13 Feb Benefits of Sharing a Law Office
If you’re an attorney or member of a law firm, you should consider sharing an office with another law firm. At first thought, some people may brush off this idea, as they don’t want to be closely associated with other laws, but there are countless to doing so. If you’re interested in sharing a law office, keep reading and I’ll tell you why it’s a good idea and what you need to know to get started.
The fact is that most law firms don’t need all of the space they lease. While most of this unnecessary space becomes extra storage for secretarial supplies or other miscellaneous items, you could be making money from it by sub-leasing it out to other law firms. Times are tough right now for law firms big or small and making money from your law firms unused space is an excellent way to add another stream of residual income to your portfolio. Just think, if you’re sub-leading part a portion of your office that’s not being used for $700 per month, that’s an extra $8,400 a year in your law firms pocket. However, the benefits of sharing a law office don’t end here.
When you share an office with other attorneys, you’ll be in close proximity to other law professionals. As long as you aren’t competing against other on the same cases (which is highly unlikely), having other attorneys close by will be a valuable asset. Whether you need to ask them questions regarding litigation or just have a friendly chat about the day, you’ll find there are many advantages to having like-minded neighbors.
A lesser known benefit that comes from sharing a law office is that it’s usually already optimized for attorneys and law professionals. Unfortunately, most offices for lease or sale don’t have the proper set-up for attorneys. They’re either too small or not functional for a law office to properly operate in. However, if there’s already a law firm in the building, chances are they’ve modified and done some restructuring to optimize the property for law practice.
The fact is that you can turn any office into a suitable location to run a firm. Although, with so many benefits to sharing a law office, it’s hard to justify leasing one solely for your firm. Essentially, the whole idea of sharing a law office is a you scratch my back, I scratch yours kind of deal. Sure, you could rent out an entire building just for your firm, but you’re going to be wasting a lot of unused space.
There are several websites on the internet which help connect firms who have extra office space with individuals or attorneys seeking to rent that unused space. Depending on which website you use, there may or may not be a broker charge. For those interested in sharing a law office, check them out and look to see what’s available in your area today. You’d better hurry though, as attorneys across the nation are jumping on the bandwagon of sharing an office.