
Specifically, what should be the “niche” subject matter of my law practice…that’s the question. I’ve been puzzling on this for some time with concerns that my practice might be too general and not niche enough. Plus I’ve read a couple nice posts from Chuck Newton and Martha Newman about boosting profits by going niche. And I often find myself returning to Jim Collins’ “Hedgehog Concept” from Good to Great.
Over at Top Lawyer Coach Martha’s post is, A Niche Practice Positions You as Expert in Your Field of Practice. Her 5 reasons for going niche:
1) You’re perceived as an expert; 2) You’ll make more money; 3) You’ll dominate with less competition; 4) Your marketing will get easier; and, 5) You’ll be remembered.
Chuck lists 4 Steps to Snowball Your Law Firm Profits and look at reason #2…Niche Your Practice. Here’s his definition of a “niche practice” and why:
This is a matter of taking your strongest and most profitable practice area or cases types and concentrating on those. The purpose is to increase those cases that pay you more, and take less of your time, while decreasing those cases that pay you less and consume most of your time.
Sounds great, more money and less competition. So what’s holding me back? Why is it difficult to narrow my practice towards a very specific niche?
I think my trepidation stems from 2 concerns:
A. Narrowing my practice areas will limit my potential pool of clients.
B. What if I pick the wrong niche.
Currently my practice is some 70% family law and 30% real estate transactions. I’ve been thinking of dropping my real estate practice for a while…it’s not particularly profitable and I’m not particularly passionate about the subject matter (See Jim Collins re: PASSION). But 30% of my income is still a decent chunk of change. Do I just lop it off in 1 fell swoop? How long before the niche momentum (marketing/expert/less competition) replaces that 30% or more?
Letter B may be scarier…I think a part of me hangs on to my smaller practice areas as a way of hedging my bets.
So, I’m moving towards a niche practice, likely slower than I should be. I’ve been branding our firm as the Family Law Office of Peter Olson on the Web and telephone marketing for a while. With me, the question likely shouldn’t even be between family law and real estate but rather how can I get ever more niche within the family law field.
Hard questions; touch choices…my search continues.
EDITOR’S NOTE: Thanks for the great comments and links to some other articles on “niche practice”…there must be something in the water this week. Checkout MyShingle & Build a Solo Practice.






