If you are launching a startup law firm, you are likely looking for ways to minimize your expenses while maximizing profits. The early days of a startup is crucial to building your business and brand as it will help you get going without sapping your budget.
Office rentals for startup law firms: pros and cons
Having a professional office with all the bells and whistles is great, but if you are just starting out, you may not need everything that comes with it.
For instance, think about what kinds of cases you take on. If you are dealing with contractual law and don’t necessarily need to have a physical office space to do what you need to do, the expense of maintaining such an office – a costly lease, insurance, office furniture, utilities, technology, security – could easily tip the scales into the red.
Many startup legal firms rent office space from other, larger law firms, giving them access to the specific services and amenities they need to do their jobs. Though this option would be less expensive than outfitting a new office from the ground up, depending on where you do business, it could still be quite costly.
What an office rental does provide that is essential for a startup law firm is a physical, professional business address, a phone number, a place to meet with clients, shared technology and utilities, and all the credibility and convenience that go along with that.
In terms of commitment, you would likely have to agree to a much longer lease term if opting for an office rental. This means that if your startup fails or if you decide to change your strategy, you could be stuck paying out your lease.
Benefits of a virtual office for startup law firms
A virtual office is, basically, a temporary office space with all the amenities and support of an executive office suite. It is a great way to go for startup law firms as it can provide you with everything you need to get started, even if you’re not quite sure what you need.
As you get yourself established, a virtual office provides you with many key benefits, including:
- No costly lease expense
- Professional business address
- Live phone answering
- Mail support
- Administrative support
- Professional reception area
- Meeting rooms and private offices on-demand
- Shared services and utilities when you need them
- Pay-as-you-go business model
With a virtual office, you will be better able to build strong foundations as you get started. The money you save can be put into legal technology to enhance your practice, advertising, or myriad other areas that require investment during business startup.
If you spend a lot of time traveling to meet clients and don’t spend much time in the office itself, you will probably appreciate not having the added overhead. Plus, you have all the amenities you could possibly need at your fingertips should you need them.
Are you launching a startup law firm in Annapolis? Drop by for a tour today. We’d love to tell you more about our Virtual Office packages and show you how we can help you grow.