I predict these disruptions will create
niche practice areas for those lawyers who choose to understand blockchain (more on that in Part II of this series).
It's been thirty years since the passage of the Foreign Corrupt Practices Act, and now it's finally bearing fruit as a thriving
niche practice area for law firms, according to the Washington Post.
Not exact matches
Finding a
niche makes it easy to market and easy
for people to associate you with your
practice area.
Some firms focus relentlessly on becoming recognised
for certain
practice areas, and developing their experience in dealing with specific,
niche or complex matters.
The reason it works so well to use video
for building your new
practice areas, is because often if it's a «
niche»
area of expertise, the competition
for top search results is slightly less!
And, if you become passionate about an
area of law, you will automatically be up
for the extra research and marketing involved in adding a
niche area to your rural
practice.
As I explored this further with a number of subsequent questions, I asked the following «Yes» or «No» question: «Do you actually have an idea
for a new «
niche»
area of client demand that with some modest investment and nurturing could become a lucrative new
area of
practice sometime in the near future?»
Fertility law, health law, and elder law are three
niche practice areas with little competition —
for the moment.
Aaron Street: Sam, two weeks ago in our podcast when we were talking about the fitness lawyer, we talked about authentically creating a
niche for your
practice and not creating bullshit
niches in
areas that might grow a business, but in which you aren't actually relevant to that industry.
A
niche can also help you become the go - to person
for other attorneys in your locality who may not be as knowledgeable in your particular
practice area.
Think about it
for a moment: unless a law firm has a very narrow,
niche practice, it's virtually impossible
for a firm Twitter feed to be engaging and relevant to all clients, who potentially have hundreds of
areas of interest and concern.
The exception
for small firms is the boutique law firm, which usually focuses its
practice on a specific,
niche area of law.
SEO Law Firm's marketing podcast discusses how law firms should focus on the
niche practice area that is highlighted on their home page
for the best Google results.
For those
niche practice areas, you may not see a lot of organic search traffic because these clients aren't using Google to find their lawyers.
You can minimize the opportunity
for mistakes by avoiding bad clients and staying with your
practice area niche.
He specializes in banking, insolvency, fraud and directors» misfeasance cases and has developed a
niche area of
practice, in recent years, relating to the taking of evidence in London
for use in US antitrust and securities class actions.
You may want to consider your
practice areas or the
niche industries you provide services
for.
Adriana Linares: So my first question
for you is once you decided to go out on your own, did you still decide to expand your
practice areas or are you going to stick to that sort of
niche area of legal ethics and other stuff?
(There are exceptions such as you are a «lawyer's lawyer» meaning other lawyer's are your clients and they require your special
area of expertise or you are already established as the go to person
for a particular
niche or you are in a life and death
practice area where clients will sell their homes
for your services.)
Things to include in your one - page business plan (/ business pitch): Your passion Your mission Opportunities — well - defined market or
niche Practice areas, broken down by the percentage of money you think you will earn from each — think about including a new 21st - century practice area Potential clients — and, among those, your target clients Goals — for the next 10 days, 10 weeks, 10 months, and 10 years — Think about metrics such as # of clients or annual income How you will make money — What you will -
Practice areas, broken down by the percentage of money you think you will earn from each — think about including a new 21st - century
practice area Potential clients — and, among those, your target clients Goals — for the next 10 days, 10 weeks, 10 months, and 10 years — Think about metrics such as # of clients or annual income How you will make money — What you will -
practice area Potential clients — and, among those, your target clients Goals —
for the next 10 days, 10 weeks, 10 months, and 10 years — Think about metrics such as # of clients or annual income How you will make money — What you will -LSB-...]
For example, in my shift from a quasi-legal role at an investment bank into a student - at - law position, I drew on my
niche experience with OTC derivatives as my connector and targeted law firms that had an existing
practice in that
area or was building one out.
However, it's telling that the research doesn't break down its subjects by
practice area; it's hard to imagine that a solicitor with low sociability could,
for instance, make a success of family law, which requires bucket loads of personal interaction and, as very best in the
niche know, a generous capacity
for empathy.
Pepper Hamilton LLP, a leading national law firm with over 500 attorneys, was looking
for innovative approach to promote the expertise of its attorneys in various
niche practice areas.
This fact makes blockchains not merely an
area of
niche practice, but a critical piece of the future
for our legal systems and legal services industry.