Is ‘location, location, location’ the most important consideration when determining where to plant your law office’s roots?
There are at least two opposing schools of thought, and experts make valid arguments for both sides. However, two men involved in commercial real estate in Columbus contend location is not of paramount importance, although their reasoning differs. So just where should a lawyer hang their shingle?
Location Squared
Clients of elder law attorneys benefit when offices are easily reached without driving hassles, says Wendy Witt, a Pittsburgh lawyer who also consults with, and mentors attorneys concerning legal marketing. It is also helpful when parking is plentiful.
For attorneys whose caseload requires them to make regular court appearances, having an office near the courthouse is extremely convenient. However, the advent of technology and electronic filing reduces the need to be located near the court, since pleadings and related documents can be transmitted electronically. It matters not how close or far from the courthouse the papers are sent.
Locating an office in the suburbs, rather than downtown, usually translates in an appreciable cost savings. If your law practice is downtown and you enjoy that, there are still steps you can take to ensure your clients are just as happy with your location, says Witt.
She suggests:
• Providing driving directions to your office on your web site
• Including a hard copy of the directions in your new client kits
• Including a photo of your building and office door on your web site
• Explaining security measures in place at your building so clients will know what to expect upon entering
• Adapting to client’s physical needs if your office can’t accommodate their needs. For example, if a client is afraid of elevators and can’t climb stairs, make alternate arrangements, such as securing an accessible conference room.
According to Witt, it’s also an excellent idea to pay for your client’s parking. “The twenty dollars you spend on parking may be what gets you that client,” she says.
While hanging your shingle downtown might hold a level of prestige, it’s important to determine whether that location is best for your clients. Some people find traveling downtown so inconvenient they avoid it at all costs. Others are simply intimidated by downtowns, so lawyers located there simply won’t get their business.
Because an urban address is stereotypically considered the most prestigious, albeit most costly, for lawyers, two new trends are emerging, says Brad Kitchen, president of Alterra Real Estate Advisors in Columbus. “Large law firms are merging, perhaps due to the prestige of being downtown,” he says. Such a move trims costs and reduces competition among law firms.
The other trend is that large law firms are relocating their offices from downtowns to emerging, updated districts lining the outskirts of many metropolitan areas. This is happening for several reasons, and Kitchen cites Columbus’s burgeoning Arena District as a perfect example.
Located just north of the capital city’s center of Broad and High Streets, the Arena District is now home to Nationwide Arena, home of the NHL’s Columbus Blue Jackets and countless concerts, Huntington Park, home to the city’s Triple A baseball team, and an ever-growing cadre of bars, restaurants, offices and apartments.
The district’s unparalleled energy, accessibility and availability of parking for clients make it an attractive destination for law firms seeking to attract both young lawyers and clients of all ages.
Looking Beyond Location
There are other matters to consider when determining where to hang your law office’s shingle. Among them is whether you want to lease or buy a space. If you decide to lease, you must decide whether you want to entangle yourself in a long-term agreement.
While it’s usually true the longer a lease lasts the lower the cost per month, such is not always the case. Moreover, you must determine whether you feel comfortable committing to a particular space and lease holder for a long period of time. According to Eric Henrickson, president of MSREC, a commercial real estate mortgage broker in Columbus, there are several matters to consider when deciding where to locate an office.
They include determining if the proposed space:
• Allows for expansion
• Is located in a growing area/neighborhood/district
• Meets your personal standards of safety
It’s also important to determine whether your desired location offers the technological services your law firm needs. “Be sure to get sufficient bandwidth” to support your law firm’s needs, cautions Kitchen. Another consideration is whether a lawyer wants to lease or buy their office space.
“Owning real estate is a long-term strategy, while leasing gives you more flexibility,” says Henrickson, noting leasing does not offer the same tax advantages that buying does. Henrickson has another piece of advice for anyone shopping for office space, whether it’s a lease or a purchase.
“Understand the motivation of the people giving you advice,” he cautions. A broker might only be concerned with their own bottom line and not yours, he says, so be careful.
Article by Tami Kamin Meyer, an Ohio attorney and freelance writer.
Courtesy of http://www.progressivelawpractice.com/index.php/component/content/article/37-general/general/463-is-choosing-an-office-all-about-location-location-location