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If you want to see more growth, consider transitioning into a niche law practice.
Almost every lawyer wants to command higher rates, attract more clients, and increase his or her profile in the marketplace. However, many are unable to achieve these objectives because they are stuck pursuing ineffective strategies – or no strategy at all. One of the best strategies for developing more business is to establish a niche law practice.
“Getting narrow” is more important than ever as, in all aspects of today’s economy, consumers are trending toward specialization. Consumers of legal services are no different. They are no longer looking for lawyers with broad skill sets and general knowledge, but rather are seeking out specialists with very particular knowledge in narrow industries and practice area sub-specialties.
Back in April, Jay Harrington presented a webinar for us, in which he covered the main considerations of forming a niche law practice:
- Why it’s important to carve out a niche
- Why lawyers with niche practices develop more business more easily, and command higher rates
- How to pick a profitable and sustainable area of specialty
- How to market your niche practice through various thought leadership and content marketing initiatives
You can watch the presentation just below or over here on our Youtube channel to save starting on your niche law practice for later.
Jay Harrington is the author of a newly released book, One of a Kind: A Proven Path to a Profitable Practice, which helps lawyers build better books of business. Jay is an attorney and graduate of the University of Michigan Law School. He practiced law as a commercial litigator and corporate bankruptcy attorney at international law firms Skadden, Arps, Slate, Meagher & Flom and Foley & Lardner.
Jay now runs Harrington, a brand strategy and content marketing agency that helps lawyers and law firms across the country increase market awareness and improve business development efforts. He also coaches and consults with individual attorneys and groups of attorneys on a number of issues, including personal brand development, niching strategy and content marketing strategy.
Jay writes about issues of importance to lawyers and law firms on his agency’s blog, Simply Stated. You can follow him on Twitter @harringj75.