The Work-life Insight
Coworking is here to stay. It was here to stay before the coronavirus pandemic, but the onset of the COVID-19 pandemic has solidified coworking's standing as a preferable workspace solution.
In the early days of coworking, many argued it was nothing more than a movement and trend that would eventually fade away.
Twelve years later, what started as a movement has become a full-blown industry that has entirely disrupted the way people lease and use office space. As demand for coworking spaces has risen and the industry evolved, so has the terminology. Today, many people use coworking, flexible workspace, and workspace-as-a-service to refer to the same thing.
One thing is clear, regardless of the term you decide to use, coworking spaces are here to stay and rise.
Providing a dynamic environment for small businesses to connect and grow, with their beers and coffees on tap, glass conference rooms and team-building activities, coworking spaces have become almost synonymous with indie startups over the past few decades.
Since the mid-2000s, coworking spaces around the world have been gaining popularity among businesses and emerging entrepreneurs, and have established themselves as a different way of acquiring real estate. Top coworking spaces – like WorkSocial’s New Jersey coworking space - offer flexible solutions that match your individual working needs. WorkSocial is the leading provider of coworking spaces, private office spaces, meeting rooms, training rooms and virtual offices, with prime locations in Jersey City, NJ as well as locations in Manhattan and Downtown Los Angeles. They offer a variety of workspaces suitable for individuals, teams, entrepreneurs and small businesses with a wide range of rental options from daily to monthly.
WorkSocial takes pride in meeting the Environmental, Social and Governance (ESG) standards which suggest long-term top-line growth, talent retention, cost reductions and consumer trust.
"We believe in redefining your workday by bringing wellness, happiness and leadership into the workplace. WorkSocial strives hard to give everything you need in order to work efficiently, productively, healthily and happily," says founder Natasha Mohan.
The company's services include providing private offices catering from one to 100 people, dedicated desks, hot desks, meeting rooms, boardrooms, training and conference rooms. Other features include high-speed clean internet access from the Microsoft Azure fabric, healthy food and drinks, office supplies, technology support and more.
Founder Natasha Mohan, has many years of experience in the industry and has successfully developed her business into a major local player by presenting a real and trusted alternative to the large international providers. Her mindset is pretty simple, stay curious, be humble and never stop dreaming.
According to Mohan, the most important element of the business is to help people create a shift from getting things done to creating fulfilled careers. "We do it by building a space that brings happiness back to people's workday. Happy people do good work…endorphines, serotonin, dopamine and oxytocin."
WorkSocial works with some of the biggest brands in the world, including Google, Facebook, IBM, and JPMorgan. They provide innovative coworking solutions. They have also provided affordable solutions for small businesses and local entrepreneurs.
WorkSocial takes pride in what they do and are highly regarded as not only offering a highly enjoyable working environment for its clients, but also for their employees. They experience little to no staff turnover and consistently receive glowing reviews and a high level of customer satisfaction.
"The WorkSocial team is fantastic. They are professional, kind and courteous. They truly care about making your work experience the best that it can be. The office is clean and the kitchen is always well-stocked with healthy foods. I highly recommend using their services," says one gratified client.
The company has announced a 6,000-square-foot office expansion at 111 Town Square Place in Jersey City in February 2022. Mohan claims a little more than 60% of it is already reserved.
"We love having a diverse group of businesses, agencies, people, and teams use our facility. That's what makes it so special. There is so much important work happening right here under this roof," added Mohan.
When starting and operating a corporate business, it is vital to have a working space which allows your employees to gather and communicate, as well as have a general area where they can get into a work mindset and form a culture of teamwork. What we are talking about here is one of the most important and vital aspects of any corporation: an office space. This is where we come to WorkSocial.
WorkSocial helps to offer beautiful and functional working spaces for corporations and other businesses situated in prime locations. WorkSocial allows their clients to find a tailored office space solution dependent on their own unique requirements, and as such, offers many different types of working locations. These could include the Executive office space, Coworking office space, conference rooms and meeting venues and even virtual training areas. All of these are important for a business and have their own environments and situations where they would suit best. This is part of what makes WorkSocial great, it has a variety of different options to choose from which can be tailored to you and your business.Each of these locations has its own benefits, typically with a number of features that come with its use. These could include on-site WiFi, staffed reception area, a business lounge, free printing/copying/scanning, IT support and even complimentary food and snacks! Some of these would be considered complimentary side benefits of an office space, but some are essential. With WorkSocial aiming to provide these benefits to every client that utilizes their workspaces, they are aiming high and creating a work environment which is accessible and functional for the businesses utilizing them.
