Choosing a suitable workspace for your law firm requires you to have a clear vision of what kind of office environment you desire. Therefore, you have to consider your law firm’s needs and your existing and potential clients’ needs.
You also need to decide if you will rent, buy, share office space with others or establish a virtual office. Co-op offices provide a great avenue to share space with other attorneys, reducing overhead expenses.
Cost is almost always the primary concern when finding an office for your law firm. Affordability is crucial, and an attorney thinking of opening a firm should have a strategic plan to cover rent and pay the staff. Some attorneys usually start with zero staff.
Therefore, it is advisable to start in an office that you can afford rather than what your colleagues, clients, and family will prefer.
According to prominent law firm, Halperin Law Center, location is vital to the success of your firm. Is your law firm situated in a convenient location? There are various aspects to consider to secure a proper spot:
- Proximity to courthouses
- Easily accessible to your clients
- Having a nearby bank that hosts your trust account
Virtual law practice helps to cut costs, especially if you don’t have an office space that can accommodate many people at once. Therefore, if parts of your practice can be made easier through technology, you can implement virtual law practice.
The type of office space you desire is easily obtainable, depending on the finances available and your law firm needs. There are various types of office space arrangements, and they include the options below:
A rented office is more cost-effective than buying an office space. With a rented space, you can easily hire associates/staff, and it gives your practice a certain level of credibility. However, paying a monthly rent can be a hustle, and there is a limitation in terms of what you can do with the office space.
If you desire to own the office space property, this is the right option for you. You can use the space freely without restrictions, and you could also rent out some of the offices.
However, it is a high-cost option because a large amount of money is required, and you have to cater for maintenance and pay your mortgage.
The sharing of office space is a common practice among many law firms. It is similar to renting, but less costly. Note that being ethical and respectful of others is critical in a shared space. You can achieve this by not poaching clients, not disrupting others at work, and respecting peoples’ privacy.
There are several professional benefits of sharing office space:
- Receiving professional guidance from others
- Receiving referrals
- Sharing of resources, such as the printer or Wi-Fi
A home office is the most cost-effective, because there are no rental or commute expenses and you can even get a home office deduction on your taxes. However, it comes with a couple of downsides:
- Being easily distracted by your personal life
- Less networking with other firms
- Not being able to hire people or even give your address to clients
If you are interested in establishing a home office space, you should incorporate a virtual law office to boost your business.
Yes, it is. The office space you select will show your professionalism, boosting your business, and allowing for smooth operations.