Committing time and money
Integral to the success of the initiative will be training the legal staff and communicating industry changes to them. This means regular dialogue between the two firms, a joint focus on cases and the creation of viable leads by both organisations.
The time and financial dedication from both parties will be significant, but these early investments demonstrate a long-term commitment. At first, goals will need to be set, and marketing and business plans created. After that, regular progress reviews are an important part of reminding everyone of the benefits of the relationship.
Over time, the exchange of referrals from both parties is likely to deepen the trust and confidence between the individuals involved.
A joint venture means all parties are fully committed to the success of the business. It is unlikely any other business relationship would engender the same level of commitment.