Last week brought news of another law firm forming a strategic partnership with an alternative legal service provider. This time it was Hogan Lovells, announcing a strategic partnership with an alternative service provider for access to a cadre of flexible lawyers. This is the second strategic partnership that Hogan Lovells has entered into with an alternative legal service provider. DLA Piper, Allen & Overy, and White & Case have also entered into strategic partnerships with alternative legal service providers.
Why are law firms turning to strategic partnerships with alternative service providers?
1. These partnerships allow law firms to provide additional services and solutions to their clients that aren't just "legal". Enhancing their delivery capability and enabling law firms to increase their revenue streams and their "stickiness" with clients.
2. It allows law firms to be innovative and to show their clients and client prospects that they are innovative and thinking differently.
3. Law firms that partner with alternative legal service providers will be able to differentiate themselves from their competition. Especially, in responding to RFPs and RFIs. A different and innovative service delivery model will stand out from the crowded field.
4. It allows law firms to flex their staffing and create more stability among the full-time lawyer headcount. High peak demand times will be filled with a pre-vetted group of qualified, experienced lawyers.
5. Law firms can take advantage of legal technology used by alternative legal service providers but without the big investment and lack of internal adoption within the law firm. Alternative legal service providers have built their law companies around process and technology, enabling them to provide services fast and with high quality.
A law firm in a strategic partnership with Nimble could:
- use our flexible staffing of pre-vetted, qualified, and experienced lawyers,
- use our technology for routine matters like contract review,
- offer our human resource solutions to its clients (outsourced HR professionals, talent management, talent development),
- use our mergers and acquisitions due diligence services and integration services, and
- use our compliance services team and offer their solutions to its clients.
Contact us at firstname.lastname@example.org or email@example.com to discuss a strategic partnership.