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Amata Brings More Opportunities for the Firms of the Future

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Law Firms – How Big is Too Big for Law Office Suites

Over the past five years, the landscape has dramatically changed in terms of what today’s practicing attorneys consider to be viable, and logistical, space for their firm.

Law Offices Changing with the Times

Traditionally speaking, law firms elected to have their own office spaces, which meant signing a non-flexible lease with a building. However, such is not the case these days.

Technology has many attorneys working remotely, greatly reducing the need for an office dedicated to every attorney in the firm.

Eliminating Large Overhead Costs

For instance, Amata has a fourteen-attorney firm here in Chicago where the attorneys reserve the use of our Amata offices in advance. Between them, they share ten offices, and because they are all rarely in the office at the same time, it allows the firm to keep their office costs down while continuing to grow their practice. The firm maintains an ongoing option to add or remove an office as the needs of their firm change.

Coworking Becomes Commonplace

We live in a business environment where coworking has become the norm for small companies and large corporations alike. It seems only natural that attorneys would want to adapt to this new reality and reap the profitable, worthwhile benefits of shared office spaces.

“So while the world around the legal profession is changing dramatically, few lawyers are making changes to the way they practice law.” – Law Practice Today

The old adage says lawyers are slow to change, and that may still be a true statement, but the firms that will lead the way in the future are quickly moving to play by new rules.

Shared Office Space – Not a Foreign Concept

In many ways, solo and small law practices have already been sharing office space with larger firms for years, so the concept is not totally new.

However, this traditional way of sharing space with larger firms can present several very real, very big problems for those smaller practices.

Traditional Law Firm Space May Leave Your Firm Stranded

The biggest problem is that you may get kicked out with short notice when that large firm you’re sharing space with needs more space for their own growth.

Trying to scramble to find a suitable place at an affordable cost that’s still convenient to your current clients as well as your own needs becomes increasingly difficult when you’re juggling a crunched timeframe.

Another downside to this arrangement is that the larger practice is focused on promoting themselves, not you within the space.

Traditional Law Firm Space Poses Problems for Your Firm’s Expansion

Another rather large issue that should be addressed is when a mid-sized firm takes traditional space with plans to grow. Normally, they will sign a long-term lease for more space than the practice currently needs with plans to add attorneys and staff in the future.

But when those plans don’t materialize as quickly as planned, the firm ends up playing the role of landlord, forced to find other tenants to occupy the empty space until they need it for their own firm.

In the real estate world this “empty space” is referred to as “shadow space”.

Playing Landlord Isn’t Using Assets to Your Advantage

Perhaps the worst part of this process is the fact that the attorney leaseholder rarely has the experience and knowledge of the market and therefore ends up charging tenant-attorney rates below cost, covering the balance with income from the law practice.

At the end of the day, are you practicing law to cover the cost of excess space? Isn’t there a better way to utilize this excess income?

Amata Law Office Suites Provides the Solutions

Amata Law Office Suites is office space designed specifically for attorneys, providing the comradery, connections, and atmosphere attorneys enjoy without the overhead for unused space and long-term equipment lease, reducing the risk of operating a law practice.

You Can Grow and Downsize Your Law Firm as Needed with Amata

As your firm grows at Amata you are easily able to add office space, controlling your costs and incidentally, being aware of your exact cost to add an associate or staff member.

If times become hard for your practice and you need to reduce, you have the option of removing office space to keep your costs in line with your revenue.

