You’ve worked hard to grow your firm and establish its reputation. You are in the enviable position of being selective with the cases you’ll accept. Now, you’re faced with the predicament of what to do with good leads that simply don’t meet your firm’s criteria/value threshold.
Some attorneys would simply decline the case, or suggest the individual contact the bar association for assistance. However, there is another option that has revenue potential – a referral strategy.
It’s Better to Give AND Receive: Two-Way Revenue Opportunities
It’s never too late to develop a reliable referral network with firms in your market, county and state. Attorneys who are trying to establish themselves will likely be eager to handle those cases that don’t meet your firm’s threshold. Referring a case to another firm not only gives the consumer a source for legal help, but also benefits the referred firm and (depending on the applicable Bar rules in your state) may give you the opportunity to earn a referral fee.
Conversely, a firm in the network may refer a case to you or request your assistance as co-counsel. They may have a case that is out of their depth due to lack of experience or complexity, and your firm is well-suited to lead as you possess the expertise required. Again, both firms benefit from the referral relationship.
How to Start: Get Connected
- Join local, state, and national legal associations.
- Attend/participate in professional networking events, conferences, workshops, etc.
- Be active on listservs that provide an opportunity to share ideas and interact with peers.
- Stay connected with colleagues and peers on LinkedIn.
- Reconnect with former law school classmates and participate in alumni events.
- Volunteer and participate in community events and fundraisers: Chamber of Commerce, Rotary Club, etc.
- Participate in speaking engagements, webinars and podcasts. Advise and share your expertise.
A referral network has tremendous value regardless of where you are in your firm’s lifecycle. It is a mutually beneficial relationship that when fostered, can be financially advantageous to the parties involved.