Range Finder: How Do You Niche Down, When You're Already Practicing Law?

Niche practices are successful, in part, because these effectively reduce competition for law firms, and also because it’s easier to market just one thing, rather than several.  Now, it’s easy to build a niche practice right from the start of your law firm, because you can just pick what you want to do.  But, if you’re already running a law practice, and want to niche down – the calculation becomes a bit more complex.  Specifically, in order to niche down, you need to give something else up, as you take on more work in another category.  So, if you want to focus more on estate planning, maybe you need to back off of your real estate work. 

And, that may be enough of a challenge to make you want to avoid the whole endeavor.  But, as with most things: if you make the change over time, it becomes easier.  So, you can begin to wind down one practice – when cases age out, and as you convert fewer leads – as you ramp the other up – by putting in some additional marketing efforts/dollars, or by trying to increase your conversion rate. 

 

That may be the easy part, though – because you may be starting well ahead of that.  So, maybe you know that you want to niche down, but the question may be: To what?  And, that’s always answered in two ways: First, ask yourself what you like to do.  Second, figure out where the money trail goes – what are the trends in your practice, in terms of your finances.  Hopefully, those paths align – if not, you’ve got some decisions to make. 

 

And, when you decide to niche down, into a specific practice area/practice areas – then, you’ll want to set some goals.  Put down some revenue and process goals, for building your niche.  Develop a BHAG (big hairy audacious goal), as your long-range, stretch plan. 

 

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If you’re trying to figure out how to niche your practice, we can help! 

Through a unique partnership between the bar association and Jared Correia's Red Cave Law Firm Consulting, Vermont Bar Association members have access to experienced law practice management consultants at a special discounted rate.

To get started, visit Red Cave's Vermont Bar Association landing page, and start running your law practice like a business.