The Advantages of Shared Workspace for Lawyers over Traditional Offices

 

Neophite lawyers are entering the field and accredited ones are exiting.  An aspect within the industry that already has one foot in the door in its exit is traditional offices. Now more than ever, lawyers, especially small law, are choosing shared workspaces as their preferred working environment.  But why?

Collaboration

Collaboration is an important component of work environments, regardless of the industry. Newer lawyers, especially, benefit from learning from others that have a longer resume of experience. Building personal relationships with others in the field is important and sometimes vital to the survival of a law practice.  In times of problem solving and new obstacles, having other lawyers close by to provide insight and assistance is ultimately what makes collaboration crucial. Being surrounded by a community of collaborators is much easier to achieve when working in a shared office space, rather than alone in a traditional office.

Cost Efficiency

While some legal giants claim that you can start a law practice with zero dollars down (which is NOT true),  sharing  overhead costs  means a leaner bottom line  Traditional offices come with the expected costs, such as rent and utilities.  It’s the easily forgettable costs that build up heavily over time, like furniture, decorations, computers, software, printers, just to name a few.  All of these costs in starting a law practice, combined with nonessentials such as marketing and administrative services, create a large dent in the budget.   

A simple solution is to create your office space in a shared workspace – whether that is a empty law office for sublease in an existing law firm or an executive suite targeting lawyers as tenants.  While all of the previous costs are still present, the total is divided up by a number of individual lawyers, as agreed or pursuant to your service agreement with the executive suite. This allows some room in the budget and creates opportunities to invest more in services such as marketing campaigns and social media.

Networking

An increase in networking builds off of the collaboration aspect of choosing shared workspaces. Although it is difficult to put oneself out there, networking is crucial in building loyal clientele and obtaining referrals. Working alongside other lawyers allows room for natural networking to exist.  Also, referrals are taken more seriously when coming from a trusted individual in the industry.  Build trust and collaborate. Practicing in a shared space increases the likelihood of receiving referrals from your colleageus.  And everyone wants a strong referral.

Professionalism

In the business world, looks do matter. Well, in regards to office space. Professionalism can easily be improved through having an established office that can be used as a meeting location with current or potential clients. Meetings in public locations, such as a coffee shop, are more cost efficient but fail at showcasing one’s professionalism and success that a client is looking to pay for.    LINK TO COFFE SHOp BLOG>  For startup law firms  or solo practitioners, there is less freedom in budget than highly established firms to create professional and private meeting spaces.  Shared law offices or work spaces work.  They help small law firms have a professional space to conduct meetings without breaking the startup budgets.

As the fast paced world of law changes, more lawyers are turning away from traditional office settings. With more fresh, independent lawyers and firms entering the field, the high costs of maintaining a traditional office shift the attention towards shared workspaces, which have endless benefits. From networking opportunities to professionalism, shared spaces allow firms that are not highly established to experience the benefits that large firms are able to afford.