How to Venture a New Legal Niche

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Serving a legal niche can be incredibly beneficial for law firms because they can differentiate themselves from competitors and drive more customers to your business. In today’s competitive arena, firms are looking for new business branches and ways to stand out, which is why targeting a specific niche offers a competitive advantage for your business to prospective clients.

Whether you’re looking to stand out from the rest, serve a particular legal need, increase your client base or establish yourself as the expert, it’s all possible with the help of a legal niche. But, with countless niche options, how do you know which ones to specialize in? How can your firm best navigate through it all?

Continue reading to learn more about venturing into a new legal niche.

Laying the Groundwork

The landscape of legal niches is continuously changing and growing. When deciding on which niche to enter, there are many factors to consider. Venturing into a new legal niche often requires a substantial commitment. Here are some questions that’ll help you brainstorm:

1. Is this new venture something you see your firm completely transitioning to?
2. Will this new niche be an additional offering to the services you already have? You can also consider providing services to cater to more than one niche.
3. What are your business goals? Revisiting your current business goals will help you understand how a legal niche could be used to add value to your clients and your business.

And venturing into a new practice area can generate a number of benefits for your firm:

• A niche specialization can help your firm differentiate itself from the rest of the competitors.
• An effective niche can allow you to conduct your practice more efficiently by focusing your knowledge on a specific topic.
• Your firm’s expertise will add an enhanced value for your clients, which eventually has the potential to increase your bottom line.

In addition to the monetary benefits of choosing a niche, it can also bring intrinsic benefits.

• When you choose a meaningful niche that you enjoy operating in, it can help you stay motivated!
• Your entire firm’s staff and attorneys develop additional expertise and skills.

However, there are some factors you should consider before diving niche-down. Let’s go over some of them.

Research, Research, Research

Want to take two steps forward? Then it’s best to take a step back!

Researching legal niches is crucial because it lets you know whether a path you are considering is practical to pursue. Here are some ideas that can help guide your research and paint a clearer picture of your target niche:

• Size and demand of niche – Knowing how many people need your services would give you an idea of the demand. This is important for determining the market of this niche. You may want to reconsider if the size and demand of this niche are small or non-existent.
• Niche growth – While it may be tricky to start working in a small niche, upwards change signifies the potential for increased demand in the future.
• Competitors – Knowing which other firms operate in the niche will give you an idea of how easy or difficult it would be to break the barrier to entry.

You can research the previous points from these sources:

• Social media trends – Observing online trends helps identify which niches are growing, stagnant or declining. The internet makes finding trends easy. To help you get started, you can check out Google Trends!
• Publications – Articles are often the best place to find new ideas for niches. Reading the most up-to-date publications can help you catch new niches before others. For example, publications run by a specialized legal marketing agency can help you understand what’s happening in the legal world today.
• Network with others – When you start in a new niche, the power of networks cannot be understated. Connect with other experts in your niche to hear their experiences and ask for advice about working in the niche. Feedback from lawyers who have navigated the same space is invaluable.
  • In need of inspiration now? Check out the latest LAWsome episode: The “Mastermind Effect”: A Lawyer’s Guide to Forming Powerful Alliances.

Test It Out

When you have an idea of which niche you want to target and have researched the markets, you will want to test it out to see if this path is a viable opportunity to continue. Here are some ways you can test out your legal niche:

• Inform clients about your niche – You’ll need to be where the clients are, and today that is online. Whether you want to reach your client’s inbox, meet them through your website, or market through social channels – it’s all possible! Specify your niche focus and expertise in all your bios and list the services you provide. Making your niche focus an integral part of your communications signals to potential clientele you’re ready to extend a helping hand.
• Carve out a space in your niche – Acquiring is the first part, but retaining is equally essential. To retain clients, creating content relating to your niche is best.
  • Here are some quick tips: You can write weekly articles, create a well-researched report, or set up a webinar series relating to the niche. Doing so will increase your brand awareness and help you stand out. Make sure you observe the
    results of the content you create.

Time to Establish Yourself

Everything you learn during testing will help shape your business strategy and determine if your chosen legal path is feasible. But, it’s all about testing and determining where and how you can establish yourself and differentiate yourself from the rest.

Once you find the result you are happy with, congratulations! You have just found your new niche!

Whether you’re contemplating or already in process, creating a lucrative legal practice is possible, and with the help of a robust team next to you, the possibilities are endless. If you’d like to develop and market a successful legal niche without the headaches, we’re here to help.