Posted by Jay Kamlet on Apr 15, 2015
Planning, careful consideration and an informed outlook reduce the likelihood that there will be serious pitfalls as you transition your career from a law firm to independent practice.
Leaving the safety net of a large firm can be unsettling, and you must apply business acumen to support your new practice. The basic needs for a law office do not differ much between large and small firms except in scale. Space, equipment and personnel all must be factored into the bottom line, and access to financing and start-up costs is crucial.
The transition to independent law practice requires options that are clear and demonstrably supportive of the new firm’s success. For the attorney who is looking to create a focused practice, a co-working option can be an attractive alternative to a traditional office lease.
Independent offices cost the same every day, whether you use them or not. Utilities must be covered. Good support personnel have salary and benefit requirements and expectations. In the first few years of an independent law practice, the projected income while you build a client base will not likely be high enough to support the office without significant backup funding. Co-working facilities offset those overhead costs by pooling the resources of several independent practices in one cooperative structure.
Reducing initial capital outlay and making your start-up operating funds stretch further is only one benefit of co-working. Imagine walking into your office and finding all the equipment you require, as well as the support of a receptionist, conference space, beverage service and a professional atmosphere from the first day. You can begin work and greet clients in a professional setting from day one. Co-working gives you the flexibility to truly concentrate on your new practice and your clients.
LawBank offers a variety of flexible office options to lawyers in Denver. From private offices to co-working space, we can help you launch your independent practice alongside a network of other independent practitioners.