example, if a group of attorneys has a meeting in the conference room and needs special equipment to review a certain case, it can be brought in temporarily. Or an attorney might need specific software to communicate with certain clients. With shared office space, attorneys can also share these features without having to permanently change anything.
When Attorneys Share Office Space, it Allows for Scalability
Sharing office space can also provide attorneys with scalability. This means that the office can be adjusted based on the state of the solo practice or the firm’s situation. Over time, small law firms, in particular, grow and take on new attorneys and other legal staff. As business blooms, a law firm might have too many cases for the small number of attorneys it currently employs to handle. As a result, it would be necessary to hire new lawyers to help take on some of that new load.
Likewise, the shared office space might need more changes. This goes hand-in-hand with the better flexibility it gives attorneys.
Sharing Office Space Can Enhance Professional Image
When attorneys rely on shared office space, it helps them to enhance their professional image. This can lead to both solo attorneys and small law firms building up their practice. When clients enlist the services of an attorney who uses a shared office space, it gives them a better impression compared to using one who regularly works at home.
Another way that shared office space can enhance an attorney’s professional image is due to the professional amenities they get. A reception desk and professional-grade equipment show clients and colleagues that the attorneys using the shared office space take their work seriously and will strive to deliver the highest quality expertise.
It Makes for a Collaborative Environment
Shared office spaces allow attorneys to enjoy a collaborative environment. They can share ideas and their specific areas of expertise with their office mates and perhaps even inspire other attorneys to add a new area of law to their own practice. A collaborative environment stemming from a shared office space could even result in attorneys referring clients to one another or even teaming up to handle certain cases.
Sharing Office Space Reduces Administrative Burden
Many smaller law firms and solo attorneys find they have to sometimes do some of the administrative legwork because they may be more likely to have part-time administrative support such as receptionists or IT specialists. A shared office space solves those problems because it provides such amenities and allows attorneys to focus on their casework.
It Gives Them Access to Resources
Attorneys who use shared office space gain better access to the resources they need to do their jobs to the best of their abilities. Everything is more easily accessible because it’s also much more affordable. All the attorneys who share the office space can have equal access to resources such as a phone system, Internet, printers, postage machines and other equipment they need to complete their work.
