General Practice, Solo & Small Firm DivisionSolo Newsletter
Consider the Cons of Shared Office Space
Shared office space certainly has its benefits, but before signing a lease, consider whether the higher costs of square footage and secretarial, photocopying, and shipping services are balanced by savings elsewhere. The best way to tell whether you will be shelling out more money in a shared office space compared to a traditional one? Compute your annual expenses based on using the suite. Then, figure out what you would pay to procure and maintain your own office equipment and furniture, and hire and manage the personnel; and what the same square footage of traditional office space would cost.
Then there’s the issue of image. Does the positive image of attractive and well-furnished office space and conference rooms outweigh the possibility that other lawyers, holding negative images of lawyers in executive suites, may perceive that you are not self-sufficient and avoid sending you referrals? And make sure that you have a list of other tenants in the building. You don’t want to be located down the hall from a dating service.