One of the things that you will notice when you first open your law office is that you will write a lot of checks. You will make a lot of payments. It will seem like there is much more money going out than there is money coming in and, at the beginning, that probably will be the case.
Consequently, one of the major aims when you are staring out is to keep overhead costs as low as possible. That means you don't need that corner office overlooking Park Avenue. Right now, you don't have the client base to justify that sort of expenditure. With that in mind, below are some ideas for some "starter" office space, at least until you get your feet on the ground.
1) Traditional Office.
Traditional office space, while the most liberating and enticing, is also the most expensive. However, that doesn't mean you can't lease office space from the outset. The key is to put your office in a location where the cost is justified.
For example, if you are a litigator and can get prime office space next to the courthouse (where everyone who walks by can see your sign: "Law Office of Blankity Blank"), then the investment could be worthwhile.
Be sure to consult with other attorneys who have offices near the courthouse, and see how much business they get from walk-ins. Then evaluate whether the risk is worth it.
2) Home Office.
The home office is the least expensive of the options. Additionally, the expense is not ongoing - once you outfit your home office with furniture and technology, there really isn't a further expense until something needs to be replaced. Be aware that some practice areas (i.e. criminal defense or family law) do not lend themselves well to practicing out of your home.
However, others fit well into the warm environment that the home offers (i.e. elder law or estate planning), especially if you will be meeting clients there. You will need to create a separate office within your home, to separate work from home life and to maximize productivity.
3) Office Sharing.
Office sharing can be a great alternative to the traditional office. While still more pricey than other options, sharing an office with someone else creates a natural avenue for referrals. This is especially true if you are sharing with other attorneys who practice in different areas than you do, or if you are sharing with non-attorneys.
If you choose wisely, the referrals alone can justify the cost. As with any option, the key is to do your research, and meet with the people who you could potentially share space with, prior to making any decisions.
4) Virtual Office.
A relatively new phenomenon is the virtual office. The variations on the virtual office seem limitless, but it is essentially a place where you can meet with clients, receive your mail, have your telephone answered, while not being tethered to the office space.
Additionally, the cost of a virtual office can be much less than traditional or even shared office space. It is a great way to keep costs low while growing your law firm, and maintaining the look of an established law firm.
By : Demitri_Dopolous
Consequently, one of the major aims when you are staring out is to keep overhead costs as low as possible. That means you don't need that corner office overlooking Park Avenue. Right now, you don't have the client base to justify that sort of expenditure. With that in mind, below are some ideas for some "starter" office space, at least until you get your feet on the ground.
1) Traditional Office.
Traditional office space, while the most liberating and enticing, is also the most expensive. However, that doesn't mean you can't lease office space from the outset. The key is to put your office in a location where the cost is justified.
For example, if you are a litigator and can get prime office space next to the courthouse (where everyone who walks by can see your sign: "Law Office of Blankity Blank"), then the investment could be worthwhile.
Be sure to consult with other attorneys who have offices near the courthouse, and see how much business they get from walk-ins. Then evaluate whether the risk is worth it.
2) Home Office.
The home office is the least expensive of the options. Additionally, the expense is not ongoing - once you outfit your home office with furniture and technology, there really isn't a further expense until something needs to be replaced. Be aware that some practice areas (i.e. criminal defense or family law) do not lend themselves well to practicing out of your home.
However, others fit well into the warm environment that the home offers (i.e. elder law or estate planning), especially if you will be meeting clients there. You will need to create a separate office within your home, to separate work from home life and to maximize productivity.
3) Office Sharing.
Office sharing can be a great alternative to the traditional office. While still more pricey than other options, sharing an office with someone else creates a natural avenue for referrals. This is especially true if you are sharing with other attorneys who practice in different areas than you do, or if you are sharing with non-attorneys.
If you choose wisely, the referrals alone can justify the cost. As with any option, the key is to do your research, and meet with the people who you could potentially share space with, prior to making any decisions.
4) Virtual Office.
A relatively new phenomenon is the virtual office. The variations on the virtual office seem limitless, but it is essentially a place where you can meet with clients, receive your mail, have your telephone answered, while not being tethered to the office space.
Additionally, the cost of a virtual office can be much less than traditional or even shared office space. It is a great way to keep costs low while growing your law firm, and maintaining the look of an established law firm.
By : Demitri_Dopolous
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