Now, onto our personal verdict.
WorkSocial is one of the best office space providers out there due to the modern and functional workspaces they provide, and the useful amenities provided by them to the clients utilizing their services.The actual spaces provided have modern designs which definitely give off the ‘vibe’ of an office corporate space, without being too traditional and still allowing for an aesthetically pleasing environment. Furthermore, the amenities provided make the space accessible with free WiFi and IT support, as well as side benefits. To top this all off, the offices are located in prime locations which presents opportunities for business and work for any corporation.
Added onto this, WorkSocial is minority and women owned, and its client base is largely made up of minorities. Consequently, WorkSocial works to empower these communities and develop connections which can grow into budding and formidable companies in the business world. Through their office spaces, minorities are given a central location for development and growth.Overall, we believe WorkSocial is a great choice for any business and should absolutely be utilized.
The coworking space industry is growing by leaps and bounds, averaging 23% annual growth since 2010. With pandemic restrictions finally easing and people looking to break free from the work from home grind, this growth seems permanent. As such, WorkSocial is emerging as the leading brand in this space. With their innovative and affordable coworking solutions, WorkSocial is the premium choice for small businesses and entrepreneurs.
WorkSocial is the most well-known flexible office space provider, with locations in Jersey City, NJ, Manhattan and numerous partner l ovations throughout the US. Its spaces feature a startup vibe and atmosphere, active, energized and more mature than some of its competitors.
WorkSocial takes pride in adhering to Environmental, Social, and Governance (ESG) principles, which promote long-term top-line growth, talent retention, cost reductions and consumer trust. They have broad initiatives to conserve energy, reduce waste, improve working conditions and enforce ethical business practices, among other things.
Additionally, the company’s operations are aligned with programs that benefit the environment, employees, local communities and shareholders.
“We want to create environments where people and businesses come together and do their best work. We are constantly reimagining how the workspace can help everyone be more motivated, productive and happy,” said WorkSocial founder Natasha Mohan.
Natasha said that the company’s mission is to help their community find purpose in everything they do. “We build a space that humanizes people’s workday – a space that brings happiness back to work,” added Mohan.
Aside from building a community of productive and happy people, WorkSocial can quickly configure a space to fit the particular needs and vision of a business, making it one of the more flexible options in an already flexible industry.
The company’s services include providing private offices, dedicated desks, hot desks, meeting rooms, board rooms, training and regeneration rooms. Other features include high-speed internet access, healthy food and drinks, office supplies, technology support and more.
“We provide a range of cutting-edge technology to our clients, including 24/7 technical assistance and high-speed internet connection from DE-CIX and CISCO Meraki. Our clients have the full authority to have custom network solutions,” said a spokesperson.
With hundreds of customers in the country, WorkSocial is proud of its skilled and friendly team, one of the key factors that have earned the company so many happy, satisfied clients.
WorkSocial is a minority and female-owned and managed company that places importance on social equity. Their team is 95 percent female, ethnically diverse, and on a weekly basis bands together to feed the local community at the St Joseph’s Homeless Shelter in Jersey City, New Jersey.
Features
Associated Press
WorkSocial’s latest launch provides versatile, state-of-the-art amenities for modern-day digital creatives, combining in-office facilities with remote working technology for an agile, adaptable office environment.
The announcement details an extensive array of benefits for established enterprises and startup ventures alike. WorkSocial is committed to providing an inspiring base for creative business endeavors, marrying sociability with forward-thinking technologies for 21st-century professionals.
According to ThoughtFarmer, a hybrid workplace is a business model that combines remote working with a traditional office setup. The unprecedented events of 2020 meant that companies across the US were forced to adapt to new ways of doing business, embracing technology and flexible remote solutions to ensure their survival. Hybrid working allows employees a better life/work balance and enables businesses to lower their overheads, only requiring reduced office space on a month-to-month basis.
