What do you do when your client’s needs outpace your internal capabilities, but hiring is not the answer? For many firms, the answer is no longer acquisition; it’s accounting firm collaboration.
That is the focus of Episode 18 of Risky Records, where host Steven Vono sits down with Tony Szczepaniak, CEO of LEA Global, to explore how firms can thrive through community, connection, and shared knowledge. As Szczepaniak puts it, “We need to go beyond coordinating and cooperating to really collaborating… to accomplish something that [firms] cannot do on their own.
Below, we unpack why collaboration is more than a buzzword and how it can protect your firm’s reputation, resources, and relationships.
The challenges that call for collaboration
The accounting profession continues to experience rapid disruption. M&A activity is high. Talent shortages are persistent. Clients are asking for more specialized services. And regulatory pressure is mounting. In this environment, collaboration between accounting firms offers a viable way forward.
Failing to collaborate can lead to:
- Lost opportunities to serve and retain clients
- Weakened competitive standing against larger firms
- Difficulty recruiting or engaging top talent
- Compliance gaps due to limited in-house expertise
- Higher risk of claims when firms take on work outside their core strengths
Szczepaniak underscores the importance of working together: “The risk of not collaborating is losing talent, losing clients, and potentially not being as effective around understanding and complying with regulatory changes.”
To avoid these risks, collaboration must start with acknowledging gaps and trusting the community to help close them.
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Real-world examples of accounting firm collaboration
Through LEA Global’s National Tax Resource Center and Global Consulting Resource Center, Szczepaniak explains that member firms have successfully partnered across service lines and continents.
Examples of what they have achieved together include:
- Sharing specialized services such as international tax, transfer pricing, and cybersecurity
- Leveraging global member experience to implement new U.S. quality management standards
- Expanding talent opportunities by exposing staff to broader client challenges and industries
The team is confident that this has been the right decision for their growth and success. Szczepaniak adds: “It actually creates a lot of fun in the midst of that—fun in the form of new relationships, stronger teams, and better client outcomes.”
How to start building collaborative partnerships
Starting the process might seem challenging, but it doesn’t need to be. “It is becoming increasingly important that firms look to their friends—who might be competitors—and say, ‘How can we leverage each other to maintain our ability to deliver high-quality experiences?’” says Szczepaniak.
If your firm is exploring accounting firm collaboration, start with an honest assessment of your capabilities and client demands. Then, build outward.
- Identify what you will not do: Knowing where you will not invest resources helps define what to outsource or share.
- Audit your unmet client needs: Ask yourself if clients are going elsewhere for services you could offer with the right partner.
- Find values-aligned partners: Associations, alliances, or local networks are great places to start.
- Create a formal agreement: Define expectations, engagement terms, and how services will be delivered and billed.
- Educate your internal team: Your staff should understand who the partners are and how to work with them.
Collaboration should never feel ad hoc or improvised. Strategic relationships require structure, clarity, and ongoing communication.
Managing risk through written agreements and insurance
One critical aspect of collaborative partnerships is risk management. Szczepaniak urges firms to “paper the agreement” when formalizing strategic relationships. This includes outlining roles, expectations, and what happens in the event of a disagreement, disengagement, or professional liability claim.
As discussed in the episode, most professional liability policies include coverage for contract workers or 1099 relationships—but only when clearly defined. That is why it is essential to work with a broker who understands the unique legal exposures of accounting firms in collaborative environments.
Learn more: What is EPLI, and Does My Firm Need It?
Protecting your firm as you grow through collaboration
Accounting firm collaboration enables firms to retain clients, expand services, and strengthen talent pipelines. It is also a practical strategy for staying compliant and reducing professional risk. But collaboration must be intentional. It requires planning, documentation, and—above all—a shared commitment to quality.
As Szczepaniak says, “This is not just about surviving. This is about thriving.”
At McGowan Pro, we support accounting firms with tailored Professional Liability Insurance coverage that grows with you—even when your service model evolves. Whether you are exploring your first strategic alliance or managing a nationwide partner network, we can help you assess and manage the risk.