Finding the best office space for your new solo law practice
Whether you’re a new law school graduate or a seasoned lawyer striking out on your own, finding the perfect office space is a must. Purchasing a building or signing a long-term lease for office space isn’t always appealing or affordable, but there are other options. We’ve put together a list of the five best alternative office options for lawyers for 2015.
Virtual Offices
Virtual offices offer many of the same benefits that executive suites offer with one major difference: There is no physical office space. You’ll receive the services of the receptionist, access to the equipment when you need it and the ability to hold meetings in the conference room. The majority of the time, however, you’ll be working at home or in some other location. Since there is no office space, the amount of monthly rent will be less than with an executive suite. The drawback is the sense of isolation that many home-based entrepreneurs feel.
Subletting Office Space
Many times, businesses find themselves with excess space that they are willing to rent to other businesses and individuals. First, consider whether the main business will interfere with your day-to-day activities and vice versa. Some businesses are in long-term leases and wish to have a sub-lease agreement that lasts through their current lease period. On the other hand, they may only want or need to lease the space out for a short period. Make sure the length of the agreement is something that works for you.
Collectively Leasing Space
Leasing a commercial space with other businesses is one cost-effective option. As with sub-leasing, it is important to consider the implications of sharing a space with other businesses. You must come to a mutual agreement as to the type of space that will suit everyone’s needs at a rate that’s affordable. A lease agreement should stipulate what part of the rent each entity is responsible for and how utilities, such as electricity, heat and wireless Internet, will be divided. In addition, a specific procedure for scheduling the use of conference rooms and other spaces is important.
Executive Suites
In many cities, independent lawyers can lease a small office within a building. These buildings house other small businesses and freelancers from a variety of industries. The benefit of this type of arrangement is that there is often a shared receptionist and waiting area. Additional shared amenities may include wireless Internet, a conference room and equipment including fax machines, copiers and printers. The lease agreement is generally more flexible than other commercial space, ranging from month-to-month agreements to yearly leases.
Co-working and office space dedicated to lawyers
In Denver, LawBank offers suites, offices and co-working space exclusively to lawyers. In addition to providing lawyers with a cost-effective office solution and amenities like a receptionist and conference room, we have built a collaborative community of legal professionals who often share leads or work together on cases. Our clients support each other with business advice and develop strong professional relationships based on a strong sense of community. In addition, we offer regular networking and professional development events.
If you are looking for an affordable office space option for your solo law practice or small law firm, please contact us.
For more information on starting and running your own law firm, check out our free e-book: Are You Ready to Go Solo?