WorkSocial offers stylish office space for co-working with streamlined booths, conference rooms for meetings, and excellent amenities such as fast wifi, complimentary drinks and snacks, and printing facilities. With premises in popular centers such as New York City, Miami, Los Angeles, Jersey City, and Parsippany, NJ, WorkSocial provides executive-level comfort at affordable rates.
Other benefits for WorkSocial members include an upmarket business address, optional secretarial services, call screening, and mail forwarding. Keeping overheads low while creating the right impression for potential partners and investors is a hard balance to strike for many startups. WorkSocial provides the ideal virtual office space for both nascent and more established ventures.
Additional services include an onsite public notary, optional private working spaces, optimized security, a firewall by CISCO, easy access, transparent pricing, corporate branding, VPN integration, and much more.
About WorkSocial
Founded by CEO Natasha Mohan, a successful entrepreneur with a background in business management, the company has been providing state-of-the-art hybrid working solutions since 2015.
A spokesperson says, “Enterprise co working and shared office space is driven by the fundamental spirit of entrepreneurship. We believe in redefining your workday by bringing wellness, happiness, and leadership into the workplace. WorkSocial provides access to everything you need in order to work efficiently, productively, healthily, and happily.
“With the launch of its updated hybrid workplace solutions, WorkSocial is taking office space into the 21st century for a new generation of entrepreneurs in the Hoboken, Grove St, Paulus Hook, Weehawken, and West New York area.
Source:
asiaone
Article credit – MARKETERSMEDIA
Stress, anxiety, and tension are at an all-time high. In the US alone, over 40 million adults have an anxiety disorder. More people rely on breathwork to help improve their overall mental, physical, and spiritual well-being. If you’re curious about breathwork, here’s everything you need to know about intentionally changing your breathing patterns.
What is Breathwork?
While breathwork might seem trendy in 2022, it’s not new. Breathwork has its roots in yoga, and people have been practicing different breathing techniques for thousands of years. Breathwork is essentially different breathing techniques, programs, and exercises that help you focus on your awareness of your inhales and exhales. The basic idea is to release toxins, negative feelings, and stress when you breathe out and nourish your mind, body, and soul when you breathe new air in.
The Benefits of Breathwork
Research on breathwork is promising. When you focus on your breathing and give your body & mind a chance to press the reset button, you may experience both physical and mental health benefits of breathwork.Physical health benefits of breathwork may include:
- Balanced blood pressure
- Chronic pain management
- Better sleep
- Decreased PTSD symptoms
- Stronger respiratory function
- Improved immune system
- Release of stress hormones from your body
Mental health benefits of breathwork may
- Less depression and anxiety
- Heal emotional pain and trauma
- Better mental focus
- A decline in addictive behaviors
- Higher self-esteem
- Increased self-awareness
- Better outlook on life
- More contentment and joy
Breathwork Practices
There are several breathwork methods. Each technique focuses on conscious breathing. However, what you are struggling with and what you seek should help you determine which breathwork practice is right for you.
To get started, here are three beginner breathwork techniques to try.
The 4-7-8 Breath
Best For: When you feel overwhelmedThe 4-7-8 method slows the heart rate and nervous system. Use this technique when you feel anxious, angry, swamped at work, or have trouble sleeping.
How to do it:
First, take a deep breath out to empty your lungs of air. Then breathe in through your nose for 4 seconds, hold your breath for 7 seconds, and exhale out of your mouth for 8 seconds. Repeat at least four times to feel the effects.
The 4-4-4-4 Breath
Best For: When you feel tired, distracted, or unmotivatedThis technique is like a secret weapon in the office. The 4-4-4-4 approach slows the heart rate and heightens concentration. Practice this method when you’re feeling sleepy, groggy, or unfocused. You can do it in the morning or in the middle of the day when you’re losing focus at work.
How to do it:
Start by emitting all of the air from your lungs, and hold your breath for 4 seconds. Next, breathe through your nose for 4 seconds, then hold your breath for 4 seconds, then exhale out of your nose for 4 seconds. Repeat for around five minutes to feel the effects.
