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7 Keys to Managing Tech and Service Company Partnerships
Partnerships play a key role in today's legal marketplace. Typically, one supplier partners with a law firm and/or corporate legal department to provide products and services as an extension of the legal team. However, as the legal industry continues to evolve, focused service offerings are expanding through startups, and new technology advancements are driving creative and unique business approaches to address client needs. With the increasing depth and breadth of services, it becomes more difficult for a single supplier to provide everything under one roof.
Many niche technology and service companies now join forces to offer services that one company may not be able to accomplish successfully. These best-in-class partnered solutions, coupled with a consistent project management approach, can be a strong option for a legal team.
In fact, if designed, presented and managed well for clients, this cohesive approach can provide a better and more cost-effective solution than working with one company that may not have the same range of resources. Although there are challenges to selecting the right partner, addressing client perception that a partnership may be too hard to manage and working through how contracting with the client will work, a thorough partnership plan can address these items — and more. If you have a good client relationship, they will be open to moving forward with this type of a cooperative business arrangement, and involving the legal team can help identify a partner they may have worked with in the past as a good starting point.
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