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Solo In Chicago

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Monday, March 17, 2008

Build This Type of Referral Arrangement

I've heard about this set-up enough now that it's "post" worthy.

The idea is for you as solo or small firm to set-up a direct referral relationship with another solo or small firm in your respective specialty area.

For example, firm #1 specializes in family law which likely includes a large divorce chunk. Now, a divorce has a dramatic impact on a persons life but particularly financially and in regards to estate planning. So the divorce specialty firm knows that a revised/new estate plan is critical post-divorce but the firm doesn't practice in that field.

So firm #2, the specialty estate planning firm steps in as "of counsel" to firm #1. The client stays with firm #1 but firm #2 (or lawyer #2) does the estate planning work and then pays firm #1 a referral fee.

The divorce/estate plan match is a good one but I'm sure many others could be discovered. This puts some money in firm #2's pocket and there's better client service at firm #1. Likely not a long term arrangement but could be a good set-up before #1 transitions more fully into a new practice area with the required investment.

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