March 22, 2022 BY WorkSocial Press and Editorial
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.
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.
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.
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.
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.
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.
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.
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.
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.
If you are looking for a new office space in Jersey City, you might be overwhelmed by the variety of options available. From traditional cubicles to modern coworking spaces, from downtown skyscrapers to waterfront buildings, there is something for every taste and budget. But how do you find the best office space for your needs? How do you ensure that your work.
