Wondering how a professional legal network works? What would be the advantages of the professional legal network to a law firm? What exactly is a legal network group? This article would provide an insight into how networking through legal networks could benefit law firms globally.
Many law firms shudder at the idea of networking, associating the same with cheesy events and the idea of ‘selling’ themselves. However, despite the nuances attached to networking, it is actually about building relationships and reputation. And even better if one is able to build on these pillars amongst their peers in the industry.
Legal networks provide independent law firms with an opportunity and a common purpose to expand their resources, areas of expertise and jurisdictions and offer their clients end-to-end legal solutions thus enabling a better retention rate.
Benefits of a Professional Legal Network
We’ve concluded above that networking is an essential skill that any law firm requires in today’s day and age to expand. By establishing oneself in a professional legal network, the expertise to more important problem-solving skills open up.
What would be the benefits of a professional legal network?
1. A global alliance
In a legal network, partners from independent law firms connect with each other through events, calls and other mediums and develop close In addition to discussing the legal challenges faced by each firm, they can also share resources, take advice, understand different markets and how they function, discuss growth and management products and other such issues that they may face in their regular operations as well.
2. Strengthening business connections
Networking is not just about generating business. It is also about sharing work and about forming trust and helping one another grow. It is about meaningful relationships among similarly minded internationally diverse commercial attorney law firms. Regularly engaging with other law firms and assisting them helps in strengthening relationships and thus opening a platform for reciprocal assistance.
3. Unique and different perspectives
For law firms, it is quite inevitable to be caught up in messy day-to-day situations involving management and operations. Having peers to talk with or people with expertise in a particular area enables one to gain invaluable insights and a fresh perspective on issues. Asking for opinions from your trusted contacts can help see things from a different perspective and overcome situations that one might not know how to circumvent otherwise.
4. Scalability & Influencing
Association with a competent legal network could help in achieving productive outcomes provided the network is realistic and not very ambiguous. Relationships with International law firms can boost the prospects of individual law firms and significantly assist in scalability and influencing the legal market in a positive direction.
5. Common practices and procedures
Many legal networks strive to provide unique benefits to customers in order to add value to their already flourishing practice. Benefits such as educating law firms on various practices around the globe, networking, buying consortiums, marketing and business development provide the law firms an expansive coverage addressing their specific field which in turn becomes an asset for any law firm in order to attract potential clients.
6. A differentiator and not a merit badge
Membership in a legal network which continually strives to deliver its members value can be categorized as a differentiating asset. Thus it is advised that membership should not be displayed on the website and emails as a merit badge but be broadcasted widely in order to support the network and further add value for its improvement and to reap greater benefits.
Clients wanting to expand abroad seek guidance from their existing counsels on international solutions. Such a law firm being part of a legal network would want to extend such opportunities to the trusted legal partners they know personally and have developed relationships within a foreign jurisdiction. A legal network bringing various law firms together from different parts of the world serves exactly this purpose.
Frequently Asked Questions
1. How do you network as a law firm?
Seek opportunities, attend conferences, establish an online presence and join legal networks. Benefits of a professional legal network can only be deciphered once a law firm gets into the same and actively pursue the opportunities it can provide.
2. How do lawyers effectively network in a legal network?
An individual, in order to utilize the network in its full capacity should undertake the following practices to begin with:
- Meet and greet counsels from other jurisdictions
- Leverage common social platform that the network has to provide
- Let other people impart knowledge and share this knowledge with the clients
3. Why is legal networking important?
Networking immensely helps in building connections and developing relationships. It’s important for law firms to bank on such relationships in order to generate new businesses and opportunities for the firm.
With the changing dynamics of professions globally, especially in law and legal industry, it has become inevitable for each individual law firm to find avenues of networking and expanding their network in order to generate business. Networking poses abundant benefits for legal professionals and law firms in general which can really set them apart from the crowd. Having been recognized in a Legal Network only enhances the reputation and avenues of any law firm.
With this in mind, every law firm to give them a boost should form part of at least one or more legal networks.