Most corporate political spending consists of lobbying expenditures and candidate contributions from a firm’s Political Action Committee. We examine how the political spending of industry trade associations and lobbyist’s networks of clients affect a firm’s political strategy. The political expenditures of trade associations are of the same economic importance as the expenditures of corporations, and corporations and their trade associations support the same candidates. The average lobbyist in our sample has more than 40 clients and we find evidence of coordinated political spending across those clients. Firms are more likely to support a candidate if their lobbyist also personally contributes to that candidate. Firms are more likely to support an incumbent candidate that currently serves on a committee that regulates the firm’s industry. However, a firm is also more likely to contribute to a candidate that serves on a committee that is unrelated to its industry if that candidate serves on a committee that regulates another firm in the same lobbying network. Measures of the strength and quality of the lobbyist network are positively correlated with future stock returns even after controlling for the direct political spending of the firm.