This paper seeks to contribute to the knowledge of the relationship established between firms and vocational education and training (VET) schools around work placements in companies (both standard and extended, so-called 'dual', models) in Spain. An ad hoc survey of 332 small and medium enterprises (SMEs) from two industrial regions was conducted and a categorical principal components analysis was applied to identify the main dimensions or components of those relationships. The main elements found are related to (i) staff selection and social responsibility; (ii) trust, reciprocity and knowledge sharing with schools; and (iii) the organizational culture of the companies. The results obtained illustrate an evolution from a 'provider-client' scheme towards a more strategic partnership between schools and firms, thus contributing new aspects to the literature available on the Spanish case.