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Law Firm Management Beware: Seven Ancillary Business Pitfalls

By Beth Cuzzone

Some law firms create unique, successful ancillary business models that not only boost the bonus pool, but also attract related legal business. Other firms make assumptions about market need, create management teams around partner free time, and generate little or no revenue. How will your firm find a successful model that fits the your own firm culture?

For the last decade, law firms have been increasingly launching ancillary businesses, which are often referred to as MDPs (Multi-Disciplinary Practices). The key is in the objectives for launching ancillary companies. Reasons for ancillaries may span the spectrum from creating new revenue streams to increasing client retention to solidifying client loyalty or even to showcase a market differentiator. The products or services of law firm ancillaries themselves are diversified. Hundreds of law firms own subsidiary companies or have alternative revenue streams ranging from construction consulting to money management to philanthropic advisors.

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