Solo practitioners face a never-ending challenge of taking whatever business comes in over the transom in order to pay the bills, or concentrating on one area to build a niche practice. It becomes a question of short-term focus vs. long-term strategy – and I realize that most solos need to balance both in order to survive.
However, for the long term, nicheing your practice is definitely the way to go. This does not limit you; rather, it helps you better focus your efforts and build a strong base of business.
There are 4 common ways to determine your niche:
Service Niche: labor/employment, complex litigation, immigration, healthcare, IP, etc.
Industry Niche: transportation, construction, energy, real estate development.
Geographic Niche: L.A., Southern California, Chicagoland, DFW Metroplex, etc.
Specialty Market Niche: privately held companies, Fortune 500, physicians, white collar executives, blue collar construction workers, Spanish-speaking only, developers, commercial lenders.
Another way to help determine your niche is to track the inquiries from prospective clients to determine what’s drawing them to you and your services. See if they don’t begin to naturally fall into one or more groups. Becoming aware of these commonalities is a way to let your niche find you, helping you develop your law firm marketing.
It’s fine to have more than one specialty or niche. Often attorneys have a bread and butter niche – a segment that can afford to pay them well -- and another one that they love working with but that pay lower rates. Sometimes it’s helpful to test the waters to see if there’s a demand for your specialty. You can continue working with an established clientele as you determine whether or not to branch out into a new practice area.
Once you niche your practice, you will find that referrals come more readily to you, since it will become clear in referral source’s mind just exactly what it is you do.
FREE Webinar: How to Attract Clients in Today’s Marketing Jungle
When it comes to law firm marketing, it is truly a jungle out there! Mastering social media, SEO and Internet marketing strategies – and making sure your efforts align with legal marketing rules – can give even the most eager attorney pause.
In his new one-hour webinar, Stephen Fairley will lead you through the step-by-step actions you should take throughout the course of the next 12 months to substantially increase your revenues. You will learn:
- How to target market to get your ideal client
- Why your firm is not getting more referrals and how to change it
- How to select the right marketing tools that will work for your practice and personality
- Effective online and offline marketing strategies
- How to create a financial plan to fund your marketing budget
- The 5 critical components of a Marketing Action Plan (MAP)
- 4 ways to create a unique competitive advantage
- What is critical to have in place today’s hyper-competitive online focused marketplace
This FREE webinar will also give you a preview of the 65 different marketing techniques and strategies taught at our 2-day legal marketing boot camp.
Click on this link to register now for the FREE How to Attract Clients in Today’s Marketing Jungle webinar.