As shared office space evolves, law firms maximize agility
The way we work and run our businesses has changed. In fact, the evolution toward shared office space and more nimble ways of conducting business has opened up opportunities.
For law firms, the ability to work from almost anywhere while maintaining client confidentiality has led to new law firm models that allow lawyers to better meet the needs of today’s clients.
The role of shared office space
While technology allows professionals to work almost anywhere, not every space supports quality work. A noisy corner of a coffee shop, or a home office with constant interruptions or distractions, can lead to frustration and longer-than-necessary work hours.
Shared office space allows lawyers, and other professionals, to maintain a dedicated work space. That delineation between work and home creates a mental shift into better focus and work flow.
However, many professionals no longer need office space full time. A shared space gives lawyers access to a professional office when they need to focus, or when they need to meet with clients. At other times, they can work from home or in the field as needed. The ability to come and go creates a more fluid work model that also supports better work-life balance.
In addition, shared spaces create more financial wiggle room by eliminating long-term leases and oppressive overhead costs. In a shared space, small law firms have room to grow at a steady pace without the burden of a fixed lease.
Nimble relationships
As we have seen in our locations over the years, shared spaces allow professionals to join forces without entering into formal partnership arrangements. That ability to come together only when necessary expands the reach of each individual lawyer or small firm.
Together, they can land larger clients or cases than they could individually. They can also step in and out of these partnerships according to changing needs.
In addition, working alongside other professionals and entrepreneurs gives lawyers access to thought leadership that would otherwise be difficult to create in isolation. The ability to lean on trusted colleagues and ask for guidance from a variety of different people can give independent practitioners an edge in the marketplace.
Drawing on the experience of others shortens the learning curve for entrepreneurs with new or growing law firms.
Adaptability
Changing the way we think about work, real estate and office space as law business owners allows us to adapt to market conditions. As our society continues to evolve, law firms with the ability to adapt to those changes will be more prepared to meet market needs. We don’t need to cling to the status quo in order to deliver quality legal services.
We need to listen to our clients’ needs as they also react to challenges and changes in their businesses and personal lives. Their needs in 2020 and beyond might look quite different than in the past, and lawyers who have the foresight to predict these needs will fare much better as the changes occur.
Since its founding, LawBank has been on the forefront of evolving law firm real estate needs. To learn more about how we can help your law firm prepare for the future, contact us.