The 5-5 Breath
Best For: When you’re angry, sad, or triggeredCoherent Breathing or the 5-5 method slows down your breathing. This technique can be used anytime during the day you feel like you need a sense of calm or you feel yourself getting worked up.
How to do it:
First, focus on the natural rhythm of your breath. Then, breathe in for 4 seconds, and exhale for 4 seconds. Repeat this for 1 minute. Next, repeat for 5 seconds, then 6 seconds, and if it feels good, expand to 10 seconds. Practice this method for at least five minutes to feel the effects.
What Happens to the Body During Breathwork?
Individuals who regularly practice breathwork describe feelings of deep relaxation, clarity, and alertness during and after breathwork. In addition, many people find that they feel more energized and continent after a session. Some people also report feelings of physical sensations, like tingling or vibrations throughout the body.
Other Types of Breathwork to Consider
Everyone has a unique preference, need, and goal for practicing breathwork. If you’re considering joining a breathwork class or incorporating breathwork during a therapy session, you may benefit from the following techniques.
- Holotropic Breathwork
- Rebirthing Breathwork
- Clarity Breathwork
- Biodynamic Breathwork
- Integrative Breathwork
- Shamanic Breathwork
- Zen Yoga Breathwork
- Transformational Breathwork
In an effort to make organizations more diverse and inclusive, leaders across the globe are adopting unconscious bias training (UB training). UB training or UBT helps reduce bias in behaviors and attitudes - often based on gender, age, and race - about people’s character traits and talents.
For example, your team lead using a phrase you don’t prefer could be the result of a past experience with an ex-manager from your previous organization, leading you to nurture unconscious biases or false assumptions about your current team lead. Why does this happen? It’s because our background, moral values, cultural environment, and personal experiences influence the choices we make. With these ideologies in place, we begin to create unconscious opinions without even realizing it, which negatively impacts hiring, promotion decision-making, and future engagements with customers and fellow coworkers. In fact, as per a survey conducted by Deloitte, 68% of employees reported that experiencing or witnessing bias at the workplace affected their productivity.
Unconscious bias is simple, you just need to take the time to understand the definition of unconscious bias, the types of biases, and ways to avoid it in the workplace.
What is unconscious bias?
Unconscious biases are essentially learned stereotypes. Often these stereotypes are unintentional, deeply ensconced within our value system, and have the power to influence our attitude and behavior. For example, if your car breaks down, chances are you’re most likely to approach a man rather than a woman for assistance. While this unconscious bias may seem harmless, problems may arise when it makes its way into the workplace.
Types of unconscious bias
There are 5 different types of unconscious bias. Let’s understand how to tackle them in the workplace.
1. Affinity bias
Affinity bias is the tendency to like other like-minded people. These similarities can be based on gender, age, race, and more. Affinity bias is most often seen during interviews.
How to avoid: Organizations should work towards hiring a diverse staff to promote inclusion.
2. Perception bias
Perception bias is the tendency to make snap judgments based on assumptions and stereotypes that are often wrong. These judgments can be based on gender, age, height, and more. For example, when you host a party after work, and you deliberately refuse to invite a fellow employee because you believe they do not have the same interests as the rest of the group.
How to avoid: Request peers for input on any preference tendencies.
3. Confirmation bias
Confirmation bias is the tendency to seek confirmation about pre-existing assumptions and ideas, even if it means ignoring good ideas. Confirmation bias is also known as cherry-picking, or simply doing whatever it takes to win an argument.
How to avoid: Keep an open mind to new ideas and build awareness of this bias.
4. Halo effect
The Halo effect is when a single positive attribute has the power to influence our assessment of irrelevant factors. In simpler terms, the Halo effect is the tendency to think that everything about a person is great simply because you like that person. This cognitive bias can lead to animosity in the workplace, especially when favored employees are on the receiving end of more perks. For example, when your co-worker is always perceived in a better light regardless of what they do because they have a closer connection with their team lead than others.
How to avoid: Think about the decisions you’ve made about people without giving them a second thought. Question your decision. Was it favoritism?
5. Gender biases
Gender bias is similar to the Halo effect. The tendency to favor one gender over another is called gender bias. According to a recent survey by Headstart, 42% of women in the United States have encountered gender discrimination in their workplace.