Amata Offers Perks You Won’t Find in a Traditional Firm Setting

At Amata Law Office Suites, we’ve been supporting attorneys for over twenty years, so we understand the things you and your clients truly want and need. These are just a few of the perks Amata provides that you won’t get in a traditional firm setting:

  • Lead and Referral Generation
    Amata places great importance on providing a road for your firm’s success. We host numerous attorney networking events throughout the year where you can gain high-quality leads that are often pre-qualified.
  • On-Site Paralegals, Ready to Assist
    Not ready to expand your firm’s staff yet but still need some extra hands on deck? The paralegals located at Amata Law Office Suites are incredibly trained and ready when you need them.
  • Professional, Trained Reception
    Our reception at Amata raises the bar for all others. Professional to the core, they greet your clients and screen your calls so you can focus on the casework you need to.
  • Exclusive Marketing Exposure
    Amata loves nothing more than to proudly support and promote our members. We offer opportunities that include getting published in Attorney-At-Law Magazine, guest blogging at Amata, and more!
  • Flexibility for Every Budget
    Why pay for space you don’t need? Add an attorney or staff member, add an office or workstation; lose an attorney or staff member, remove the cost of the space with a one-month notice. Pay for only what you need, when you need it, and increase your profits. Amata Law Office Suites features plans built-to-suit so you can run your firm more efficiently, including virtual and telecommuting packages!

Place your law office where it should be – with Amata Law Office Suites.

For more information, give us a call us at 312-741-1000, or complete the form below.

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Growing Your Law Practice CLE with Steve Fretzin and Dan Lear

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Steve Fretzin and Dan Lear

Last Thursday I had the opportunity to sit in on the CLE hosted by Steve Fretzin, Attorney Coach, contributing writer for the Chicago Daily Law Bulletin, and Attorney Dan Lear, Director of Industry Relations at Avvo. I am not an attorney, but since my clientele is made up of over 800 attorneys I make it a point to stay up to date on as many legal matters as possible.

The subject matter was of particular interest to me since I have been all-hands-in with my own online marketing efforts lately. To be honest, the presentation and materials were great and about 10 minutes into the class I was sitting at attention and taking notes, no small task for someone who has dealt with a level of ADHD all his life. When Dan starting talking about branding a law firm, he keyed in on three themes: authenticity, knowing your ideal client and consistency. I guess these are all easy concepts to understand, but try practicing them and see how easy they are.

As you would expect from someone with experience working at Avvo, Dan brought up several examples to demonstrate these three points, but two really stood out for me. The first was an east coast law firm that specializes in 2nd amendment compliance & consulting. The firm is named Think Pink Law and uses the tagline “We do law. Differently”. Pink is not the last name of a partner, but it sure stands out and is very memorable. If I ever learn of someone in need of legal advice dealing with the 2nd amendment, I am quite sure I will remember Think Pink Law.

The second example I clearly remember from Dan’s presentation is from an immigration attorney who targets a specific clientele by offering assistance in filing Form I-864 for financial support. The target audience is divorced spouses of green card holders. Now I am sure this is only one part of their immigration law practice, but this one very targeted campaign really hits home with their clientele. After they provide quality service to this group, how many client referrals are they adding to their monthly intake? Target marketing such as this is a great way to grow a law practice.

Dan then went into a Top 10 Intake list for lawyers which was very insightful. You can view Dan’s entire list here. Many parts of this list is inspired by this article by Chicago-based Gyi Tsakalakis Lawyerist.

Then if all this wasn’t worth the price of admission (and the free lunch), Steve launched into understanding the “buyers’” mindset and started asking questions like, “What is your motivation for doing business development?” and “What makes someone successful at business development?” (I guessed at this one, somewhat incorrectly). Just for clarification, I translate “business development” to “keeping your new client intake machine churning even when you are on vacation.” Steve explained how behavior influences attitudes which in turn affects beliefs.

To me, this partially explains how a very knowledgeable attorney with a discomfort of speaking to strangers (think networking in an unfamiliar group) is able to change their attitudes and beliefs by attending more networking events and interacting with others. Steve also discussed how to choose the best networking opportunities and how to make the most of these sometimes-difficult learning experiences. If you are serious about growing a thriving law business while also enjoying the business of life you really need to attend Steve’s classes.

Steve has a great understanding in the field of building successful law businesses. After all, he has consulted hundreds of attorneys, both experienced and new practitioners, written two books on the subject, and speaks to lawyer groups around the country. Steve’s full presentation can be found here. You can also visit his web site and learn more about his newest program for attorneys, Origination Station, at www.fretzin.com.

