I’ve helped many lawyers go the space-for-services route. After witnessing a fair number of disasters but plenty of successes too, here’s my prescription for a happy space-for-services relationship:
The most successful arrangements are based on an agreed hourly rate and an agreed monthly rent. The tenant does work and tracks the bill. The firm expects to be paid each month but accepts hours instead of cash.
In months where the services exceed the rent, the firm has the option to pay cash or give a credit against future rent. In months when the hours do not equal the rent, the lawyer signs an IOU for the deficit collectible only against services.
All out of pocket expenses are paid in cash and everything is in writing.
Ignore any element of this advice at your own peril!
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