How to avoid: Gender bias can be avoided when employers think about whether a gender swap matters with respect to the position at hand.
Conclusion
Each bias is unique in its own way. Business owners have the power to raise awareness of unconscious bias by encouraging interaction among people from different groups. A coworking and shared office is one such space where diverse groups of people, freelancers, corporates, remote workers, and other consultants work together in a communal setting. This not only helps reduce stress levels when around people who are different from us, but also widens social networks and promotes diversity and inclusion.
FAQs
1. When do unconscious biases happen the most?
Believe it or not, unconscious biases can happen anytime, anywhere without you even realizing it. However, the two common times when unconscious biases happen the most are during the hiring process and during promotions decision-making.
2. Is unconscious bias illegal in the workplace?
Unconscious bias is different from employment discrimination and as such, is not illegal in the workplace. It’s also because employee discrimination happens consciously whereas unconscious biases happen without us even realizing it, making it harder to recognize and address.
3. Why is unconscious bias training essential in the workplace?
Unconscious bias training helps raise awareness that unconscious bias exists, thus helping combat the future influence of unconscious bias.
Sources
www.headstart.io/insights/gender-bias-in-the-workplace-why-does-it-still-happen/
www.easyllama.com/blog/unconscious-bias-in-the-workplace
www.togetherplatform.com/blog/unconscious-bias-in-the-workplace
The United States of America has over 1 million lawyers, all vying to make a name for themselves. Courtesy Covid-19, many attorneys are working from home, which means their focus, work-life balance, and productivity is compromised. Why are coworking and shared office spaces the ultimate solution for lawyers in the United States? Because:
- Work takes on a more meaningful role.
- Better work-life balance.
- Increase in business networks.
- Hike in motivation.
- Rise in income.
Work takes on a more meaningful role
Unlike traditional offices, coworking and shared office spaces are a collection of members who work for different projects, companies, and ventures. With little internal politics or direct competition, lawyers who work from shared office space for lawyers are less inclined to put on a work persona to fit in. Additionally, working in a mixed community where everyone does different kinds of work can bolster one’s work identity and increase productivity by 73%. Lawyers who choose to work from shared office spaces participate in a social movement – one where collaboration, community, sustainability, and learning are common.
Better work-life balance
Coworking spaces are generally accessible 24/7 and for lawyers with flexible-timings, they are the perfect fit. Studies have shown that 83% of people who work from coworking spaces feel happier and more satisfied, with 65% reporting a better work-life balance. Attorneys can decide whether to put in an overnight shift, take a long lunch break, or hit the gym. They also have the choice of working from a private cubicle, shared table, or from home.
Increase in business networks
For law firms in a collaborative setting, consulting with a legal practitioner from another firm over coffee or lunch is easy. A water cooler conversation can lead to new ideas that can directly impact your law practice. Law firms who run their businesses out of coworking and shared office spaces report a 78% increase in business networks. Their presence in shared workspaces serves the legal needs of other members and organizations and creates a culture of fruitful lawyer-to-lawyer networks.
Hike in motivation
Shared spaces offer a community setting for self-employed lawyers and law firms seeking autonomy, motivation, discipline, and structure. A Harvard Business Review reported that members who work in coworking and shared work spaces reported productivity levels or levels of thriving that are near an average of 6 on a 7-point scale. That’s a point higher than the average for employees working from regular offices. According to the study, 86% of coworking professionals experienced an increase in motivation at shared workspaces because they had more control over their work and performance.
Rise in income
Coworking spaces help lawyers feel socially integrated, get professional support, and increase legal networks. All of these factors invariably lead to referrals, an integral component for maintaining a steady income stream. Referrals are great for building client pipelines too – and they all lead to an increase in income, especially for solo lawyers and legal practitioners in small law firms.
Key to coworking success
Make the most of available amenities to streamline work and get your law firm up and running from day one.
Develop a strong business network by making the most of networking & event opportunities in shared workspaces.
Know the rules to experience the uninterrupted benefits of coworking.
Explore networking opportunities & events such as gatherings, educational events, and meet-and-greets that assist with professional advancement.
