Note: The following is an excerpt from a new eBook titled 15 Ideas for Getting a Jump-Start on 2015 which is freely available with registration.
Do you think it’s possible to build a full-service practice, serve your clients more fully, and develop a new income stream – all with no outlay of cash?
It’s as simple as forming alliances with other attorneys who have expertise you can’t provide.
For example, a business attorney could form an alliance with an estate planning attorney who has tax law experience to insure clients that their businesses will transition properly to the right people upon the client’s death, with minimal or no taxes.
The business attorney may know nothing about estate planning, and the estate planning attorney nothing about business law. The two together, however, are a dynamic duo who can collaboratively insure that their clients’ wishes can be lawfully executed at the appropriate time.
That’s a win-win-win, particularly to the two attorneys who share in the fees and can work together on other clients’ matters in the future.
The client has the confidence of knowing that his trusted attorney is overseeing the estate planning process to insure the business transfers properly. The estate planning attorney has the assurance that the business will transfer successfully because it was properly set up by a business attorney. The business attorney is comfortable in the knowledge that her client will successfully pass his business on according to his wishes.
Do you do family law? Think estate planning. Everyone divorcing needs a new estate plan, and you want to make sure that the plan doesn’t go against anything in the final order. Other possible alliances include bankruptcy or criminal defense (if domestic violence is an issue), real estate, or even civil litigation.
A personal injury attorney might work with an estate planning attorney to set up a trust so the injured client’s settlement is secured to provide money for medical expenses and long-term care for the life of the client. A tax attorney could form an alliance with a real estate attorney, an estate planning attorney, a family law attorney, and so on.
What other attorneys do your clients need? Think outside your own skill set to add value for your clients by associating yourself with other attorneys who have skills you don’t. You’ll not only provide an additional layer of care for your clients, but you’ll also increase your firm’s profitability and gain access to a whole bunch of new potential clients – without spending a penny!
The complete eBook, with 14 other expert viewpoints, is freely available for download with registration here.
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Ann Guinn is a practice management consultant to solo and small firm lawyers and the author of Minding Your Own Business: The Solo and Small Firm Lawyer’s Guide to a Profitable Practice. You can email Ann at email@example.com to receive her complimentary newsletter.
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