There are a number of reasons to focus on a niche specialty. Chief among them is that clients want lawyers who are experts in their particular area of the law and industry segment. They want someone who has breadth of experience solving similar problems and someone who can anticipate and prevent issues before they arise.
But there are also marketing benefits of focusing on a niche specialty. Once you have a particular focus, you can more effectively explain what you do to prospective clients. Your focused specialty will help you identify a target market and related industry groups to join. It will drive your marketing activities and help you develop a stronger reputation.
Here’s the video with more details:
Write a ‘brand statement’ for your practice. What value do you bring to your clients? What makes you different? How do you want to be perceived now and in the future? What is important to your clients? How is that changing?
Here’s an example:
As a commercial real estate attorney, I help developers, lenders and investors create unique environments for people to live, work and play. My experience as a former attorney for the American Institute of Architects gives me insight into the design and contract process so that I can guide my clients through construction projects when they get ugly. I understand how the investment and lending market is constantly changing, and I help my clients navigate these waters, resulting in creative deals that reduce cost and risk to all parties.
Now it’s your turn. What would your brand statement be?
Here are a few articles on focusing on a niche specialty that you might find helpful:
Why Your Firm Needs A Sector-Based Strategy, Heidi Gardner and David Harvey
Having a Real Industry Focus – Part 1, Patrick McKenna
Having a Real Industry Focus – Part 2, Patrick McKenna