26 Oct Benefits of Partnerships in Law Firms
What are Partnerships?
In the most basic form, partnerships are formal agreements between two business entities intended to benefit each company by working to achieve a common goal or objective.
What many attorneys don’t know is the value business partnerships bring to the legal industry. Partnerships encourage proactivity and growth of new business ideas in a collaborative setting. Law firms can benefit from partnerships in more ways than one – such as expanding your network and connecting with more potential clients, increasing opportunity for investments, finding new talent, and more.
Benefits of Partnerships
Establishing long-term partnerships are necessary to evolving your law firm as a business and bridging the gap between what you don’t have and what you can get from a mutually valuable strategic partnership.
Partnerships can open the doors to future investments you may not have considered before and expand who and what you work with day to day. Law firms should also think about partnerships in the context of networking for your firm’s growth and developing your recruitment strategy. Turning a business partner into a referral source is a convenient and beneficial way to find candidates through an organization you are already working with.
There are also financial benefits to building partnerships. Working with a partner allows you and your firm to leverage your partner’s expertise and knowledge to spend better and improve work quality. Carefully choosing who your legal operations team partners with can help to develop your internal processes using an outside perspective.
How to Build Partnerships
Building partnerships isn’t done automatically. Work must be put in to see the reward of partnerships come to fruition.
Participating in local events such as legal networking events or fundraisers is an impactful way to create organic relationships with potential partners. Local bar associations frequently host these kinds of events for this exact purpose – to connect local law firms with vendors and other businesses they could partner with.
Online networking is also a great way to build partnerships in today’s modern legal landscape. Joining LinkedIn or Facebook groups is one way you can gather information on what is available in your area and which business may be interested in meeting your law firm.
As a legal technology and services provider, Lexicon has worked hard over the last two years to establish partnerships with a variety of entities in the legal landscape. Contact Lexicon and find out more about how we benefit from our partner program.