You can definitely do this, but first the .lfx project needs to be restored into your Project List. When you have the cad design file open, the system will jump directly to where that file is saved which is where that .lfx file should be, making it easy to restore. Please take a look at the link below for more on this process.
Back Up and Restore Projects, Templates, and Preference Sets
Once you do have the project listed and assigned to that dwg, Seaweed is right, you will have access to everything the other company set up and all items previously placed will be recognized for what they are.