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Law Office Sharing v. Executive Suites
As rental rates increase, office sharing has increasingly become the cost-effective way to start your business with lower startup costs, and without a long term commitment to space you may outgrow in a year. Some have turned to Executive suites, but these often come with expensive add-on costs. In addition, executive suites are not geared towards lawyers. Executive Suites are not built to make it easy to consult with or socialize with your co-tenants, but rather for the operation of multiple one person offices who never interact with each other.
In contrast, an office sharing arrangement is one in which several lawyers or small firms share common areas, such as conference room, work room, break room and reception area, while each attorney has their own office, as well as room for their support staff, and file storage. Typically, the phone system and copier are also shared, dramatically reducing start up costs. Lease terms are commonly 1 year, instead of the 3 to 7 year term required by most commercial leases. Rent is a predictable, fixed amount, making it budgeting easier. You only supply your own office furniture, computer & printer (or rentals can be arranged).
Office sharing is perfect for the solo or small firm, since it does not require a long term commitment or high start up costs, but you can still enjoy the amenities common to larger firms. While each lawyer / firm is financially separate, and operates independently, they benefit from mutual referrals, shared experience, and an exchange of ideas, forms and materials, enjoying the benefits of working with other lawyers, without big firm politics.
Big firm amenities Low start-up cost Low, predictable overhead More interaction with other lawyers Look into office sharing for your firm!