In any industry, becoming more specialized reduces your competition and helps you build authority faster.
Originally recorded at the onset of the COVID-19 pandemic, I was honored to be a guest on The Attorney Search Group's “The Partner Podcast” hosted by Scott Love to reemphasize the importance of creating a niche for your individual law firm practice or group.
How do you put your ideas into action at any stage of your career and develop a niche? With today’s marketplace in mind, here are some takeaways and a link to the podcast where Scott Love and I discuss creating a niche in detail.
DO: Identify a niche by starting with your own interests both professionally and personally. As an example, I worked with a group of attorneys in different practice areas who shared a common interest – golf. We identified the wearable tech industry as a prospective market that would match professional and personal interests. Many companies established headquarters in the city where these attorneys practiced, and there were few local, legal subject matter experts . The attorneys were able to engage with the wearable tech companies based on their expertise in law in the following practice areas: corporate, intellectual property, labor and employment, litigation and data sharing and licensing. The approach outlined below helped grow the practice.
DO: Content fuel your approach. Commit and focus on listening and learning. Once you believe you know enough about a subject or industry, add your perspective to existing conversations, and begin speaking and writing about industry advancements and nuances.
DO: Engage with other experts. It helps to provide indicators as you are developing your niche if you are on the right or wrong path, and it allows you to adjust or re-focus.
DON’T: It’s not too late to distinguish yourself in an existing niche. It is more than possible there is a sub-area of a prospective market where you can differentiate yourself.
DON’T operate in a silo. If you are a single practitioner law office, you should still engage with experts, including other attorneys, as you differentiate yourself in the market. For mid-size and large law firms, engage other attorneys and build trust with your colleagues. Collaboration is key.
For a direct link to the podcast, listen here.