Two CLNC® consultants hit it off networking through the National Alliance of Certified Legal Nurse Consultants (NACLNC®). Now Melissa is asking me if a partnership would be a good idea. She said “Eleanor and I are like kindred spirits. It’s as though we’ve known each other forever. I’d like to propose a partnership for our legal nurse consulting business.”
While I love the power of the networking that occurs within the NACLNC, I’m not a fan of business partnerships – there’s a cleaner solution to get to the same goals. But, first I’ll address Melissa’s question. I advised “A partnership is like a marriage and where money is involved you have to choose carefully. Consider these questions:
- How well do you know each other?
- How will you divide control?
- How will you divide attorney-clients and case load?
- Do you share the same focus and professionalism that you want to deliver to your clients?
- Do you both understand that any liability of you or your partner involves the entire business?
Another option is to create a strategic alliance, rather than a legal partnership. You can subcontract with each other and cover for each other, but you each own and operate your own CLNC business. This is the less complicated option and can be just as rewarding.”
If you are trying to decide if a partnership is for you, answer the five questions above. Then consult with an accountant and contracts attorney for the specific business structure and contract that works best. These professionals can help you design a partnership that uniquely addresses your goals and considers your financial status which will arm you with more information to decide if partnership is right for you. If that sounds like a lot of work, it is.
If, like me, you prefer to go the easy route, all you need to do is form alliances with other Certified Legal Nurse Consultants. Align with 5-8 CLNC consultants with different specialties who live in different geographical areas. You have instant access to them for subcontracting cases outside of your specialty. And life and business remain a lot simpler.
Success Is Yours,
P.S. Comment and share how you build alliances with other Certified Legal Nurse Consultants.