Conclusion
To summarize, the benefits available to attorneys who work out of coworking and shared office spaces are aplenty. Lawyers who choose a well-curated work environment such as Worksocial demonstrate higher levels of happiness than their traditional office-based counterparts. At the end of the day, lawyers who cowork have substantial autonomy. What that means is that they can be themselves at work, invariably leading to high levels of thriving. Legal practitioners who are given the support and space to be their authentic selves are more likely to energize their workplace every day with new information, energy, and ideas.
Sources:
https://hbr.org/2015/05/why-people-thrive-in-coworking-spaces
https://lawfirmsuites.com/wp-content/uploads/2015/10/Infographic-2-5.jpg
‘Metaverse’ is already one of the most hyped and buzzed words of 2022.
What does this merger of our virtual and physical worlds mean? How will we be affected by the paradigm shift? There’s a lot to unravel here. The metaverse is expected to redefine what it means to spend time online in an “extended reality.”
Here’s a deeper understanding of the metaverse, its uses, and where it’s heading.
What is the Metaverse?
In short, the metaverse is a (potential) network of virtual reality worlds online. People can go to school, work, play games, socialize, shop, buy real estate, and much more in these worlds. Metaverse users will have virtual identities, usually thorough avatars with unique characteristics who can essentially do “real life” things in a collective virtual shared space.
The worlds typically have their own virtual economy with a unique currency. Also, many of the current platforms require users to have a crypto wallet, and an old laptop isn’t going to cut it if you’re looking for the full metaverse experience. The processing power may be too limited on smartphones and laptops to keep up with these universes with millions of users. That’s why Facebook’s metaverse vision incorporates users with Oculus VR headsets or AI glasses.
Does the Metaverse Already Exist?
To some extent, yes. There is already a metaverse in the gaming world, but it’s only a slice of what’s to come. We see some social elements of the metaverse in video games. Fortnite, for example, has hangout spaces where an estimated 125 million players can take a break from the battle royale experience, to enjoy a low-key concert.
Other examples of these worlds include Second Life, The Sandbox, Decentraland, and Somnium. Some of these worlds are created by foundations (Decentraland), a virtual destination for digital assets, including NFTs and the MANA cryptocurrency. Others are centrally owned, like Second Life, an online space where users create an avatar for themselves and lead a second life in an online virtual world.
How Does the Metaverse Work?
Right now, the metaverse is already being used for special events, education, gambling, cinemas, and more. This online space merges virtual, augmented, and physical reality to blur the lines between human interactions online and offline.
The metaverse is so intriguing because there are a handful of platforms where people can interact in different ways. By mimicking the aspects of the physical world using technology like virtual reality (VR), people can now live, work, shop, and play online without ever having to leave their homes.
Investing in the Metaverse
The metaverse is a new, exciting, and somewhat intimidating concept. And naturally, people have an eye out for their piece of the pie. For some, the metaverse is already becoming an income source.
There are a few different ways to earn money from the metaverse. One is real estate advertising—the most sought-after thing in the virtual space is land. You can purchase any land or property in the metaverse, and it usually comes in the form of a digital asset (NFT). Digital artists can mint their digital assets like photos, videos, music, and art on non-fungible tokens (NFTs). An NFT authenticates a creator’s possession of a digital asset, meaning no one can copy the deed of ownership.
What Does the Future of the Metaverse Look Like?
While we still can’t predict exactly what kind of futuristic digital escape the metaverse will bring, we know that the metaverse is expected to manifest itself primarily through VR over the next few years. It will be an alternative, digital world that can be used for business and pleasure.
Additionally, the growth potential is enormous. According to Bloomberg, the metaverse could be on its way to becoming an $800 billion market by 2024. To put that into perspective, that’s almost triple the size of the gaming software and services industry today. With current predictions, the metaverse could be a trillion-dollar industry before long.
There are still a lot of unanswered questions about the metaverse that will need to be addressed at some point. For example, how the metaverse will handle crime control, ownership, and work is still unknown.
If there ever was a time to take your dream and bring it to life as a business, it’s now. An entrepreneurial mindset is the need of the hour, no matter how arduous circumstances seem at the moment. Uncertain times like the Covid-19 pandemic offers an opportunity in disguise for lawyers considering entrepreneurship, and it’s a gambit that can truly affect lives for the better.
