How Law Firms Are Effectively Leveraging Their Alumni Networks

Law firms have long recognized the value of maintaining strong relationships with former employees, particularly to facilitate future business development. As firms navigate the complex and ever-changing market(s) in which they compete, building and nurturing powerful alumni networks can give them a crucial edge.

Our sister company, BoardEx released a report, Alumni Networks: Spotlight on the Legal Sector 2021, which focuses primarily on the US and, specifically, the general counsels (GCs) of Fortune 1000 companies. Corporate GCs are playing increasingly important roles, not only as highly skilled and experienced in-house lawyers, but also as valued strategic business partners within the C-suite. The connections that come with this role make GCs incredibly valuable members of their alumni network(s) and, in turn, to these firms’ business opportunities. The report begins with a discussion of the benefits to firms of strong professional alumni connections and a well-developed alumni program. Taking a deep dive into the Fortune 1000 GCs, we detail the sheer number of their connections to people in leadership positions, and highlight the importance of the alumni network within the global mergers and acquisitions (M&A) transactions space.

The report examines GCs’ experience, age, gender and educational background. It also ranks which law firms come out on top according to the number of alumni who are now Fortune 1000 GCs, and does the same among government entities and corporations. They then broaden their analysis by examining the careers of those in the legal sector, and conclude by looking at the GCs of the UK’s FTSE 350 companies, identifying some of the main similarities and contrasts with their US counterparts.

Alumni Networks Matter

Good personal contacts are vital in most professional environments — and the legal sector is no exception. Smart law firms have long recognized the value of maintaining strong relationships with influential and aspiring former employees, particularly with regard to developing future business. Through a strong alumni network, firms can drive business by leveraging their corporate ambassadors in their new places of work. Such contacts can be crucial. Firms that rely on referrals and warm introductions rather than cold calls when engaging with senior executives at other companies will have a significant competitive advantage. And with the Covid-19 pandemic sharply curtailing face-to-face gatherings, using these alumni networks — including via digital channels — has become more important than ever.

Yet to make the most of their former employees, firms must invest in creating and sustaining a strong alumni network, and the best of them will have standalone alumni programs and dedicated resources devoted to this cause. Those running alumni programs will keep track of and engage with alumni and will chart those who are in positions of influence.

Alumni Networks: Spotlight on the Legal Sector 2021 offers unmatched insight into the characteristics of leading GCs, their networks and their connections to those with influential positions at major companies, making it an essential read for firms looking to make the most of their alumni networks. Download your complimentary copy of the report today.