Innovative real estate approaches can offer a law firm budget solution for firms of all sizes

Office space looms as one of the biggest expenses for all businesses. However, unique approaches to this problem can offer a law firm budget solution for firms of all sizes.

Whether you operate on your own or run a law firm with dozens of attorneys, you can benefit from reviewing your current office arrangement.

Small Law Firm Office Options

As an independent attorney, you likely launched your firm from a home office to save money. As your practice has grown, however, you might find yourself in need of more space.

The modern workforce operates a little differently than it did in years past. Now, you have more options available than signing a long-term lease on a private office space. Not only can a lease like that bust your budget, it might not afford you the amenities your growing practice really needs. Want a conference room or a receptionist? What about a copier and other office equipment? When you consider the space and money required to secure those amenities, the cost could far outweigh your comfort level.

Another option, a virtual office, gives you the benefit of an off-site mailing address and reception services. A virtual office can add a layer of professionalism to your practice for a relatively small fee. Conference room space may or may not accompany a virtual office set-up, and you don’t have the benefit of working alongside other professionals.

By contrast, a coworking space or shared office environment gives you an affordable option that includes amenities and built-in networking. Findlaw sums it up perfectly:

“Coworking space is ideal for budget-minded business people who don’t need a lot of room to operate. They can find space in high-rent districts at a fraction of the cost of traditional office space.

The benefits go beyond low-rent and shared expenses, however. In the typically high-energy coworking space, it’s about making connections.”

Consider the message you want to send to prospective clients. If you’re ready to move out of a home office, consider some of these other budget-friendly solutions.

Real Estate Budget Management for Large Law Firms

As a partner in a medium or large law firm who has already invested in real estate, you may have more room to save on this overhead cost than you realize.

Look around your space. Do you have unused offices or conference rooms that have become storage closets?

Now look at your monthly expenditure for the footprint you occupy. Wouldn’t it be nice to fill some of that space and make a little money on it?

If you sublease those unused areas to independent lawyers or small law firms in a non-competing practice area, you can divert some of your real estate budget to other business-building initiatives. In addition, a sublease arrangement allows you to retain that space for possible future growth.

As you help a small firm gain a foothold and grow, you save some money along the way. Win-win.

Ideally, you would work with an experienced intermediary who will do the legwork for you to find suitable sublease tenants.

To learn more about LawBank’s shared office solutions for small law firms, as well as our sublease tenant match program for large law firms, contact us. We serve lawyers and law firms of all sizes in Denver, Colorado.