Legal Blog

Read & Share: State of Virtual Office 2020

October 12, 2020 | Share:

While remote work is making a legendary comeback after the 2013 Yahoo embarrassment, it is pulling a unique business niche up with it. Virtual workplaces or virtual offices came out of sci-fi movie scripts and became reality a decade ago.

Between 2004-2014, the adoption rate was very low due to tech limitations and the limited number of remote working companies/teams.

As the number of remote-first companies grows exponentially, companies getting rid of office spaces/office costs started demanding more than Slack’s green dot for building culture. Primary drivers are talent diversity, productivity, cost-saving opportunities, and environmental benefits for companies.

Virtual workplaces are here to stay, so we analyzed usage statistics of the leading virtual workplace product out there today.

Special thanks to the Sococo crew who accepted sharing their massive anonymized data with us. Go ahead and try virtual offices with your team for free.

Conclusions and Virtual Workplace Predictions

  1. Virtual offices are going to play an active role in women empowerment in the Gulf region where women are struggling to get integrated into business life.
  2. Eastern European and Asian talent already started taking seats in remote-first companies. With virtual workplaces, they will become a part of the company culture.
  3. Virtual workplaces are not exclusive to the remote employees; they are frequently hosting guests from outside of their companies.
  4. Virtual workplace tech getting integrated with commonly used meeting tools like Zoom and Google Hangouts is accelerating the adoption speed.
  5. Virtual workplaces are beyond professional space; it is for building a collision-rich environment for your talent, aka bringing back the watercooler discussions.

Quoted from workremote.us

Do you want to vet a business opportunity? Is there an anticipated commercial dispute? Is a second legal opinion warranted? Grab 15 minutes with me, and I will work with you to understand your situation and provide my thoughts based upon successfully representing business owners for almost 25 years. You will receive a confirmation with a Teams Meeting invitation after you pick a time for our discussion. You can also reach out to me at mmercurio@offitkurman.com.

 

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ABOUT MIKE MERCURIO

Mike Mercurio | mmercurio@offitkurman.com | 301-575-0332

Michael N. Mercurio is a leading attorney in the field of mergers and acquisitions (M&A). He serves as outside general counsel in buy-side and sell-side M&A, as well as in all business law and real estate law matters. As a strategic partner to firm clients, Mr. Mercurio regularly counsels entrepreneurial individuals and assorted entities on the many challenges, issues, and opportunities companies face throughout the business lifecycle—from start-up to eventual exit.

 

 

 

 

 

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.

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