Setting up the ideal small law office doesn’t have to mean high costs or isolation
Big benefits come with operating a small business: Autonomy, flexibility and the ability to create a firm that aligns with your personal values. As you consider setting up your ideal small law office, consider alternatives that allow you to create community and keep costs in check.
Launching a small law firm
Launching any independent business requires strategy, planning and forethought. Every decision you make at the beginning of your venture can either lead to opportunities or frustration. That said, you can always pivot along the way if something doesn’t work out. So, if you have an existing small law firm, now might offer a chance to change its trajectory.
As you consider your new or reimagined small law firm, make sure you have these basics in place:
- A business plan. Don’t spend months agonizing over every word. Just get a general plan on paper to give yourself a working model.
- Your offering. Small law firms thrive best with a narrowly focused practice. Choose a niche practice area that meets a need and aligns with your own passions.
- Legal structure. Register and license your business with the state and other appropriate agencies and understand your tax responsibilities.
- A realistic budget. Lay out your expected expenses, including all required business insurance, and then set a target goal for revenue.
- A strong network. Your firm’s biggest assets will always be your reputation and your relationships. Cultivate and maintain both.
- A marketing plan. Again, no need to stress the minute details, but have a plan on how you will reach potential clients.
Creating a healthy foundation for your business with these basics will save you many headaches in your first year of business. If you have several years of business ownership behind you, it still doesn’t hurt to revisit and fine-tune these basics.
Why office space matters for small businesses
Once you have your small law firm vision and structure in place, it’s time to think about the how of your day-to-day work. The media often portrays small business owners as either shopkeepers or nomads working out of coffee shops.
While a home office with occasional coffee-shop work days might work temporarily, most business owners quickly realize the need for more structure and professionalism.
As this VantageCircle article notes, one con to working out of a home office is the lack of work-life balance:
“Some may forget to clock out and differentiate between work-life and home-life. This might lead to working longer than one should, thus; resulting in employee burn-out and added stress. Whereas working in an office helps to draw the line between professional and private life.”
Dedicated office space offers:
- A professional environment for welcoming clients
- The opportunity to set office hours clearly separated from your personal life
- An atmosphere that encourages more focused work; less distraction
- A chance to interact with other professionals in the building
- Often, a central location that makes doing business easier
The reality for many small business owners, however, is that many traditional office spaces often come with an expensive and long-term lease.
Coworking as the ideal solution for small law firms
Small business owners fortunately have another option: Coworking or shared office space.
The benefits of choosing a coworking space over a traditional office lease include:
- Much lower cost. Pay only for the space and time you need.
- Flexibility. Need more space as your team grows? Coworking gives you that option immediately.
- People. Your fellow business owners in a coworking space quickly become a trusted network. In a traditional office, you likely only see each other in the elevator.
The benefits of choosing a coworking space over your home office include:
- Better work-life balance. Your personal life stays and home and your work life stays at the office.
- People. Isolation is real for many small business owners. Having other people around helps morale and offers a chance for collaboration and lead exchange.
- Location. Coworking spaces often bring you closer to business centers where more clients converge.
- Professionalism. Clients respond to a well-appointed conference room and office environment, and built-in amenities like office equipment and reception services make your life easier.
LoopNet highlights professionalism as a key benefit for small firms:
“Renting a coworking space provides several key benefits beyond just flexibility. For small businesses and freelancers, coworking spaces offer access to a professional environment with amenities like meeting rooms, high-speed internet, and office services without the burden of managing them. This is especially useful for business owners or freelancers who need a professional setting to invite clients for meetings, creating a more polished and credible impression.”
Whether your small law firm is brand new or several years in the making, a coworking space can provide the ideal place to bring your firm to the next level.
Ready to learn more about LawBank’s coworking spaces for lawyers? Reach out to us. We also offer law office suites for small firms in growth mode and we work with existing large law firms on subleasing extra space.
