What Kind of Law Office Space Should I Have? Pros and Cons – Part 2
This is the 2nd post in a 5 part series of posts by Debra L. Bruce addressing the pros and cons to consider in deciding on a location for your law practice. Yesterday she discussed the home law office. In today’s post, she considers shared office space.
Shared Office Space
Pros:
- Landlords usually charge a lower price per square foot for larger spaces. Therefore, you can achieve some economies of scale by sharing office space with other lawyers. […]
An in-house lawyer (let’s call her Sara) contacted me about helping her design a business plan for starting up her own law firm. I commended Sara’s wisdom in creating a business plan before leaving her corporate job. Surprisingly few lawyers actually do that. She explained that she needed the business plan in order to get a bank to lend her operating capital. While I silently questioned how realistic her expectations were, I asked how much she intended to borrow. She said, “I only need enough to cover my living expenses for a couple of months. Just until the money starts coming in.” 
