NTR

Maybe we call it collaboration in the law biz, but in the real world they call it "nontraditional revenue" or "NTR".  It is the process of adding bottom-line income to your existing law revenue stream either directly or indirectly such as supplementing promotion costs.  

Radio stations do it, for example, by adding off station events or concerts, which the radio station helps promote.

Lawyers are a little different in that often they cannot share legal revenues with other non-lawyers, but nobody is asking you to do that.

Many lawyers do this with other lawyers involving office space. For example, they might practice personal injury but agree to lease space and refer clients to other attorneys who might possibly practice family law, estate planning or bankruptcy. But, it can go beyond working just with other lawyers.

A lawyer can establish executive space or co-working space to rent to professionals that compliment the lawyer's practice area. If you are a probate attorney you could share space with grief counselors. Consumer bankruptcy attorneys must advise their clients in obtaining insurance coverage, so why not bring in an insurance agent. Real estate attorneys can use abstractors, accountants, title insurance agents, other insurance agents, real estate agents, property managers, surveyors, and the like. It not only supplements the law firm's overhead such as rent, utilities and staff, but it promotes a referral ecosystem of sorts that benefits everyone.

A lawyer could also consider putting on a trade show in his or her area of expertise. A hotel space is rented and sold to both consumers and related trades bringing in income beyond legal services rendered. But, again it leaves only the one attorney to display his or her work.

The same can be said for putting on traveling workshops dealing with some industry in which an attorney specializes. The other trades are charged to display and speak at the event and, of course, promote your own services.

Lastly, if you insist on maintaining your own offices, and you have a nice conference room, consider what it might take to rent it out for private meetings of other groups, especially groups that might be able to use your services.

Comments

[Jay Moffitt]

I'm always interested in the bottom line, and your blog often has good ideas. Other professions make money off of every ancillary type of business, so you're right that within the Ethics rules attorneys should too. "Suit up and show up".