Office space for law firms doesn’t have to fit a traditional model

If 2020 has taught us anything, it’s that our ability to adapt and remain flexible will help guide us. For lawyers, that means reevaluating what it means to run a successful law business. Each business decision we make can help us prepare for challenges and meet opportunity when it arises. Office space for law firms, among other shifts in operations, can take firms to a whole new level.

The Lease

If your office space lease is set to expire this year or next, think twice before you sign a renewal. Maintaining business as usual might feel safe in a world full of uncertainty, but consider how well that space has served you thus far.

Ask yourself:

  • Do the benefits match the monthly overhead costs?
  • Do you employ enough staff to justify the amount of space you lease?
  • Could some of your staff work remotely, either full or part time?
  • Which features of your space do you consider must-haves?
  • Would signing a multi-year lease renewal bring a sense of comfort or fear?

In my experience, what lawyers need most from an office space is privacy and a place to focus solely on work. Creating that separation from home can help establish a better work-life balance. A dedicated office also provides a professional place to meet clients and to maintain confidentiality.

After these months of working remotely, many of us long to return to the routine and the productivity of working in the office, and with good reason. However, you don’t need a stand-alone commercial real estate lease to access any of that. A coworking space gives you the opportunity to pick and choose the options your law firm needs. Private offices? Check. Conference rooms? Check. Daily access or occasional access? Check.

With a shared office setting, you choose the arrangement that best meets your firm’s needs today, and it comes with the ability to add more space or time as your firm grows. Whether you run a truly solo practice or have a firm with several attorneys, coworking can help you create a nimble and responsive law business.

Opening Your Doors

If your lease extends beyond 2021, never fear. You can approach your space creatively to help offset the overhead costs associated with real estate.

How? Sublease to independent practitioners or small law firms. Earning rent on a percentage of your square footage will help you trim your operating expenses as you adapt to the new realities of law practice in 2020. As you work with your staff on remote-work schedules and other adaptations, subleasing some of your existing space will help take off some financial pressure.

Many firms have been looking for creative solutions to their real estate costs. As Law.com reports:

“Real estate is the second-largest cost for law firms after personnel, and at a time when many firms are reducing both salaries and employee positions, it would be ‘managerial malpractice’ not to look for a break, said Tom Clay, a principal at legal consultancy Altman Weil.”

Rather than defaulting on your lease and winding up in litigation like one firm mentioned in the story above, you can get ahead of the game by subleasing strategically. In this climate, landlords are much more likely to work with you on a creative solution rather than losing you as a tenant entirely.

Whether you plan to end your lease or would like to consider subleasing as an option, reach out to us. We offer coworking and shared office options at three Denver locations, and we also work with large law firms to find and vet subleasing tenants.

Schedule a tour today or reach out to learn more.