Strategic law firm partnerships expand your reach as you stay nimble

Modern lawyers and law firms have challenges traditional models of law firm structure and client service. For some, that means forgoing the law partner track and creating strategic law firm partnerships instead.

Why choose collaborators rather than partners?

In traditional law firms, the firm grows by adding partners, attorneys and staff. Partners either have an equity stake in the firm by contributing capital or non-equity status. In either case, partners are expected to help attract new clients and support strong business development efforts.

As an independent attorney, you might have considered adding a partner to ease your business development burden, but it’s not the only option. In fact, formal partnership arrangements can bring a new set of problems to your firm. As the Rosen Institute observes:

“The theory behind a partnership seems sound: bringing in a partner will spread the risk, create synergy, and double the odds of success. The reality, though, is that many law firm partners spend all their energy fighting for a bigger share of a pathetic little pie. Instead of synergy, they get misery when the relationship unravels and the partnership fails.”

Sure, some traditional partnerships succeed and help the firm grow and thrive, but it’s not the only option.

Consider your true challenge: A need to reach more or bigger clients. Solving that challenge doesn’t necessarily mean you need a bigger firm, but you do need collaborators. Building a strong collaborative network will allow you to work together when needed, but without the formality or pressure of a permanent partnership arrangement.

Flex to meet law client needs

As one legal industry expert notes for Forbes, lawyers have often viewed collaboration with other lawyers or firms with distrust. That attitude, he says, has roots in the competitive culture instilled in most lawyers from day one of law school. However, that culture seems to be shifting. he writes:

“There is a growing sense that the zero-sum, proprietary legal industry can and must collaborate to satisfy the demands of legal consumers.” 

He points to several examples of innovation and collaboration among law firms around the world. These flexible partnerships allow smaller firms to “transform the legal industry into a more diverse, dynamic, democratized, and potent vehicle for delivering more and better access to improved legal services.”

Harness the power of a strong network and relationships, and you will better meet clients’ unique and ever-changing needs. As business continues to shift toward a more global focus, that collaboration could become imperative. As Legal Mosaic notes:

“Collaboration is much more than a politically correct word in legal parlance. It is a skill–if not a job requirement–for lawyers engaged in today’s increasingly global, inter-disciplinary, technologically enhanced legal delivery system.” 

As other industries stay busy disrupting markets, they will expect law firms to follow suit and innovate.

How to collaborate locally

We have seen several examples of small law firms and independent lawyers joining forces on specific cases or projects. Our shared office spaces for lawyers in Las Vegas and Denver naturally support such interaction and mutual support.

In fact, for two of our member law firms, the business relationship they formed at LawBank resulted in a long-term collaborative arrangement. Their collaboration will allow both firms to enhance their offering to existing and future clients. You can read more about their story here.

In order to collaborate, you must:

  • Develop professional relationships based on authenticity and trust
  • Spend time around other lawyers and legal service providers
  • Make an effort to connect with people beyond a surface level
  • Engage with your local community and meet other professionals on a regular basis

A shared office setting gives you a strong option for creating long-term business relationships.

To learn more about LawBank’s coworking and flexible office options in Denver and Las Vegas, contact us. Let us help you grow your law firm.