More often than not, entrepreneurs are associated with tech, e-commerce, and education start-ups. Rarely do law and entrepreneurship go hand in hand. Why? It’s mostly because lawyers are wired differently. They are wired to be reactive, not innovative. Their cautious, low-risk nature is a deterrent to the entrepreneurial spirit – a must-have trait for business owners looking to:
- Create products in response to gaps in the market,
- Achieve customer satisfaction, and
- Manage scale.
Today, lawyers are combining processes, capital, tech, and knowledge to provide legal products and services to customers. What does this mean for the future of the legal profession? And are you the next lawyer waiting to board the entrepreneurship bandwagon?
Lawyers, the early entrepreneurs
Until the 1970’s, competition between law firms was friendly, each law firm had their own client relationships, and movement between clients or partners was nearly negligible. Then law entered the free agency era, and lawyer-cum-entrepreneurs like Steve Kumble, Steve Brill, and Joel Hyatt transformed the legal practice into the legal industry, creating a roadmap for future lawyer/entrepreneur aspirants.
Steve Kumble was the co-founder of Finley Kumble (FK), a New York law firm that became one of America’s most powerful law firms in under a decade. Founder of The American Lawyer, Steve Brill built his empire by focussing on the economics of legal practice. Joel Hyatt, founder of Hyatt Legal Services , pioneered low-cost legal services for middle- and lower-income Americans. Joel later founded Hyatt Legal Plans (now MetLife Legal Plans), which eventually became America’s largest provider of employer-sponsored legal services. He also pioneered the concept of legal services as a working condition fringe benefit.
The next wave of legal entrepreneurs appeared around the year 2000, essentially during high-volume offshore migration when the demand for law firms to principally review documents was high. For such low-value tasks, high-priced law firms like BigLaw Associates proved extravagant. That’s about when legal entrepreneurs like David Perla and Dan Reed began investing in technology that reduced costs and compressed legal delivery time. They understood the need of the hour and the importance of technology, capital, and scale. By operating outside the constraints of traditional law firms, they built business models that rewarded output (results) instead of input (number of hours). Using this model, Dan Reed, founder of UnitedLex and David Perla, co-founder of Pangea3 tapped into investment capital to build international operations that pioneered the tectonic shift in legal delivery.
Entrepreneurial spirit & it’s importance
1. Critical to global economy
An entrepreneurial spirit or a more nuanced understanding of the entrepreneurial engines of economic activities are responsible for the differences in venture performance of law firms.
2. Critical to local economy
Reallocating entrepreneurial talent from the Government, state, or agricultural sectors towards business activities within the country leads to economic development and wealth.
3. Critical to a culture of innovation
Those in possession of personality traits such as extraversion and innovativeness are the ones who are most conducive to entrepreneurial activity. Direction from peers, access to resources, and formal education programs can help young lawyers/entrepreneurs understand their strengths, fuel their ambitions, and nurture a culture of innovation.
The United States of America ranks third with the greatest entrepreneurial activity and impact in the Global Talent Competitiveness Index (GTCI) 2021 rankings of 125 countries.
How to embrace legal entrepreneurship?
1. Channel your creativity
The pandemic has given lawyers an opportunity to rethink the present and to let the mind percolate with fresh thoughts. If legal entrepreneurship has been on your agenda, there’s no time like now to channel your creativity in the midst of a global crisis (Covid-19), technological advances, and globalization.
2. Embrace the unknown
Taking risks is part and parcel of being an entrepreneur. There are rewards within risks, of course, but often entrepreneurs fail to recognize rewards for what they are. The same can be said about taking risks. When you embrace legal entrepreneurship, you embrace the unknown. Law is no longer only about lawyers and the demand for law firms is fast plateauing even as the demand for legal services is fast rising. The time is right, and legal entrepreneurship is the ‘new normal’.
3. Seek support
Starting your own law firm takes a lot of determination, effort, and hard work – and there are so many resources to help you along the way. Worksocial is one of many - a coworking and shared office space driven by the fundamental spirit of entrepreneurship. Kickstart your legal entrepreneurial journey at the NY or NYC office - it’s a workspace designed to bring wellness, leadership, and happiness into your everyday.