As I mentioned earlier, Steve Fretzin is a contributing writer for the Chicago Daily Law Bulletin, and his June article, which can be found here, analyzes if the Differences Between Sales and Legal Business Development are just Semantics? and is a great read, offering some great tips to get away from the traditional “pitch” to clients and how to hold back to better understand what will motivate the client to hire you.

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Ron Bockstahler has has worked with individual attorneys and law firms for the past 30 years, gaining an in depth understanding of the business of running a law practice. He is the co-founder and CEO of Amata Law Offices and Managing Broker for Amata Realty Group, LLC, a real estate firm dedicated to consulting attorneys on their office space needs. Ron can be reached at [email protected] or (312) 924-0204.

Steve Fretzin is an Author and Attorney Coach and can be reached at [email protected] or at 312-981-0119.

Dan Lear is the Director of Industry Relations for Avvo and can be reached at [email protected] or 206-508-3012.

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How To Grow Your Law Practice in 7 steps

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Attorney Michele Katz, Co-Founder of Advitam IP, in her corner suite at 150 S Wacker

Guest speaker, Steve Fretzin, advises Amata members on a multi-step approach to grow your law practice. It is important to implement a set goal as workload or day-to-day distractions arise. Keep in mind that a plan should push you towards your goal. Follow these simple tips below to keep your firm’s growth on track.

  1. Create a Marketing Plan
    First, think of the overarching goal you are trying to accomplish. Reference back to last year, were you able to follow through with your goals? If not, your objectives need to have a stronger strategy.
  2. Develop Strategies
    Focus on 2-4 strategies to grow your business that work best for your particular practice. Examples of strategies include networking, sending emails, development of strategic partnerships, and cross marketing.
  3. Develop Tactics
    For each strategy, develop 5-7 tactics to achieve those strategies. Tactics are methods to achieve your strategy and answer how to be effective, how to follow up, and how to execute. A tactic should answer who, what, where, when, and how.
  4. Create and Prioritize a Database
    Your contacts should be reflected in your database. Think of everyone you know. Now prioritize them based on their ability to help grow your practice. Can they be a potential client, or do they have an avenue of introducing you to potential clients? Group them by A, B, or C- those who are directly useful, those who might be a useful connection (these two lists will be used to execute your tactics), and those who will be of no use to grow your practice.
  5. Attend and Utilize Events
    Networking is your chance to grow from the bottom of the pyramid to the top. Be sure to research events before attending and not just attend the ones you hear about. Events that you should attend need to have your two targets: referral sources and actual clients. Don’t spin your wheels to attend events to keep active- that approach wastes time and money. Ask yourself where should I be and what types of events are good for my practice?
  6. Control Networking Meetings
    Attending an event is the initial approach, but how you work and follow through an event is crucial. To see if a person is a target you want to ask a few thought-out questions to understand if this is someone you can help or vice versa. If not, its time to excuse yourself and move on. You don’t want to waste your time or theirs.
  7. Improve Client Experience
    How do you plan to retain clients? All clients are not created equal and bring different values to your business. Simply break up your clients into categories for different approaches on how to retain them. Each approach may vary and be as simple as sending a newsletter, meeting once a quarter or calling to check-in. Keep in mind you are a lawyer but also a friend, so maintain a good relationship with each client. Lastly, don’t be afraid to ask your clients if they can help you by referring your business. Using the above steps to create strong relationships with your clients will help you feel more comfortable asking them for this favor.

These simple tips will help grow your law practice. Don’t forget in the midst of getting tied up with the little things it is important that your plan has a focus and clear direction. Don’t put off creating your plan. Start today to grow your business.

Steve Fretzin will be presenting What They Didn’t Teach You At Law School on March 21st at 180 N LaSalle, Suite 3700.

