Lawyers: Don't Sign a Long Term Lease - Sublease space instead
Even lawyers are having a hard time finding a job in these economic times. And solo practitioners are hesitant before signing a long term lease usually requiring a personal guaranty. The good news is attorneys are sharing space and simultaneously saving money and improving business. There are many benefits of sharing law space.
The cooperative spirit of a group of attorneys who practice with each other is invaluable. Water cooler discussions lead to the exchange of valuable expertise with other lawyers and perhaps even a referral for a case or work project. This does not occur when an attorney practices law from home or a coffee shop. Another benefit of sharing law space is creating a better image in the eyes of clients. Attorneys are forming associations when they share space and link they names on the letterhead. They are setting themselves out as attorneys who are part of a law firm, even though they are neither partners nor sharing profits. Instead these lawyers are sharing expenses and saving money.
While there are State Bar rules governing the representation of a law firm where the lawyers are space sharing, the bottom line of disclosure to the client may be easily addressed in the retainer agreement. The retainer agreement with the client should clearly indicate that the lawyer is a professional corporation, a limited liability company or solo practitioner, and he or she is not an associate or partner of a law firm. (Each state has varying rules so check the State Bar for further reference). These guidelines may be easily met. Expansive letterhead of the association of lawyers sharing office space may show a client a more impressive image and office space than any one single lawyer could afford on her own. Expenses of copy machines and other office equipment are much less burdensome when costs are divided among space sharing lawyers.
The bottom line: an attorney may receive more for office rental dollars. Everything from water to paper may be shared and as long as there is a clearly written space sharing agreement, the arrangement adds prestige and cost savings. Attorneys are not signing long term leases; instead space sharing is a beneficial and prevalent concept. Of course, choosing with whom you wish to share office space is an individual choice and should be closely examined. In 2010, Elaine M. Russell created www.lawspacematch.com, a service that matches lawyers seeking to sublet space with unoccupied office space at compatible law firms around the country. Law office space and attorney profiles may be viewed at www.lawspacematch.com. Elaine M. Russell is a corporate and business attorney representing clients throughout Georgia and has an office located in the Buckhead section of Atlanta. See Also: A Resolution for Student Debt?, , Law Firms - Don't Use Your Empty Office Space for Storage - It's a Waste