Forty-eight law firms have already signed up to a new business networking tool that helps solicitors capture referrals directly from other professional services and claims to cut out “costly panel managers”.
Springboard.net is a free referral platform which allows members to connect with other organisations to refer work, securely track cases and manage leads.
Its founders say it is funded through strategic partnerships with search companies putting in the finance for each law firm that signs up.
The aim of Springboard is to provide an alternative route to new business by expanding professional networks.
The LinkedIn-style online portal will help firms overcome a shortage of work caused by new compliance legislation, increased competition and tough market conditions, the founders said.
It can also be used by estate agents and independent financial advisers to collaborate with the legal sector and increase profitability.
Dan Hodges – one of three co-founders with Yvonne Hirons and Matthew Pennington – all of whom have experience in the legal sector, said: “With ‘Tesco Law’ now a reality, all law firms have to concentrate on building relationships with professional service providers.”
He argued that in the legal sector, technology can provide the “competitive advantage”: “Many law practices are under pressure to deal with the demands of new compliance legislation and intense competition from large businesses offering ‘off the shelf’ products.
“With work from traditional channels in increasingly short supply, Springboard provides a way to attract new business whilst giving the control to retain margins.”
Springboard.net claims to bypass costly panel managers by offering each member a branded business portal page, and tools which provide a streamlined quoting system and more profitable conveyancing process.