Finding a legal niche can be a successful strategy for a group of recent law school graduates starting a law firm or an established law firm wanting to bring in more clients. The number of law firms or lawyers handling many areas of the law is shrinking. While you can still find them, the trend is moving toward law firms and lawyers who concentrate on a particular field or issue. Even law firms with different areas of practice may have some lawyers whose practices involve niches.
Finding the right niche may take time. If you choose a niche, but find it is not what you like or that it is not economically feasible, try another niche. Here are a few things to consider:
Interest: Choose a niche that you like. If you like handling emotional confrontations, consider a family law niche. If you do not like public speaking, consider a niche in a real estate area, like zoning. If you like tax law, you may find a niche in estate planning. If you like to litigate, look for something in the personal injury area. You may like science and technology, so patent law could be your niche.
Location: Some parts of the country lend themselves to legal niches. If a firm is in Florida, it may consider elder law or a real estate niche like time-share agreements. If the firm is in Nevada, gambling law could be a niche. A firm in Nashville or Los Angeles may find a niche in entertainment law. A firm in Texas may consider oil and gas law or immigration law, while a firm in Delaware may consider a corporate law niche. If the firm is located near a military base, the firm may invest resources in a niche covering military divorce.
The market: Law firms can choose an area of the law that is relatively new. Examples include sports law, cannabis, LGBT, drones and cybersecurity.
Economics: Law firms should consider the financial market of a particular niche. Find out what the average hourly rate is in the niche. Some clients will pay a premium for a top-notch lawyer who practices in a niche.
Network: When deciding what is an appropriate niche, talk with other lawyers who practice in niche areas. Learn how they market their services and what obstacles they encountered in growing their niche. A law firm entering a new niche can look at online connections. Although the firms may not be in your local market, they may not see your firm as a competitor and be more willing to share information…[Read More]
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