Watch the full video on How To Grow Your Law Practice In 7 Steps:

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Choosing a New Business Space

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Have You Considered All Your Needs?

As if the role of being a business owner wasn’t daunting enough, choosing an office space may be one of the hardest parts of the job. While the monthly cost is probably your biggest concern, don’t neglect to cover all your bases while looking.

There are other needs you should consider before signing on the dotted line, including how your decision will affect other stakeholders, including employees, suppliers and customers or clients.

Besides cost, here are some other needs you don’t want to overlook:

  • What image do you want to portray? Is your business casual or formal? The space you choose should reflect the feeling you want people to get when they walk in.
  • In what part of town do you want to be? Do you want an urban or suburban office space? Is it important for you to be close to public transportation, have easy access to highways or be close to the airport? Is the area safe? This is important to consider, especially if you work non-traditional hours or have employees.
  • How far is it from your customers or clients? If you have meetings with your clients on a regular basis, you’ll want to make it as easy as possible for both parties (yourself and your clients) to get together.
  • What are the local zoning regulations? Learning what the zoning regulations are in advance could save you a lot of trouble down the line. Pay attention to who your neighbors would be. Are there direct competitors near the office? Are there any inappropriate connections with neighboring businesses (for example, are you opening a day care next to a lingerie store)?
  • How much are taxes? Find out the income and sales tax rates for your state, as well as the cost of the property taxes.
  • Is there a quality local talent pool? If you’ll be hiring in the future, you’ll want to make sure you’ll be in a location that would attract quality employees with the skills you need.
  • What’s the parking situation? You’ll want convenient parking for yourself and all of your stakeholders. Consider whether it would be free or paid parking and how that would affect employees’ budgets.
  • Is the space wired for modern conveniences (wireless internet, air conditioning, phone)? It’s becoming more popular for business owners to choose historical buildings for their unique look, but be careful to ask whether it’s wired for all of your communication and modern-convenience needs. If not, factor that into your decision.

Have you considered a shared office space?

Leasing an Amata shared office space is a great option for those people who run small businesses, don’t need traditional office spaces full-time or maybe just want to spring free of their home offices. When leasing a shared office space, you’re paying to use a shared space with other professionals.

There are several benefits to utilizing Amata’s shared office spaces, including:

  • Access to multiple downtown office locations and their amenities, including conference rooms, copiers, workspaces and mailing supplies
  • Convenient access to public transportation and highways
  • Networking potential with other businesses sharing the space
  • All-inclusive leasing fees, so you don’t have to budget around fluctuating utility costs
  • A business mailing address separate from your home address
  • A receptionist to receive packages when you’re not in the office
  • No responsibility for property taxes!

Contact Amata Realty Group!

If you’re searching for a new space or are interested in one of our shared office space packages, contact Amata Realty Group. We work with tenants to help them find spaces with services that meet their needs. Reach out to us today!

Sources:

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Everything You Need to Know About Starting a Law Office

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Everything You Need to Know About Starting a Law Office

 

Starting a law office can be very risky, especially in huge city like Chicago. Chicago law offices are everywhere you look and some of those firms have been practicing for decades. First things first, don’t get intimidated! When you’re starting the process of finding space, do your research. Read below for some helpful tips when it comes down to finding the perfect space for your own practice.

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Why Every Startup Needs a Long-Term Real Estate Plan

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Why Every Startup Needs a Long-Term Real Estate Plan

When launching a new business, one of the many questions entrepreneurs ask is where they will house their operations. For some, their home or garage is a convenient, affordable place to start – just ask tech giants like Microsoft, Apple and Google – but when it comes time to finding a more permanent and professional home for their company, many small business owners are overwhelmed by the number of options available to them.

Starting a business at home, whether it’s in the garage, basement or home office, is often a short-term solution to a long-term need. As a company brings on clients and employees, it’s important for them to have a long-term real estate plan in place that allows them to scale operations and relocate quickly and efficiently should they ever outgrow their space.

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