Need Ideas for Partnering with Large Law Firm

[Full Throttle]

Here are my preliminary thoughts:

1) If I am approaching employer XYZ about their P&C insurance, and I have attorneys on site who specialize in insurance related litigation, then this provides the employer with a level of service that their current agent is not providing.

Obviously, an ideal world is that our groups would never need the service of such a firm, but then again, we don't live in an ideal world. I would rather be prepared should my employer need this service then not.

2) This relationship provides me with resources that my competitor does not typically have access to. For instance, if an employer asks you, their agent, if it is ok to fire someone who is currently out on work comp, what are you going to say? You're going to tell them to consult with their attorney as you don't need the E&O exposure. I, on the other hand, can not only provide them with resources from the law firm (they publish articles/guidelines etc) but transfer them to the particular attorney who handles that specific need.

Those are the types of ideas that I was soliciting. I was also wanting to hear any negatives that you thought this relationship might pose. I appreciate the notion behind "why would you want referrals from a law firm." However, again, I don't believe that all of these types of referrals would be tainted. Simply being involved in litigation does not make you a pariah.

Bob

Still not sure what your are asking. Are you looking to pay a retainer to the law firm for your clients to have access to them? If not, you are simply providing a recommendation to your clients. It's nice to have a name, but won't set you apart from the competition. If you are looking to pay a retainer to the law firm, this could be a competitive advantage. I lost a small group last year to another brokerage firm for this exact reason.

 

[Franz Kafka]

Also consider that large corporate litigation lawfirms want large corporate clients. Lawyers are not very good at hiding their disdain and will embarass your smaller clients who in turn will hate you for recommending them. JMO

Disdain: The feeling that someone is unworthy of one's consideration or respect.

 

[Josh]

RJT- Last night the idea of how you can partner with them came to me. In the event they lose a case, they could refer the injured party to you so you can go over the annuity/investment/life insurance options they have with the new windfall of money they would be receiving.

Scale of 1-10 I think that idea is around a 4, but it's the only thing I could think of.

Did you end up meeting with them?

 

[LGilmore]

No offense, but unless you're offering to pay for the law firm, you're just referring business. This may or may not kick you in the teeth unless the firm is willing to deep discount fees and is really good.

I don't know if it's value added or not. I know a CPA, I know a lawyer and I do refer them in the right situations. I guess it could be an advantage, but think about if the personalities involved don't get along... the s hits for you.