Sustainable law firm growth begins with low overhead and flexibility
For entrepreneurial lawyers, sustainable law firm growth will allow you to grow your business at your own pace.
Demand for legal services increased in 2021, which places small law firms in a great position to win new business and grow their practices. However, that growth should occur at a pace that is comfortable and feasible for you and your firm.
Real estate and overhead concerns
According to Reuters, demand for legal services increased 6.6 percent in 2021, and lawyer rates increased accordingly. However, for many law firms, a return to the office in 2022 will mean more pressure on the bottom line because of overhead costs:
“While firms saw higher demand and revenue, the delay in returning to the office meant that many didn’t face as much pressure from operating expenses…”
Real estate makes up a large percentage of those costs, but fortunately lawyers have more options now than ever before. A large office space and long-term lease shouldn’t decimate your profit margin.
Coworking offers dedicated work space for less
For small law firms, coworking offers an attractive alternative to a traditional office lease. Squarefoot.com highlights one of coworking’s biggest benefits to growing businesses:
“Renting an office can be very pricey. Renters have to furnish the rooms, purchase office equipment, pay for utilities, and potentially cover renovation and build-out costs. Coworking spaces…are turnkey, with access to shared amenities ranging from office equipment to large reservable spaces for events, so you can focus on your business.”
That last phrase hints at another important factor for your firm’s growth and overhead: focus.
How much revenue-producing time do lawyers lose managing the operations of a traditional office? What about lawyers who work from a home office and have to fight off personal distractions? Coworking helps solve both issues. The space allows for focused work time and more professionalism without the added stress of managing the office itself (or hiring staff to manage it for you).
Coworking supports sustainable growth and offers added perks
In addition to affordability and focus, coworking allows your firm to expand as needed.
You might start at as a one-attorney shop, but what happens when you land a big client or case? In a coworking or shared office environment, you have the option to add desks or even private office space as your team grows. You can start part-time at one desk and add days, desks or office space according to your firm’s needs. No need to back out of a lease or look for a larger space when you have room to expand when you need it.
In addition, a shared office environment gives you access to additional amenities and perks that you otherwise would have to provide on your own. WiFi, phones, conference space, reception services and professional development come along with the package, in many cases.
Growth needs community
Finally, a shared office gives you access to a community of professionals and fellow business owners. That network could take you years to build on your own. In a coworking space, people connect naturally and organically, which opens up new possibilities and opportunities for your firm.
In a place like LawBank, which caters exclusively to lawyers, you get the added benefit of connecting with others in your field. That industry focus allows you to collaborate with other lawyers in complementary practice areas to further expand your law firm’s reach.
A trusted network of peers allows you to become a “hub” rather than a “spoke” in your personal network. As this Attorney At Work piece notes:
“To be an effective hub, you don’t just have a lot of connections; you have contacts who are vetted and whom you are confident recommending.”
Working alongside others helps you get to know them on a much deeper and more authentic level, which strengthens your referral network.
Ready to learn more about coworking for lawyers in Denver? Reach out to us or schedule a tour at one of our three metro Denver locations.
