According to Law Crossing, the average firm spends between 45% and 50% of overall earnings on overhead costs.
Overhead includes any expenses incurred that do not generate direct revenue, such as renting legal office space with a monthly lease or mortgage, utilities for your office, and technology.
Depending on your location, paying for office space could be a significant expense for your law firm, and it may be worth considering how temporarily renting legal space cuts costs.
Budgeting by Renting Office Space as Needed
Cutting costs for your law practice can seem like a daunting task, but it may not be as difficult as you imagine.
Some of your largest expenses come from having a brick-and-mortar law office.
Depending on the size and scope of your practice, there are other options available, such as temporarily renting legal space to cut costs.
Co-working spaces have grown increasingly popular, and for good reason. Here are some of the benefits of using a co-working space.
Monthly Rent or Mortgage Costs
Whether you are renting legal office space or have purchased your law office, the expense can be a significant portion of your earnings, with minimal to no return.
In the current global landscape, people are increasingly growing accustomed to conducting business in virtual spaces or in co-working spaces which greatly reduces the need to pay these large overhead costs.
Saving on Utilities
Renting legal office space as needed in a legal co-working environment means that you enjoy all the comforts of a law office without the added expense.
Because utilities are included, you can turn on the lights, enjoy the air conditioner, use the Wi-Fi, charge your phone, and plug in your laptop without worrying about running up your electricity bill.
Drive Time and Fuel
Do you really need to go all the way to the office every day? In some cases, the answer may be yes. But, for some firms, there’s no need to go into an office each day.
Depending on where you live, your daily commute might be made even more stressful because of long drive times, high fuel prices, or a lack of reasonable parking space.
For those who are able to work remotely, getting to choose when you meet clients or team members in an office setting means that renting legal space to cut costs can be a great option for you.
Save on Staffing
Hiring and retaining employees is another big expense for most law firms.
Though a legal co-working space will not supply paralegals or co-counsel, you will find a friendly reception staff that is happy to answer questions and make you and your guests feel comfortable.
The facility will also be clean and tidy without you having to pay for maintenance staff or do it yourself.
Cut Costs by Renting Legal Office Space
Mesilla Legal Center in Las Cruces is a great option for attorneys who work remotely but who still need or want a place to work, take depositions, host meetings, or meet with clients.
There are multiple options for space rentals, and we can configure our rooms to meet your needs.
Contact us to reserve a space or receive more information about what we offer.