Sources:
www.insead.edu/sites/default/files/assets/dept/fr/gtci/GTCI-2021-Report.pdf
www.law.georgetown.edu/wp-content/uploads/2020/07/Legal-Entrepreneurs.pdf
Covid-19 has changed the way the legal sector works. It’s no longer about work-life balance, but the power to choose where, when, and how to work. Lawyers seek the freedom to create their own schedules, take on meaningful cases, and work from a space that caters to their unique requirements. It’s true though, that lawyers have been working from shared office spaces long before ‘coworking’ began trending. Read on to understand how lawyers benefit from working out of shared office spaces.
Why Coworking Spaces are best for Lawyers and Attorneys:
1. Access to a shared pool of resources
Lawyers were familiar with the concept of remote working long before the pandemic introduced working-from-home. Lawyers with different sets of expertise were known to come together to offer clients comprehensive legal services - a practice that’s fast picking up today in shared office environments.
Additionally, for lawyers for whom time is money, administering an office became a Herculean task, making a coworking facility far more attractive than taking on the task of setting up an individual office.
2. Networking with peers
Working at a coworking and shared office space provides networking opportunities each and every day. It enables lawyers from different sectors, fields, and skills to network and learn from the experiences of each other. Coworking is an excellent environment for cross-referrals. When a lawyer working out of a coworking space gets hired by an organization also working out of the same co-working space - that’s when the magic actually happens. This type of collaboration is impossible in a work-from-home scenario, especially considering the solitude that comes hand-in-hand with legal entrepreneurship.
3. More space, lesser cost
Business rentals are a costly affair for law firms, especially in major cities like New York, Los Angeles, and New Jersey. This fixed monthly expense does not include the cost of other overheads, such as water, electricity, and the Internet. Comparatively, renting out a space in a coworking and shared office space is 60% cheaper, and unlike traditional office spaces, all amenities are included. For a law firm that’s just starting off, every penny is precious. Cutting costs by choosing a shared space over a traditional office can help free up capital for marketing, sales, and tech in order to maximize operational profitability, processes, and efficiency.
4. Privacy & professionalism
Well-designed coworking and shared office spaces are an easy way to showcase your professionalism. It creates an impression of success and therefore incites trust to manage legal issues. For a new law firm, creating such a high-end experience is near impossible. But in a shared space, it’s very much attainable. Coworking and shared office spaces come equipped with well-lit, airy waiting rooms, luxurious seating, and a front desk to assist with inquiries. For law firms looking to grow, coworking spaces are the way to go. They provide a professional image and credibility, both of which are key selling points to build your client database. Additionally, coworking and shared office spaces come equipped with conference rooms that can be booked in advance. These rooms provide complete privacy – a non-negotiable factor when it comes to the confidentiality of clients.
5. Increase in productivity
It’s all about location, location, location – especially since the location you choose to work from can have an impact on the success of your law firm. Just like a high-end boutique needs to be located in a good, residential area and have a pleasant environment to provide the best shopping experience to customers, a law firm can run more effectively from a good-looking building equipped with all the amenities.
Working from coffee shops doesn't offer the privacy lawyers need and working-from-home is a gateway to distractions galore. While both are cost-effective, they don’t assure a positive outcome for you or your clients. Having a dedicated office space can help improve productivity and focus. This small shift is all it takes when it comes to upgrading your business model from that of a sole legal practitioner to a sustainable legal business model with customers and employees.
6. Access to workplace events
Coworking and shared office spaces are infamous for hosting networking events where you are more likely to meet fellow lawyers. These events are open to the public, and as such are great for meeting new people, finding new associates, and connecting with potential clients.
7. Tax-savings
Working out of a coworking and shared office space entitles lawyers to claim more deductions when it comes to the membership fee or rent. Other workspace expenses such as printing, conference room hire, and business mailboxes can also be claimed under tax. Of course, this all depends on how often the coworking space is being used and your chosen business model (sole practitioner or limited company). It’s best recommended to consult with a tax professional before making financial decisions of any kind.
Conclusion
Starting a law firm is no easy task. In order to maximize your chances of success, you need to carefully consider revenues and expenses before finalizing an action plan of working out of a space that is worth your while.
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